SUBHASH SHARMA
18 December 2019 at 18:13
One of my client Amit has purchased a property in delhi for Rs. 24 Lacs in May 2010 by paying entire amount by account payee cheque to the seller. (In Sales Deed only 4 Lacs was mentioned as per circle rate and stamp duty was paid)
Amit sold this property to other person in Sep 2011 for Rs. 26 Lacs and received entire amount in cash and deposited the same to his bank account, since no short term capital gain arise on the house property. ( In Sale deed, Sale Consideration of Rs. 5.80 is shown.)
Income Tax department raised a demand U/s 69A treating the entire cash deposited as income.
Cash received by way of sales of House property ma be allowed in this case or not.
Mohan Krishan
10 December 2019 at 20:11
The ITAT has sent back the matter to the ITO with specific wordings saying that he should take details of capital gains concerning mutual funds, stock trading and F&O and do his assessment accordingly.
My query is - if the ITAT order is very specific in the wordings (i.e., talking only about Stock-trading, F&O and Mutual Funds), can the ITO / AO go beyond the said parameters and seek information relating to bank account, house purchase, audit of accounts, etc, etc ?
Mohan Krishan
10 December 2019 at 20:03
The ITAT has sent back the matter to the ITO with specific wordings saying that he should take details of capital gains concerning mutual funds, stock trading and F&O and do his assessment accordingly.
My query is - if the ITAT order is very specific in the wordings (i.e., talking only about Stock-trading, F&O and Mutual Funds), can the ITO / AO go beyond the said parameters and seek information relating to bank account, house purchase, audit of accounts, etc, etc ?
Harinder Singh
10 December 2019 at 14:56
I'm Chief Manager with SCI and have got selected in DG shipping through UPSC as Nautical surveyor cum Deputy Director General ( Tech).
I had submitted my technical resignation on 30.09.2019 which was accepted by Management and release date mentioned as 31.12.2019. During the notice period I had utilised 08 days from my Privilege leave which are also being used for the calculation.
I had requested for release on 17.12.2019 and GM HR has instructed that i have to pay up for the remaining period. The claculations are done on gross salary with 18% GST.
Is GST of 18 % applicable on the notice period salary. Though SCI is charging me this amount, however they are not willing to to divulge the rule section under which this taxation slab is being imposed on me.
The brief calculations are as fllows
===========================
This has ref. to your letter dated 30.09.2019 regarding tendering resignation.
It is observed that you are not serving Three months notice period as per the rules and you have taken leave during the notice period.
Therefore you will have to pay 22 days shortfall of Rs.1,78,262.73 (Rs. 1,51,070.11 + 18% GST Rs.27,192.62),
(Rs. One Lakh Seventy-eight Thousand Two Hundred Sixty-two and paise Seventy-three only) towards notice period by DD in favour of The Shipping Corporation of India Ltd.
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Your early replay will be much appreciated.
Anonymous
05 December 2019 at 12:04
Can A GST officer Issue Summoning before issuing any notices, if Yes then how Can we deal with it ???
SAURABH GUPTA
22 November 2019 at 01:40
I wish to take tax rebate on interest of home loan being primary borrower which I had taken for construction of house . But the land is in the name of my mother who is also co-borrower in the home loan.
Member (Account Deleted)
12 November 2019 at 17:06
Dear Sir/Madam,
Could you provide some clarification on the tax implications for the following scenario please?
My parents and I are the joint owners of a flat since 1999. Due to advanced age, my parents wish to do a settlement deed and transfer the property entirely in my name. If I sold the property without doing the transfer, I get the LTCG benefits and can save considerably on taxes. Questions:
1) If I sold the property immediately after the transfer will it be treated as STCG and I do not get the LTCG benefits which means I could attract 30% of taxes from the sale of the flat?
2) Even if I retained the flat for two years and sold it later, the LTCG benefits will be very minimal since cost indexation is done only for two years, whereas without the transfer, the ownership is for nearly 20 years and capital gains would be much much less. Is this correct?
3) Or does it NOT have any impact on taxes if the settlement deed is done and I sold it either immediately or in the future since the ownership from 1999 will only be taken into consideration.
4) I have one brother (who is not a co-owner of the flat). Would it be OK if the settlement deed is done under my name only (since my brother has not invested in the flat in any way and the flat was purchased entirely from my earnings, not even with my parents' financial resources though they are co-owners). Or do I have to get a statement from my brother that he and his family have no claims over the property?
Best Regards,
Dr. S. Saravanan.
Anonymous
01 November 2019 at 16:08
ntroduction:
We are FMCG manufacturing company having our corporate office in the State of Telangana and Manufacturing units in the State of Andhra Pradesh and we do sell our products in the South India,
Subject:
We have applied for Sale Tax refund and has complied all the requirements that are required under the Sales Tax Act. But the Authority appointed under the Sales Tax Act has disallowed our application on the ground that we have stored our product in the custom private bonded warehouse for which we have not obtained permission from customs authority though the custom private bonded ware house belongs to our company.
Query:
whether the Sales tax authority can simply disallow our refund applicable even after complying the requirements under sales tax act, only on the ground that we have stored the product without proper permission?
Anonymous
26 October 2019 at 16:26
R owns self- acquired vacant land of 2400 sft purchased 30 years back. Recently he executed a settlement deed in favour of his wife S and elder brother N for equal share without any consideration.
N owns an old house in another place and his wife & 2 sons are the legal heirs.
Now N due to his age and health he wants to his execute a settlement deed in favour of his younger son P for his share of the land property without any consideration.
Subsequently, if the land is sold jointly by S and P, and P invests his share of sale proceeds for a joint construction of a new apartment after demolishing the old house of his father (in which he is a joint legal heir) –
- What is the CGT implication for N in the current year?
- Will it be treated as Short Term or Long Term gain for P?
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Capital gain tax and investment of money
Dear Sir,
We have sold our flat situated in Virar(Maharashtra State),which was in my wife name and myself.
We purchased it in 1990 and sold in Nov;2019.
So,we have to pay capital gains tax.
To avoid capital gain tax:
A)where it should be invested?
B)can entire received amount to be must be invested?
Please help me.
Pradeep Dave