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?
Anonymous
21 October 2017 at 16:45
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?
Rahul sahu
20 October 2017 at 10:44
Hello everyone I am Rahul sahu from sugar. I have done b.com from Dr. Hai Singh your central university. And currently I study in m.com first year..I work in a audit firm since last 8 month and know I want to open my own firm who will give all tax and finance planing services.. so I want suggestions related to some topic .. 1) kya m tax advisory's service de sakta hu. 2) kya m project report bana sakta hu .. please suggest me .. to make best service company... Please give your opinions for make better your suggestions are very important for me.
junglee kokai
19 October 2017 at 16:13
hi i m central govt employee from arunachal, as per intruction from govt we have to submit tax exemption certificate from ITO, before submission of tax exemption certicate at my office they cut 14000 rs from my salary for one year for not submitting tax exemption certificate, now i acquired tax exemption certicate from ITO, & office also sent me F 16 certicate, at this i dont have to knowledge how i get my already paid back rs.14000, i dont know what to do??? plizz help me
umesh
15 October 2017 at 11:16
I m having an huf in the name of Umesh Manohar Daryanani HUF with my wife as coparcener n we don't have any kids. Can huf gift to Umesh Manohar Daryanani ?
mohit kumar
14 October 2017 at 15:53
Dear Expert,
I am working as a law officer in MNC company. my company give car as reward after complete 5 years as job. also my company provide 150 ltr per month for petrol reimbursement after providing petrol bills. but my company employee given wrong invoices to claim above benefit.
as per my opinion and this is illegal act and penalty in income tax act.
Kindly provide brief details regarding above subject.
regards
Pratmit85
13 October 2017 at 04:59
I am an NRI living in Germany and would like to purchase a flat in Kolkata worth more than 50 lacs. I would like to pay the total purchase amount in 3 parts - 1st one as the token-amount, second one after the agreement signing and the final part at the day of registration. All of these is intended to be carried out within a max. 2 months' duration. Do I have to pay 1% TDS on each of these amounts separately (that is 3 times) or can I simply pay on the entire amount after the agreement signing?
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Loan to relative
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 .