N Krishna
18 August 2017 at 19:47
I want to take loan from my mother for house construction and pay interest to my mother's bank account. Can i claim tax benefit for the interest paid to my mother ?
What documentation is required to be maintained in this case ?
N Krishna
18 August 2017 at 19:17
Few years back, i sold a land and bought an apartment using the capital gain amount to save tax under sec 54F. Now, after 3 years, i want to sell the apartment. For capital gain calculation, what is the base amount considered ?
land was bought for Rs 78000/- in 2003
land sold for 25 lakhs in 2012
Apartment bought for 25 lakhs in 2013
Apartment being sold for 32 lakhs now
Is the capital gain calculated as 7 lakhs (32 - 25) ? or
is it ~31 lakhs (32 lakhs - 78000) ?
Anonymous
18 August 2017 at 14:16
I have received notice on Thursday 17 Aug 2017 and was asked to present to AO on Monday 21 Aug 2017 and asked documents for assessment year 2010-11.
Actually I am unable to present on this date.
Hence please advise me on how can I extend the date of presenting documents?
N Krishna
17 August 2017 at 17:17
I deposited sale proceeds of residential land in capital gain account. I want to use the money to build a house on another land owned by me. But the issue is that the land has B khata. BBMP does not provide plan sanction for the same. If I go ahead and build the house without building plan, will it be an issue while obtaining approval from Income tax officer (ITO) while closing the capital gain account ?
if yes, please suggest what can be done to get the ITO approval to claim rebate on 54F
kishore nair
14 August 2017 at 23:22
I own a plot of land in Mumbai and wish to sell part of FSI available on the land.to Mr. X. What are the tax implication on sale of FSI?
Will it be better for me to construct a flat and sell the same to Mr. X/
Please advice
Shiv Gawale
12 August 2017 at 08:24
Sir,
My friend working at government sector, during 2015-16 he has donated some amount to xyz foundation. On the real fact is he has not donated any amount to said foundation, some amount pay to foundation like Rs. 5000/- and get Rs. 50000/- donation slip from said foundation for benefit of income tax. In this connection Income tax department call him and recorded all the statement along with 400 hundred more people. My friend said real fact to Income tax department and Income tax department said our target is foundation not you so said real fact to us.
Hence, my question is which action tankan by Income tax department to against my friend and what are the legal procedures to avoid any mishap?
Also guide me any legal procedure to pay some amount to Income tax department for avoid any legal action?
Rajiv
19 August 2016 at 09:36
Dear Experts, We have a partnership firm in which Fixed assets of the firm (land/building/machinery) are registered in the name of the firm.Its a partnership firm with only two partners and with equal shares in profit/loss and capitals.Now, We want to divide the land and building between us by having two seperate registries of the land of the firm i.e half land will be registered in name of one partner and other half in other partners name. Kindly let us know if that would raise any capital gain for any partner or for firm.
josephraj
23 April 2016 at 07:16
my son is an nri in usa. if he sends money for me to construct a house at india . is it taxable?
Vikash Jindal
03 March 2016 at 06:29
Dear Sir, Madam,
My father and my three uncles had a property on their names since 1968. As a mutual agreement in family, this property was belonged and owned by my father, and all the amount gained by sale of this property shall belong to my father only. With this agreement, that property has been saled by all four brothers in Dec 2015. All the cheques were taken on the name of my father for this property.
Now my uncles has a concern (which looks logical as per their prespective) that as they are not benefited with the sale of this property, they shouldn’t have any liability on income tax/property gain at all, they just signed on registry.
My father is fine to pay income tax / property gain on entire amount.
Please guide us with the legal process for:
1. Tax liability with my father only as he is the only person who gained with the property sale.
2. Should there be any family settlement for this?
Thanks,
Vikash Jindal
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Huf pan card
Hello Sir
I am a Doctor and I have a fuel outlet in my name. The outlet was started after my marriage. I have a separate PAN card for myself and a HUF pan card on which I am filing the returns of the petrol outlet for the last 12 years. Now I am insisted by the Oil Company to change the PAN of my petrol outlet from HUF to my Personal PAN. Now what should I do? Should I oblige or is it a legal mandate to not use HUF pan card for the business I have started?
Please give your views.
Regards.