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GRISHMA   23 May 2019 at 20:25

Redevelopment project taxation

Sr. No. Points Solution / Remarks
Facts of the case
1 In a building there are three Joint landlord (co-owner) having eight tenants

2 Out of three owner of building – two are also tenant in the same building

3 All the tenants agreed for certain conditions for redevelopment.
So landlords want to redevelop the Building consisting of 15 flats, out of which 7 are saleable and balance 8 will be given to the tenants.

4 IOD received in the name of Devraj & others ( Devraj in one of the three landlord)
4 Purchased cost of building is Rs. 12L

5 At present market value of building is 100L

6 Tenant will get exemption U/S. 54F for receiving new flat against surrendering tenant-ship rights.
Issues
1.a Now which situation is better for tax saving (LTCG, GST & normal income tax on business of development)
1.b What would be the implication for redevelopment project for following options:-
 Open a Partnership firm and transfer land rights by landlord to firm and develop building under firm.
Issue
a) JDA has to be prepared & Stamp duty cost @ 6% on market value of Land + GST @ 12% / 5% on JDA
b) Also, which sub option would be better for JDA:-
a. Revenue Sharing
b. Area Sharing
 If, Self-development by land lords ( preferred by me to go )
We can save Stamp duty +GST (on JDA as mentioned in pt. (i)).
However, in current scenario there are three landlords, then how to get GST registration? Since, GST is PAN base and also how to distribute cost of project? (Also note 80% cost are from GST registered dealer)
Since we can get RERA registration by clause of co-owner, so there won’t be any issue for RERA.
 What would be the scenario if development done by AOP /BOI status?
a. Also what points to be taken care for, for preparing AOP/BOI Agreement within co – landlords, for such situation?
b. L/B property has to transfer to AOP or not ?
c. Also check while transferring property (if needed as per law) __ Stamp duty + GST applicable or not?
 If Self developed and claim by all three as LTCG of full consideration received by sale of flat:-
• When flat sale under construction and payment received as per slab of work , time of capital gain tax payment ? (what documents has to prepare for LTCG levied on the date of possession or OC) & case law to support your view.
• Can we put clause for LTCG liable after OC received?
• What documents prepared , so ITO never treat this planning to AOP (supported case law)
• Of three land lord _2 opt option for LTCG tax as investor but one convert his share of land to stock in work tax = LTCG+ business any issue on same?
• What care should take on RERA
• Three individual GST number will obtain
• Also open one common joint a/c for common expenses
• Project is one , so any mutual agreement required for sharing of Area in new building
• While RERA registration can we put three draft sale agreements for each co-owner?
• When property sale on initial period, the time of taxability of long term capital gain? Also what clause has to put in the Agreement , to defer tax liability at the time of possession or OC
• Accounting entry for cost of construction for LTCG
 Or any other best issue for tax planning considering LTCG, Income tax, GST & RERA?
Note : Answer the above issue with supporting case law available

Anonymous   23 May 2019 at 18:37

Unlawful termination with baseless charges by former employe

I worked for a MNC company as a Manager. Despite my good performances, my corrupt seniors 1st put me on bench (no work) for long period as I refused to join their corrupt plans, denied me an assignment and then I was terminated as I refused to submit resignation/separation letter.

I have number of proofs of my work appreciation, requesting for assignment etc.

My seniors and other senior leaders, it has come to my know thru ex-colleages and social media, were caught by the company for massive fraud/corruption and have since been released by the company but no criminal action initiated against them.

I am 48 yrs and owing to vengeful termination with baseless charges, no one in the IT industry is employing me despite efforts for more than 1 year. For sure, I will be now jobless forever.

I would like to file law-suit including for job loss for rest of life, wrongful termination, number of lies made by ex-employer (proofs), wrong treatment, stigma, mental agony and sufferings.

I worked in Bengaluru (company office) but I am a native of Haryana. as I am jobless for 1-1/2 yrs and zero hope of finding another job, I have no other option but to return to my native place, so can I file law-suit in Haryana?

I would like to file compensation worth Rs 1 cr. What fees do I have to deposit in advance in Bengaluru or in Gurgaon?

Kindly help me.

arvind goyal   23 May 2019 at 12:58

annual increment

R/Sir
I am working as Punjab government employee from december 2001 so my annual increment was in December. In july 2012 I have changed the department through proper channel. Basic pay has been fixed according to my previous job.
I want to Know what would be the month of annual increment whether December or July.

sriram   23 May 2019 at 06:55

Filing procedure of succession op in district court a.p

please, kindly let me know the filing procedure of succession op in a.p.district court as a party in person and besides declaration suit.

visuiyer   22 May 2019 at 20:25

How to write a will

I have no immovable property.
But I have investments, in insurance (both term and endowment plans)
mutual funds, shares, deposits and other liquid investments.
also
my credit card outstandings..

I am unmarried bachelor; and has no wife, children, father, mother and brothers and sisters

Do you I need to write a will, to give it to my nephew .
How to wirte a will and the formalities please..
does this will to be registered..?!

experts please advise

Singh_1984   22 May 2019 at 20:03

Driving license surrender notice

Greetings to all Experts !!!

I got an E-challan and a Notice of OVERSPEEDING today . First Page is the E-Challan in which they had asked me to Submit Rs 400/- but these are my observations for it :

1> The Date of offense is mentioned as 12-1-2019 ( which is 4 months old ) and time is mentioed as 20:21:29
2> In the " PLACE " field , they have mentioned " Noida Greater Noida Traffic control Center " which seems to be their Own Office Address of Traffic control and not the place of Offense.
3> How much was my SPEED , is also not mentioned anywhere in the E-Challan.
4> In the Image section its written " No Image Available " .

Now My questions are :
1> Is this Challan not bad in Law as I have received it today after 4 months? . How would I try to recall where I was at that time.
2> They have not mentioned about the place where I exceeded the speed Limit, they have not mentioned about the SPEED on which I was driving and they have not given any IMAGE or SCREENSHOT of my CAR which would display the Number. So is this Challan not bad in law ?
3> Can I first just Send them an email asking about the above Details or shall I just Pay the Fine Online and simultaneously send an email to them for Details like my speed , My place of offense , My Image etc.?

What can I do in this case, as the Second Page has a NOTICE to Submit my Driving License as per Motor Vehicle Act 1988 Section 19 and Central Motor Vehicle Rules , Rule no. 21 and had asked me to Submit it by 30-5-2019. Notice also says that Traffic police has given the information of my OVERSPEEDING on 14-5-2019 to the Department which in turn had sent me this NOTICE which I received it today i.e 22-5-2019 by Post.

Thanking you in Anticipation

Regards
Singh






Anonymous   22 May 2019 at 15:55

Change of date of birth

Respected Sir,
I need to know that,how i can change my date of birth in my birth certificate.The main reason for changing is that,i have a serious relationship.But she is 21.I am 20yrs old.So there is a slight difficult in both families to agree for marriage.So,i am thinking to change my DOB to her same age or 22.So can you please help the rule and regulations.

Anonymous   22 May 2019 at 15:52

Change of date of birth

Respected Sir,
I need to know that,how i can change my date of birth in my birth certificate.The main reason for changing is that,i have a serious relationship.But she is 21.I am 20yrs old.So there is a slight difficult in both families to agree for marriage.So,i am thinking to change my DOB to her same age or 22.So can you please help the rule and regulations.

Ritesh Panchal   22 May 2019 at 14:40

Stamp duty

Dear Sir/Madam,
I've property at Karjat in name of my wife. Nowadays, I have to transfer it in my name.
Which way is beneficial i.e.gift deed or transfer deed to transfer it without paying stamp duty ?
Kindly advise.

anil Kumar   22 May 2019 at 13:13

Islamic way of divorce by man

Dear experts..

how can a male divorce his wife in Islamic law as triple talaq was banned by govt..so what is the procedure to get divorce for a man as per Sharia and legally and judicially accepted one..when wife was not ready for divorce..


Shall we can apply for divorce Petetion in court or what's the procedure..pls explain