Anonymous
02 May 2018 at 21:24
Want to transfer my money (taxed income) to my parents for Fixed deposit on their name, to get monthly income for them
I see some says 1 lacs, some say no limit could you please help on what law exactly says?
Questions:-
1) what is the maximum limit per year they can get as a gift from their kids? OR is it unlimited?
2) Do they need to declare this gifted amount received from their kids on their income tax returns at the time of filing income tax return?
if so what is the tax slab?
Anonymous
02 May 2018 at 13:38
Facts of the case An amount of Rs 120000/- was seized by income tax department from an assessee way back in 1987. After seizure of the said amount an assessment was made u/s 132(5) of the I.T. Act 1961 for a/y1988-89. In such assessment a demand was raised of tax and penalties of Rs 43450/- and Rs 86900/- respectively. As the liability determined on account of tax and Penalty imposable exceeds the amount seized, entire seized Cash of Rs.120000/- was retained by the assessing officer. Being aggrieved with the assessing officer's order the assessee had filed an application u/s 132(11) of the I.T. Act 1961 before the jurisdictional Commissioner of income tax. Ld.. jurisdictional commissioner in his verdict had quashed the assessing officer's order and directed to release the said amount on 19.08.1993. Since then assesse had sent several reminders to income tax department, but did not succeed in realizing the same. In February's2017 assessee had filed a grievance petition before the central Board of Direct taxes (income tax) for release of said amount together with update interest till date. Against said grievance petition an amount of Rs 120000/-was finally released on 18.05.2017, but interest due on the said amount was not paid. subsequently assessee had again filed a petition before the principal commissioner of income tax on 17.08.2017, claiming interest on the said amount u/s 244A of the I.T. Act 1961. On receipt of the said petition, Principal Commissioner's office had referred the matter to the concerned assessing officer. A.O. had opined that assessee should get interest for 30 years ( i.e. 1987 to 2017) u/s 132B (4) and not u/s 244A. But the concerned Principal Commissioner has not approved that on the ground that the section under which interest is proposed to be paid is not appropriate. Now the question is under which section assesse should get interest on the said amount of Rs 120000/- . In this instant case an assessment was made first u/s 132(5) of the I.T.Act 1961 for the a/y 1988-89 raising a demand of Rs 130350/-, and entire seized cash of Rs 120000/- was adjusted against the liability so determined on account of tax and penalty.for a/y 1988-89. Since the said assessment order was subsequently quashed by the then Ld Jurisdictional Commissioner of Income tax, therefore the amount appropriated by A.O in his said order towards income tax and penalty of Rs.120000/- out of seized cash should be treated as tax and penalty paid in excess for a/y 1988-89 in absence of any liability. Therefore is the assesse not entitled to get interest on said excess payment of tax and penalty of Rs 120000/- for the A/Y 1988-89 u/s 244a of I.T. Act 1961?
RAJAN
30 April 2018 at 16:48
Dear Team,
Can any one suggest me what allowances are exempted in this financial year from salary,as we have following allowances.
BASIC
HRA,
EDUCATION ALLOW.
CONV.ALLOW.
OTHER ALLOW.
also suggest what reimbursement we can give and up to what amount.
Thanks.
Rajan
abhimanyu
30 April 2018 at 09:07
A sold a residential property IN 2017-18..THE PROCEEDS OF RESIDENTIAL PROPERTY INCLUDING CAPITAL GAIN WAS RS. 35 LAKH. THIS AMOUNT OF RS. 35 LAKH HAS BEEN UTILISED IN BUYING A PLOT WORTH RS. 50 LAKH (BY INVESTING RS. 15 LAKH FROM OWN POCKET. ) in 2017-18 itself that is BEFORE TIME FOR DEPOSIT IN 'Capital gains account scheme 1988" CAME TO END(which date is 31.7.2018).. NOW FOR CONSTRUCTION EXTRA AMOUNT WILL BE REQUIRED WHICH WILL ALSO BE SPENT FROM POCKET, The construction on the plot will be completed within 3 years.of selling the residential property.
Please advise.
1. WHETHER STILL CAPITAL GAIN IS REQUIRED TO BE DEPOSITED IN 1988 SCHEME
2. WHETHER CAPITAL GAIN WILL BE EXEMPT IN THIS CASE IF CONSTRUCTION IS COMPLETED WITHIN 3 YEARS
3. In case reply to query is "Yes" and AS CONSTRUCTION IS YET TO TAKE PLACE HOW PURCHASE OF PLOT WILL BE SHOWN IN INCOME TAX RETURN FOR THE YEAR 2017-18 TO CLAIM EXEMPTION AS THERE IS NO SUCH COLUMN.IN THE ITR FO
Swarupananda Bhowmick
26 April 2018 at 13:56
CESC Ltd. has submitted Bill for Rs.32.00 lacs in favour Board for mentioned in the bill "Bill for Service charges of HT Supply". please advice TDS is applicable and which section and pls. clarify.
Anonymous
25 April 2018 at 21:15
Want to know what is the gujarat high court fees to file appeal against income tax authority. Means court fees?
Tabish
22 April 2018 at 01:56
My parents run a school of which my mother is a principal. She is also working in a government school and earns 1.8lacs per year.
My father is working in a government aided college and earns around 4lacs per annum.
The problem is that we have to show the school imcome in ITR but as my mother is a government employee I think she cannot show it in her income.
But can my father, who is working in government aided college, include the income from school in his total income?
Actually I need to show their income taxable as I need some study loan.
There is one more option, please tell if its possible. We have some agricultural land also. I know agricultural income is not taxablw but is there any way by which we can include it in taxable income?
Please tell if any of the two ways is possible. Thank you.
manoj kumar saraswat
21 April 2018 at 23:21
a property wrongly shown in balance sheet of a assessee (capital also increased accordingly)since 4-5 years which is not really exists.his/her books of accounts are audited first time for A.Y. 2017-18. what are provisions of income tax act in this regard.
PURUSOTTAM PANDA
19 April 2018 at 18:57
Respected Sir / Madam,
An employee is getting INR 30,000.00 p.m. But, the employer is not deducting professional tax. Can the employee apply for enrollment u/s 6(2) of the relevant Act of Odisha Professional Tax? Will he / she pay the tax annually @ INR 2,500.00? If he / she does so, what will be the impact on the employer.
Thanks in advance.
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Treatment of pl encashment on retirement
Dear Sir,
I have retired from PSU Bank job on 31.03.2018. Amount of PL Encashment has been paid/credited to my account on 03-04-2018. Is this amount taxable in the FY17-18 or FY18-19. However my Bank has deducted tax on this amount in FY17-18. Please clarify.
Thanks & Regards,
Ashok Kumar Sharma