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I am a CA and CMA with 9 years of experience in Accounting, Auditing and Taxation.
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A
Aryan
I want to buy a 10-20L car as a gift for someone who is not a relative. What are the tax implications? would the car have to be registered in my name first then transferred to their name? I would also like for my accountant not to be aware for this transaction
Dear Admin. Please block this type of questions. If its not possible then please let us know how to deactive account in Finaco. I am happy to exit.
T&C applyS
Ssaunt
My friend has around 50 lakhs in his bank account from undisclosable sources. He wants to disclose it in ITR but does not want to pay any tax on this amount. Where and under which section can he disclose this amount in ITR so that he can get away with it without paying any tax and without getting into any sort of hassle?
Tax will be avoided by donating and same will be deductible under section 80G.
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Padmakumar G
Flat purchased for Rs.1570000 in Pune from Builder as per per agreement dated Aug 2005 completed and possession taken in Sept 2006, sold on 10th May 2019 for Rs.7000000. What is the Capital Gain Amount and how much amount can be invested in Section 54EC Bonds ?
Hi..Need further details and it requires personal consultation. Please contact us @ karteekcacma@gmail.com
CA Naman Maloo 2 Sep 2019Your capital gain would be around 34 lakh and tax on same would be around 7.2 lakh. You can invest entire 34 lakh within 6 month and save entire tax.
For further consultation you can mail me at canamanmaloo@gmail.com
N
Nitin
I am employed with Singapore based firm in India and paid USD in my Indian saving account per month. As there is no tax deduction from Employer end, no Form -16 is generated. How can I claim exemption under section 10 for HRA, LTA etc and other tax exemption and how to submit proof for the same? Thanks
You need to check your salary slip if you are getting such break in your salary slip then only you can claim it.
If you need any assistance in filing your return you can mail me at canamanmaloo@gmail.com
As far as i understood, you must be rendering freelancing services. Are they issuing form 16A ?
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Ash
Hi I have a question regarding lease of a 10000 (8600+1400) sq yards land, development and what to expect as rent and if there are any red flags I should watch out for?
Could you please elaborate your query ?
CA Naman Maloo 12 Jun 2019You must consult a Professional personally rather than posting it here as its more of proper consultation rather than a clear query
If you need any further assistance you can mail me at canamanmaloo@gmail.com
G
Gourav
Sir i want to run quiz app to earn real money with pay u money integration.i am invidual person can i run this with my saving account .can i run it without any obstruction
Hi.. As you are starting a business, it is advisable to open a Current account instead of savings account. Current account is meant for trading activities. If you have any other doubts then please contact me @ karteekcacma@gmail.com
CA Naman Maloo 12 Jun 2019First of all you must open a current account as bank might refuse to manage so many transaction for your saving account.
Also remember you are liable to deduct TDS if amount of winning is above 10000 for a person.
If you need any assistance you can mail me at canamanmaloo@gmail.com
Sir but I am using kotak bank account. Payu money gateway accept saving account. Can I have to pay tax on saving account balance received from this
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K Nik
My father (retired from service 7 years ago) inherited sum of Rs.10 lacs from his uncle. The money was in form of FD which is now transferred to my fathers account. Will there be any tax he suppose to pay?
You could consider it as a gift and it is received from a relative. Hence same is not chargeable to tax. For any queries please contact me @ karteekcacma@gmail.com
CA Naman Maloo 11 Jun 2019Your father would have paid tax on interest earned by him?
Also since for your fathers uncle your father was not a relative he can taxed for that. We need to discuss it further.
If you need any consultation you can mail me at canamanmaloo@gmail,com
Not Taxable as received as inheritance however interest income on the above is taxable
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Vishal
I purchased a flat jointly with my wife in which my wife is co-owner as well as co-borrower.but my wife is not working and her contribution towards emi of loan is nil.the total emi of home amount of loan is being paid my me only.
Can I claim tax exemption on 100% interest amount of home loan or will it be based on property share?
In our property paper,share proportion of property is not mentioned anywhere.
You can claim 100% interest amount. For any queries, pls contact me @ karteekcacma@gmail.com
CA Naman Maloo 6 Jun 2019Technically you both should take 50% benefit of interest but since you are paying 100% interest you can claim the benefit.
If you need any further assistance you can mail me at canamanmaloo@gmail.com
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