UDAYKANTPATHAK
08 November 2017 at 19:52
SIR
Which ITR applicable for LIC Agent Commission received Below Rs, l lakh in F Y 2016-2017
hetcal
07 November 2017 at 13:01
Service Tax dept has issued notice under subject : intimation for conducting audit –reg., that is inviting attention to provision of Rule 5A of service tax rule 1994 and read with section 174 (2)(e) of CGST Act 2017.Also further stating that xxxx has been deputed to conduct the audit of your unit for the years from /or since the last audit done to 30.06.2017.List of documents /records for audit for the relevant audit period is provided.
My query is that whether notice issued under Rule 5A(2) can be sustained with reference to Section 94(2)(k) of the FA.?
Vasudevan
06 November 2017 at 11:41
Respected Experts,
Myself and my wife are Income Tax Assesses having separate PAN No. We were filing our Tax returns separately under our individual PAN No. My wife is getting income from her leased out properties and myself from salary. Now my wife is not well and unable to handle the mental pressure from the leased properties. She want to give power of Attorney to me asking to collect the rent and file the tax returns. If so, whether I can file the Income Tax Returns on behalf of her in her PAN No. What is the pros and cons of the Power of Attorney on legal affairs and entity? Kindly advice. Thanking you.
.
Kishor
06 November 2017 at 09:57
Mr. S made an agreement to sell his house to buyer Mr.B for Rs. X.
B paid Rs. (X minus M) in F.Y. 16-17. TDS was done at the rate 10% on ( X minus M). Seller S sees this sum in his Form 26AS of F.Y. 16.17.
Remaining sum , buyer B paid in F.Y.17-18 and Seller S gave possession of his house to Buyer B in F.Y. 17 - 18.
Please advise how much tax Seller S should pay in F.Y. 17-18 on account of this sale transaction.
Cost of the house, for calculating Long Term Capital Gain, is Z . Z is less than X. Hence, seller S has gained profit.
Rakesh
06 November 2017 at 00:41
Hello,
I have a 2 floor building, ground and top floor on a land of 1100 sqft.
Ground floor is total of 800 sq ft. It has a Groceries store(400 sqft) and two small(200 sqft each) rooms behind it.
On top floor, I live which is a 900 sqft house.
My question is how the property tax will be calculated ?
Will it be done for each of the sections I described above meaning a total of 4 sections ? so do I need to pay 4 property tax ?
Or will it be done for the entire property meaning 900 sqft and I need to pay only one property tax ?
I also heard that the muncipality incorporates water tax(pani patti) as well, so I have a single water line but do I need to pay for each section ?
I did talked to one of the officials and as per him I need to pay for each sections property tax and also I need to pay water tax for each section which they have set it fixed Rs 1700 a year for one section.
so as per him 4* 1700 = 6800 water tax plus the property tax of each sections.
This seems wrong to me, could someone please help me out ?
Anonymous
05 November 2017 at 13:55
Hello,
I would like to know if it is mandatory to issue GST Rental Invoices every month, when the rental income aggregate is less than 20 lakhs per year, since GST is not applicable in this case.
This is for properties located in Delhi, and Punjab.
Thank you.
ANSHUMAN
01 November 2017 at 09:35
sir i have given a loan of rs 10 lakh to my relative in 2010 and he was giving confirmation for the same to me till 2013 and after 2013 his father died and i asked him to repay but he did not give me confirmation and repay.he gave me 16a form for ay 2015-16 in which he deducted tds and than i filed a civil suit for recovery .the following years he did not gave me any documents.now he is making a new stand that in fy 2016-17 he has given me diesel against the said amt by making fake vouchers of his firm and adjusting my loan amt with that diesel vouchers.can he do that.he is a petrol pump owner.what legal and tax remedy u would suggest .
Atish
22 October 2017 at 04:11
Dear All,
We have got a few residential properties given on Leave & License basis. They all are on 2 names each.
We are planning to purchase a commercial property to give on Leave & License basis.
In case the commercial property does not cross Rs. 20 lakhs a year alone but counting the residential properties combined income does cross Rs. 20 lakhs in the year, will GST apply on the combined income or will the commercial rent be income be treated separately and have nothing to do with the residential income.
Also the properties are on 2 names each. Will the income as declared in income tax as 50% each party (name) be considered. E.g. If only from commercial income the rent is crossing Rs. 20 lakhs but divided in the 2 names and coming below Rs. 20 lakhs each, then will that be considered as GST not applicable or it will be considered as a whole for the first holder of the property.
Also if the first holder is a senior citizen 85 years of age, will there be any sort of relaxation in the GST if applicable as in the case of Income Tax.
Regards
Atish
N K Jain
21 October 2017 at 17:01
A owns a house in Mumbai. He also owns another house jointly with his wife in New Mumbai. He sold both the houses in July 2017. Sale proceeds are 1.25 crore on first house and Rs 1.5 crore on second house. He has computed LTCG on first house as 50 lakhs and on second house as 60 lakhs, his share being half at 30 lakhs and his wife share also as 30 lakhs. He buys a house in Delhi NCR in Aug 2017 for Rs 1 crore in joint name with his wife. He also buys another house in Sep 2017 for Rs 1.25 crore, also in joint name with his wife. Can he claim benefit of Rs 50 lakhs (LTCG on his first house at Mumbai) against purchase of first house in Delhi NCR and of Rs 30 lakhs (his share of LTCG in second house) against purchase of second house ? Is there any restriction that he must not own another house on date of purchase of a residential property to avail benefit of section 54?
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Capital gain tax
I have an industrial land and building in individual name which was purchased in 1999 from upsidc on lease deed.Now I want to sale above lease property.From that sale Money I want to purchase a commercial or residential property.On above case I want capital gain tax rebate.Is it possible please brief.