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Is non-taxable capital receipt shown in ITR or not?
No in case on individuals who are nit required to fill business balance sheets, they are not required to report capital receipts like loan, gift etc. For more information you can connect with us at email@example.com
yes For more information contact 7667559772
My mother is 67 years old. She has been a house wife all her life and has never filed any returns or anything to do with taxes. She has an active pan card. Back in 1988, she purchased our current home in Kandivli, Mumbai for around ₹40000. Now after 33 years, she is looking to sell this property for around ₹1.25 crores as per market value in our area. Will she have to pay any tax? If yes, how much? Will she be able to receive the amount in her normal savings account or will she have to open a special account of some sort for the same?
Capital gain to be calculated after indexation of the purchase cost plus cost of renovation..Will guide in computing gain and how to save tax.. Kindly contact at +9911744028.CA Puja Sharma 2 Apr 2021
she will have to pay capital gain tax on it. If she invests the proceeds in new house then she can save the tax. For more information you can connect with us at firstname.lastname@example.org
No special account required. In you case capital gain will be 1.25 crore minus cost. cost will be market value( as on 01.04.2001)x301
For more information contact 7667559772
Yes she might have to pay tax.
How much would depend on the valuation.
I would request to first get value of house for 01.04.01 and then calculate capital gain.
If you need any assistance click here:https://www.taxontips.com/tax-notice-personal-consultation/
Hi, I am trying to make a payment of TDS against a property payment, through form 26 qb. However, on page no 3, when I enter the correct TDS amount @0.75%, I am getting an error saying my TDS amount is incorrect. Please guide on this.
The TDS rate of 0.75% was only applicable upto 31st March 2021. Please see the date.CA Jaya Agarwal 6 Apr 2021
Rate of TDS of 0.75% if purchase date is between 14may 20 to 31st mar 21. otherwise 1% is applicable. Put PAN of seller, then check rate as quoted above. For more details contact 7667559772T&C apply
Hello, I do not want to disclose my account balance to my CA, so is a bank statement required for filling income tax or just an interest certificate for the year is enough ?
You can give the interest component of saving bank account to your CA. For more information you can connect with us at email@example.comCA Jaya Agarwal 6 Apr 2021
Interest certificate with bank details is enough, if there is no business incomeCA Jaya Agarwal 6 Apr 2021
For more details contact 7667559772T&C apply
Is pan number required in provitional balance sheet?
No, if that is for bank loan purpose, then PAN is not required.CA Jaya Agarwal 6 Apr 2021
No, but if they want computation, then it is required. For more details contact 7667559772T&C apply
For AY 2020-21, I have received the notification about the high value transaction for saving and term deposit interest rate on compliance portal under e-campaign category.
I have responded on compliance portal and paid the pending tax amount.
But I am not being able to fill the revised return as 31st March 2021 date is over now.
Only option, it is showing is 119(2) or 92cd.
What are the options now?
Should I wait for any notice from income tax or do I need to contact someone?
You can apply for condonation request and then file your return.CA Jaya Agarwal 6 Apr 2021
No need to file return. For more details contact 7667559772CA Naman Maloo 18 Apr 2021
Read here: https://www.taxontips.com/received-high-value-transaction-message-for-fy-2019-20-but-cannot-do-anything-as-no-revised-return-can-be-filed-now-lets-discuss/T&C apply
If i purchase product without gst number but when i sell its applicable so how i return in gstr3b
Show sales and pay tax on it in Gstr 3b and show unregistered purchaseCA Jaya Agarwal 4 Nov 2020
You need to pay tax without taking benefit of purchase
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.
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
house, the taxpayer should acquire another residential house
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.T&C apply
The rent agreement for my Commercial building expired on April end of this year. The tenant has not paid rent from March. He has also not renewed the rent agreement. The rent in expired agreement was 146000 per month.
I don't know how much rent he will pay this year. How should I calculate the advance income tax to be paid? If he pays me no rent, should I still pay tax, since rent is legally due from the tenant. He is also not ready to renew the agreement or vacate.
Since rent income is taxed on accrual basis and not on cash accounting basis, is it not taxable, even if rent is not received in that financial year, especially if he does not vacate?
There's a concept called Unrealised Rent under Income Tax... which has few conditions as well to ensure it is not taxed.CA Jaya Agarwal 4 Nov 2020
If following conditions are satisfied, then unrealised rent pertaining to the previous year is to be deducted from actual rent of the previous year:
➣ The tenancy is bona fide.
➣ The defaulting tenant has vacated the property, or steps have been taken to compel him to vacate the property.
➣ The defaulting tenant is not in occupation of any other property of the assessee.
➣ The assessee has taken all steps to recover such amount, including legal proceedings or he satisfies the Assessing Officer that legal proceedings would be useless.
Can I take online transfer of 6 lakh from my father in law for car purchase as a gift
Yes you can do that and can show it as Gift in consideration of amount transferred and not car purchased.
Kindly contact us @ 9825330911 in case of any further query
Yes, you can but you should make gift deed for that. For more assistance call at 7667559772CA Namita Agarwal 5 Nov 2020
Yes, you can. For further assistance , please contact us
Mobile: +91 93545 62098
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