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K
Kavitha
Please can you answer these questions, this is helpful for me and others.
Flat bought 7 years ago with 16 Lakhs and sold in 2022 August for 29 Lakhs. I am housewife and no other income.
Expenses: 7 years back paid 1.5 Lakh registration charges and flat remodelling/furniture (Cupboards/ Kitchen) around 12 Lakhs. For these charges I do not have any bills.
Q 1) Do I need to pay long term capital gains since I do not get any profit after all expenses?
Q2) If need to pay in which year I need to pay LTG tax and how much for this year LTG tax on Flat?
Q3) If I want to buy new property to avoid LTG, do I need to invest only 13 Lakh?
Q4) In this case Can I purchase any Land (site) or buying house is mandatory?
Q5) If it is mandatory and I want to buy before Next year August, right? In this case no need to declare tax in this year, right?
please contact at this 9910550324 number for detailed discussion and clarification.
CA Rahul Dwivedi 3 Sep 2022Dear Kavitha,
Correctly said there is long term capital gain in your case, however the quontum of LTCG can be work out once we get the exact date of Purchase & Sale. Once we get the complete detail then only will be able to guide you how to save the LTCG or might be possible that it can be saved with investments.
For further consultation you can approach us on ca.rahuldwivedi@gmail.com or 9004485377
R
Ranendra Barik
Can i have to file ITR for short or long term capital gain tax?
That depends on total income.
For more you can visit: https://www.taxontips.com/income-tax-return/
Yes you can file ITR, but it will also depend on your other income sources. and also the quantum of gain you having on such transactions. For more discussion you can call @ 9587334442 or mail at rakshit1192@gmail.com
CA Rahul Singhal 21 Sep 2020yes if your gross total income without deduction crossed the exemption limit then you have to file your itr
CA Rahul Singhal
9910550324
Dear Sir,
Definitely, you need to file return if your total taxable income crosses Rs. 250000/- and if not, then also you should file return for other purposes.
For more details call at 7667559772, ca.jkagarwal2011@gmail.com
R
Raghu
As a proprietor can I open chain of stores? Or is it limited to only one store?
Hi, there is no restriction as such. Please contact on 7045760379 for any further clarifications
CA Rahul Singhal 21 Sep 2020yes you can open any number of stores and for further clarification
contact me at
CA Rahul Singhal
9910550324
Dear Sir,
Chain of stores can only be open with same Trade name. If one store is running from different trade name and another is different, then you even can't get GST registration for all trade names.
For more details call at 7667559772, ca.jkagarwal2011@gmail.com
A
Amrinder Kaur
Creating invoice without GST registration
Hi, it can be done if you are below threshold limit as prescribed. Please call on 7045760379 for further clarification
CA Rahul Singhal 21 Sep 2020YOU CAN NOT ISSUE TAX INVOICE UNTILL YOU HAVE A VALID GST REGISTRATION NUMBER .
you can issue bill of supply without gst registration untill you don't cross the threshold limit for gst registration after that you have to take a gst registration.
CA Rahul Singhal
9910550324
Dear Sir,
You can issue invoices without registration only when it is Intra-state supply of goods or services AND within limit of 20Lacs. It means for Inter-state supply you have to definitely take registration even billing of Rs. 10.
For more details call at 7667559772, ca.jkagarwal2011@gmail.com
S
Sarita Jaiswal
If i show car rental income in income from other sources in itr-1 then can i claim depreciation on it
no you can not claim depreciation on it untill you show it as a business income.
CA RAHUL SINGHAL
9910550324
Hi, you can claim depreciation only on business assets. For further clarifications, please connect at 7045760379
CA Jaya Agarwal 22 Sep 2020Dear Sir,
If income from car rental is your routine course of business, then you can show it in ITR-3 as business income and avail depreciation.
For more details call at 7667559772, ca.jkagarwal2011@gmail.com
A
Aadit Unni
I am a Freelancer and while registering for a GST number online(sole proprietor), the are asking for the legal name of business as mentioned in PAN card and it only has my name and no business name is mentioned. So what should I fill?
And about Income tax, how does it work?, how, where and when to file them?, Is it possible to do it online?
Can I upgrade My business registration to LLC later and would I need to get a new GST number or new PAN card or anything else new?
Hello aadit,
While registering for gst online as sole proprietor then they asked for legal name of business. In that case you only have to fill ur name as per pan card in that field and after generation of TRN i.e. temporary registration number they asked for trade name of business then you have to fill ur trade name in that field.
Further no other consequence of trade name in income tax as it will be filled in ur name.
Further when you want to convert sole proprietorship into LLC you will need new gst no
The income tax question is a separate question and asked in general.
Thanks
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