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Sunny Verma
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,
Around 20k per person. If you need further clarification/details, please reach me on 9967694668 or urvi@fintaxconsulting.in
CA Shrinidhi Rao 22 May 2019Rs 19940 each. You can reduce your tax burden to zero by making proper tax planning.
CA Naman Maloo 22 May 2019It is around 20k per person but you can plan it.
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,
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 2019one person need to pay 20% of Rs.95,600?
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Naveen
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
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
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 2019Naveen 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
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Sharath Kumar Shetty
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
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
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.
You can claim the full interest. Its allowed.
CA Shrinidhi Rao 21 May 2019Sir, 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.
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Franklyn Peter
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.
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 2019Gst 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
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 2019Sir, 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.
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Satyabratasantanu Ranjan Sahoo
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.
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
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.
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
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.
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Rajesh
I got home loan from SBI to purchase Land on Sep'18. can i claim IT for Principal and interest paid.
Please clarify
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
You can claim interest. But not immediately. For further query contact cme .
CA Shrinidhi Rao 6 May 2019Principal amount is available as deduction u/s 80c only if house is constructed or purchased i.e ready for occupancy.
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Kumar A
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 pan
NA Na Na 5 May 2019it 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 2019Deduct 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.
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Kushal Ashok Jain
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
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.
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
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.
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Gaurav Dutta Saxena
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.....
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.
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
Yeah, second option is little bit complicated.
CA Murugesan Ashok 3 May 2019You 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 2019Yes, As deductor you should get registered in Traces website and you can claim the refund.
CA Naman Maloo 3 May 2019Refund by using traces is not available in this case as per my knowledge.
CA Murugesan Ashok 4 May 2019There 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 2019You can file for refund with the relevantv ITO in case you require professional help contact at casureshbharathwaj@yahoo.com
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