F/8, New Opera house
Khatodara, Surat, Gujarat, India
Pin code - 395002
10:00 am - 7:00 pm
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|✔ Direct Taxation||✔ Indirect Taxation|
|✔ GST||✔ Financial Services / Funds Raising|
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M/s DINESH RAMANI CHARTERED ACCOUNTANT
2 Months ago
One bulider for a newly launched project in chennai is charging 5 percent gst and 7 percent input material tax loss . Is it legal to charge these ?
CA Dinesh Ramani 6 Nov 2020
Charging of ITC loss is unauthorised recovery of ITC under GST. It may amount to recovery twice once as a part of cost of raw materials and secondly In guise of ITC loss. You may complain to appropriate authority.
2 Months ago
Hi, Recently, we have sold a residential plot and with that money I wanted to purchase an apartment, for which the builder is offering possession in Dec 2024, would want to know if I pay the builder the complete amount of net sale proceed then will there be a tax liability on me.
Request more insight.
CA Dinesh Ramani 30 Oct 2020
Dear Ashish, You can book a Flat and pay amount as booking amount to get exemption.
CA Jaya Agarwal 4 Nov 2020
For taking full benefit of tax liability, Within a period of one year before or two years after the date of transfer of old
CA Namita Agarwal 6 Nov 2020
house, the taxpayer should acquire another residential house
CA Naman Maloo 8 Nov 2020
As per Income tax Act, in order to claim exemption, you need to invest capital gains proceeds in purchasing another property within next two years. Thus, if you can substantiate the purchase and other conditions are met, exemption can be claimed.
It is advisable to discuss the case with additional facts and take advise thereon.
FinCheff Advisors LLP| Partner
MSME Business Forum India| Strategic Advisor
Mobile: +91 93545 62098
Since the period of possession would be beyond 3 years from sale this might cause trouble to you in future although you can claim exemption today.
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