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CA Shrinidhi Rao  

CA in Practice
6Year  4Month  experience

NA

  
   
 
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Address

Janardhana Complex
Karkala
Pin code - 574104

Availability

Mo,Tu,We,Th,Fr,Sa

9:00 am - 8:00 pm

Services

✔ Accounting / Book keeping✔ Direct Taxation
✔ Indirect Taxation✔ Govt.Registrations and Licenses
✔ Business Tax Planning and Management✔ Business Planning & Initiation
✔ Internal Audit✔ GST

Industry Experience
✔ Banking✔ Education and Training
✔ Financial Services✔ Manufacturing
✔ Oil and Gas✔ Pharmaceuticals
✔ Real Estate✔ Services
✔ Textiles
Education
    B.com,CA
Associated with (Firm / Company Name)
    Shrinidhi Rao & Co
Awards and Recognitions
    NA

S

Sunny Verma

1 a year ago

The property is divided into three portions , one portion is of My wife and his brother, this portion they got after the death of her mother around 5 years back , her mother get this property from her mother in law many years back .

Now the property was sold last year and sell money were devided in to three owners .

To sell the portion alloted to my wife and his brother, My wife gave power of attorney to his brother to sell and use the money recive, however the money received(1/3 of total property sell amount) to my wife and his brother in equal amount in there respective bank accounts , my wife transfered that amount to his brother's bank account as she dont want any money from this property(she already gave power of attorney to his brother to sell and use the money received) .HIs brother purchased a new house from this money.

Now i want to know is there any capital gain tax need to pay by my wife and if yest how to calculate the tax amount.
Value of house in 2001 was Rs.34,33,000 and sold in 2018 for RS.99,00,000,

CA Urvi Gandhi     22 May 2019

Around 20k per person. If you need further clarification/details, please reach me on 9967694668 or urvi@fintaxconsulting.in

CA Shrinidhi Rao     22 May 2019

Rs 19940 each. You can reduce your tax burden to zero by making proper tax planning.

CA Naman Maloo     22 May 2019

It is around 20k per person but you can plan it.

Sunny verma     24 May 2019

The property is divided into three portions , one portion is of My wife and his brother, this portion they got after the death of her mother around 5 years back , her mother get this property from her mother in law many years back .

Now the property was sold last year and sell money were devided in to three owners .

To sell the portion alloted to my wife and his brother, My wife gave power of attorney to his brother to sell and use the money recive, however the money received(1/3 of total property sell amount) to my wife and his brother in equal amount in there respective bank accounts , my wife transfered that amount to his brother's bank account as she dont want any money from this property(she already gave power of attorney to his brother to sell and use the money received) .HIs brother purchased a new house from this money.

Now i want to know is there any capital gain tax need to pay by my wife and if yest how to calculate the tax amount.
Value of house in 2001 was Rs.34,33,000 and sold in 2018 for RS.99,00,000,

CA Brigit Peter     24 May 2019

The value of your property as per Income tax in year 2018 is Rs. 96,12,400 and the total capital gain arises on the sale of your property comes to Rs. 2,87,000. If divided in 3 parts then each part of taxable capital gains comes to Rs. 95,600 approx. In case any further clarifications required then please reach me at 8447557316 or email me at brigitpeterca@gmail.com

Sunny verma     24 May 2019

one person need to pay 20% of Rs.95,600?

T&C apply

N

Naveen

1 a year ago

I have House with 2 floors. ground floor self occupied and 1st floor given for rent.
How can get tax benefit on house loan interest? am salaried employee

CA Naman Maloo     22 May 2019

You can consider both as separate unit and claim benefit as self occupied and let out with their respective limits.

If you need further consultation you can mail me at canamanmaloo@gmail.com

CA Shrinidhi Rao     22 May 2019

You will get 80C deduction wrt payment of principal amount of loan. And for interest portion you will get deduction u/s24. For rental income you will get deduction of 30% as well as deduction for muncipal tax paid.

CA Vaibhav Mago     22 May 2019

Naveen ji, in your case you willl have to make two computations of income from house property.
One for self occupied (Ground floor) and for 1st floor (rented one).
Coming to interest portion , divide it into two parts, one for ground floor and one for first floor.
Maximum deduction of interest for ground floor would be 200000 and no limit on first floor.
However, overall loss would be capped at 200000 per FY.
For more information contact 9877542172
vmassociates2017@yahoo.com

T&C apply

S

Sharath Kumar Shetty

1 a year ago

I am co-borrower of a home loan with my mother and the house is constructed in my mothers name. But I am the one who is paying all the EMI's through my net banking. My mother is not working and she will not repay any of the EMI's. Can I avail the tax benefit on the home loan interest under section 24 b

CA Naman Maloo     17 May 2019

No if you want claim benefit of home loan you need to be the owner in the property. If you add your name as co owner you will be able to take 50% benefit of same.
If you need any further consultation you can mail me at canamanmaloo@gmail.com

CA Vaibhav Mago     17 May 2019

Mr. Sharath, you can only claim interest deduction when you are a co- borrower as well as co- owner of the said property.
So, in the said case ask your mother to transfer 50% or such other share of percentage of share of the property in your name as gift and get it registered.
Then,both of you and your mother can claim interest as well as principal deduction.

CA Murugesan Ashok     17 May 2019

You can claim the full interest. Its allowed.

CA Shrinidhi Rao     21 May 2019

Sir, Since you paid interest from your account there is enough evidence to establish you are eligible assessee to get the deduction. In case if you shown your mother had income while getting loan sanctioned, then it is better to claim 50% of eligible deduction under relavant sectio of income tax act.

T&C apply

F

Franklyn Peter

1 a year ago

Hi. i'm a manufacturer of paper cups. I need some help in understanding the gst and profit margin ratios. If my cost of raw material product is 70ps(including GST(11p)) and I want to keep a margin of 30p, while selling the finished product, how much gst will I have to charge the purchaser from me.

CA Rajat Garg     9 May 2019

You have to charge Gst on 89(p) & can avail credit of 11(p) paid to supplier for purchase of goods. Need any further information feel free to get back at rajatgrg100@gmail.com

CA Naman Maloo     9 May 2019

Gst on your product would be charged at 18%.
Your cost would be 59ps therefore you must charge 1.05 for earning 30ps margin.
If you need further consultation or help in GST you can mail me at canamanmaloo@gmail.com or call at 7984894562

CA Suresh Bharathwaj     9 May 2019

Will Charge 16 paise gst on basic price of 89 paise per cup selling price will be Rs.1.05 per cup

CA Shrinidhi Rao     11 May 2019

Sir, U can also go for composition scheme. Provided your turnover is within the limit. If you are regular dealer u can claim 11p ITC. And on 59p add profit margin (considering the competition in market) on (59p+profit) you have to collect GST.

T&C apply

S

Satyabratasantanu Ranjan Sahoo

1 a year ago

I am thinking of stating a business. What are the ligal steps should be taken before starting. Please guide me also about Account,registration,GST etc... I am total unknown about all these things ..so kindly help.

CA Yash Jain     11 May 2019

Hi Mr.Ranjan,Finaco would help you out in making things easy for you.. kindly do book a consultation and we would guide you everything with respect to the same, and our CA Team would provide you respectable package suitable for Startups.
Look forward to hear from you

CA Dhaval Bhura     11 May 2019

Hi Mr. Ranjan
I can help you out with the same you can contact me at 8850927779 or dhaval@snhca.in in case of further queries.

CA Naman Maloo     11 May 2019

Sir we need to discuss on what is your business what is your expected turnover and then we can decide what requirements you need to fulfill.
If you need any help you can mail at canamanmaloo@gmail.com

CA Shrinidhi Rao     11 May 2019

Dear Sir, Please share your details of business & volume of business you expect to do. So that we can properly guide you in this regard.

T&C apply

R

Rajesh

1 a year ago

I got home loan from SBI to purchase Land on Sep'18. can i claim IT for Principal and interest paid.
Please clarify

CA Naman Maloo     6 May 2019

I would suggest you to only claim principal amount as Interest can be claimed only when house is constructed and interest paid during the construction period can be claimed as deduction u/s 24 in 5 equal installments.
For more details you can mail at canamanmaloo@gmail.com or call at 7984894562

CA Shrinidhi Rao     6 May 2019

You can claim interest. But not immediately. For further query contact cme .

CA Shrinidhi Rao     6 May 2019

Principal amount is available as deduction u/s 80c only if house is constructed or purchased i.e ready for occupancy.

T&C apply

K

Kumar A

1 a year ago

I am paying Rs. 50,000 to one e-commerce portal for providing accounting and audit services which were performed by CA. Now do I need to deduct TDS on PAN number of E-Commerce Portal or on CA's PAN?

CA Naman Maloo     4 May 2019

CA pan

NA Na Na     5 May 2019

it depends on the invoice you received, if it is from e commerce than deduct for e-commerce and for further clarification s you can contact us on 9891716581

CA Shrinidhi Rao     5 May 2019

Deduct TDS u/s 194J to whom the payment is made. In this case , If invoice raised by e-commerce portal deduct tds on PAN number of E-commerce portal.

T&C apply

K

Kushal Ashok Jain

1 a year ago

Hey I am a Poker Player..
So Can I Withdraw My Winning In 9999 So That I dont have to pay Any Tax..
And If I do this Will I have to Pay Tax in the end Of the year..
And How much amount I can Withdraw In Account Wihout tds in a year

CA Naman Maloo     26 Apr 2019

Sir as mentioned earlier even if you withdraw the amount it's the liability to first deduct TDS on such winning and then pay you as such winning is in money form. If the person is not deducting TDS that's great and you need to pay tax at the end of your total income exceeds Rs. 250000.
If you need personal consultation or discussion you can call or mail me.

CA Vaibhav Mago     26 Apr 2019

Brother it is the legal obligation of the poker operator to deduct TDS if amount of your earnings exceed the specified limit.
So withdrawing amount from your account would not change the legal obligation of poker Operator

CA Shrinidhi Rao     3 May 2019

If the poker already deducted TDS u/s 194B, you should file ITR. And no basic exemption limit for income from winnings. And it is immaterial whether you draw or not. Tax payable on this income at 30%+4% cess.

T&C apply

G

Gaurav Dutta Saxena

1 a year ago

I have paid TDS in sale of property. Online......by mistake I have paid amount twice and two challans generated for the same.....one challan I have used in form26qb while another I want money to be refunded.....

CA Shrinidhi Rao     3 May 2019

There are two ways you can handle this.
1. You should give full credit to the seller. Later collect the excess deduction from him. ( If you can co-ordinate with him)
or
2. Make an application seeking refund of excess payment of TDS, to the Income Tax Officer of respective TDS circle you belongs to.

CA Naman Maloo     3 May 2019

Practically the only option available with you is to ask the seller to provide you the refund of excess credit which he will claim.
Second option which is not that practical is to ask income tax officer to provide you the refund of second challan which you have paid but there are less chances of officer accepting this.
If you need any further consultation or information you can mail at canamanmaloo@gmail.com

CA Shrinidhi Rao     3 May 2019

Yeah, second option is little bit complicated.

CA Murugesan Ashok     3 May 2019

You can claim refund from Traces by filing 26B form. Filing the amount again for the deductee will land in huge trouble for the deductee. Since you don't have TAN you can login to traces through pan and the challan details.

CA Shrinidhi Rao     3 May 2019

Yes, As deductor you should get registered in Traces website and you can claim the refund.

CA Naman Maloo     3 May 2019

Refund by using traces is not available in this case as per my knowledge.

CA Murugesan Ashok     4 May 2019

There if any excess paid by the buyer can be claimed by the buyer through his A2 in 26AS. Excess of 1% of the sale value will go to buyer as per the CPC(TDS) Tax advisory.

CA Suresh Bharathwaj     4 May 2019

You can file for refund with the relevantv ITO in case you require professional help contact at casureshbharathwaj@yahoo.com

T&C apply
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