K

Kantharaju

If I buy half a site in 2006 (in partnership) and then takeover the same site completely in 2011 by paying the rest half and then construct house on it in 2012 and sell the house in 2019, which year should I consider as year of purchase for computing the long term capital gain tax.

A

Adi

How to waive off hand loan?

M

Manish Krishnan

I just quit my job after working for 4.5 years. I plan to move abroad and settle there for a few years at least. Can I withdraw my epf funds now, and if so, what are the tax implications? Would there be lesser tax implications at a later point - if so, when?

M

Mahesh Narain Singh

Got a Notice Today having Sub:- Requisition of information u/s 131 (1A) of Income Tax Act The Assistant Director of Income Tax(Inv.) has asked for brief summary about myself and my family along with their PAN, Age, Relationship with me, whether dependent or independent and details of their income tax return filed so far. He has also asked to furnish details of all my bank accounts and my family members' bank account. Details of all moveable and immoveable properties in my name or my family member's name. If failed to produce, penalty proceeding u/s 272A may be initiated. I wanted to ask: What might be reason behind this notice? & Is there anything serious or anything to worry?

V

Vin

I have been providing IT Software Repair Service to USA clients and hence get paid in USD via Bank Wire. I think I am entitled to export incentive. What's the procedure and fee involved?

U

Uday Parmar

Cash payment limit per day for transport ?

U

Uday Parmar

All types of buisness explain cash limit ?

Z

Zack Soniar

Hi,

I had booked a flat in Nov-Dec 2015 in Nagpur, Maharashtra. I have paid 25% amount but NO REGISTRATION OR AGREEMENT IS DONE SO FAR. Only allotment letter is given to me.

Now in 2018, due to delay in project, I am cancelling the flat. Builder is saying that as per service tax rule Section 66B, he has paid service tax to government and he will deduct that amount from booking amount.
My CA is saying as there is no agreement done so as per Section Section 65B (44), no question of service tax arise here. So builder should refund all money.

My questions are:
1. As no registration/agreement is done so far, does Service Tax apply on booking amount?
2. As per Section 65B (44), Service doesn't include :
(44) “service” means any activity carried out by a person for another for consideration, and includes a declared service, but shall not include-
(a) an activity which constitutes merely,–
(i) a transfer of title in goods or immovable property, by way of sale, gift or in any other manner; or
(ii) such transfer, delivery or supply of any goods which is deemed to be a sale within the meaning of clause (29A) of Article 366 of the Constitution; or
(iii) a transaction in money or actionable claim;
(b) a provision of service by an employee to the employer in the course of or in relation to his employment;
(c) fees taken in any Court or tribunal established under any law for the time being in force.

Since here allotment is actionable claim, transfer of title only and its only money transfer. Would service tax be applicable here.

Builder is not providing any proof for service tax paid and claiming its done through input tax credit.

Please advice.

Thanks.

A

Ankit

My parents are retired and currently they are not earning from quite few years. They are planning to sale the owned property from which they will going to earn around 52 lac through which 5 lac they need to pay loan to bank. Rest 47 lac they need to invest in FD so that they will get monthly income...need to know the tax need to pay on sale of property and income tax every year to pay yearly with earning through fd on monthly basis.. also if any other deduction ...my mother is senior citizen...and do they get fixed monthly income..pls share the details.

G

Gurudas Natu

Friend gives me money to invest