CA with 21 years experience in accounting, audit, direct & indirect taxation, corporate law.
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Munish Kumar
Dear Sir/Madam,I am a govt employee.I want to transfer Rs10000 per month to my mother's account who is a housewife.Is it taxable for mom?Please guide
No. It is not taxable.
CA Amit S 14 Apr 2020You can give an amount up to Rs. 50,000 to a family member without it being taxed as per the Income Tax Act, 1961.
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Chandan
Is the sub contractor liable to pay service tax if the contractor is exempted from it? It pertains to export of software maintenance as service.
Export of Service is not exempted from GST but is considered as Zero Rated Supply on fulfillment of certain conditions. Services can be exported on payment of IGST or without payment of IGST against LUT/Bond. Without going into further details reg export of service, please note that a sub-contractor, supplying services to the exporter of services, is not exempt from levy of GST unless the services he is supplying are exempt otherwise.
CA Damini Agarwal 24 Feb 2020If a service is taxable under domestic supply then sub contractor shall be liable to pay GST on the same. It does not matter even if the contractor is exporting the service on which he is claiming exemption under Zero rated category.
sub contractor liable to service tax (GST)
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Kiran Tr
How to take 50lakhs from a person without paying tax.
If the person is your relative as per the Income Tax Provisions, you can take a gift from such person without any tax liability. If not a relative, such person can transfer the sum through a will.
T&C applyA
Anuj Nepalia
I have finalized to sell my flat at 20.5 lacs, but buyer is asking to make Sale deed of 22lacs so that he can get more loan since he do not have required amount for down payment. Please suggest on which amount do i jave to pay tax if my my flat is sold?. Will it be on 20.5lacs or 22lacs?
Sale value will be considered as Rs 22 Lakh or Stamp Duty Value whichever is higher. In no case it will be Rs. 20.5 Lakh if deed value is Rs. 22 Lakh.
NA Na Na 27 Jan 2020As legal documents show the sale value as 22l, we will have to consider it as consideration..even stamp value would be paid on such value. In case of any further help, please feel free to contact us.
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Sukanta Haldar
Dear Madam/Sir, Greetings!! I have purchased a flat in the month of Nov.2017 and the construction of that flat was completed in the year 2015 but now the builder is asking to pay GST @ 12 % for which will pay the bill of GST. Is that possible? Please advice.
If construction was completed and CC was obtained before you booked/purchased the flat and made the first payment to the builder, no GST can be charged by him.
CA Naman Maloo 19 Jan 2020No if the construction was complete and the completion certificate was received and you didn't make any payment before that he can't charge GST.
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Atharv Vyas
Sir i have a bill of 3.00 crores with gst at 18% amounting nearly 50lk and the counterparty has denied to file r1. I have taken input and audited the balance sheet. What to do ?
File a grievance through GST portal (from your login via User Services) and provide the details of the supplier with invoice copy.
CA Naman Maloo 5 Oct 2019Submit a grievance with GST department along with the copy of bill
12 Oct 2019To claim itc it is more important to have in possession of original tax invoice and you have paid the creditor all amount within 180 days of purchase. So it will help you incase authorities ask you for mismatch. Also keep in possession eway bill. Kindly contact at caitanyavrn@gmail.com
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Ravish Jaggi
Enquiring about the Capital Gain Tax against the Sale of property
My Uncle who don't want to purchase another property after selling his share, want to know his actual Capital gain tax.
I am sharing all the necessary details :
Property Purchased in DELHI in 1952, by my Grandmother.
Sum paid was 19000.
After her passing away, through her will it was transferred on the name of My father and his elder brother (My uncle).
Now as per circle rate, its value is approximate 80 lakhs which will be divide equally.
So both brothers get 40 lakhs each.
Further my Uncle will Gift 15 lakhs (through cheque/DD) to my father, so the net amount he will possess from the sale will be 25 lakhs.
So
First he wants to know whether he will be Taxable on 40 lakhs or 25 lakhs
&
Second what exactly will be his Capital Gain tax ?
The important thing to note is what should be the Base year ie 1991 or 2001 & also the Base price in that year as the Circle rates in Delhi were brought in 2007.
So kindly advice me on this, it will be much helpful.
Taxable consideration shall be Rs. 40 Lakh for each of the brothers. Gift to father has nothing to do with the capital gain taxation. Moreover, gift is not a taxable transaction in your case.
Base date for valuation and indexation shall be 01.04.2001. You can engage a registered valuer to get the valuation as on 01.04.2001.
To know his capital gain you need to first get a government approved valuer and get a valuation report for 01.04.2001.
So the taxable amount would neither be 40 lakh nor 25 lakh. It would be something less than 40 lakh depending on the cost value.
Base year would be 2001.
If you need any further assistance feel free to contact me at canamanmaloo@gmail.com