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V
Venkatashiva Avula
I know LTCG tax for a financial year is 10% on returns more than 1lakh. Here my doubt is if I invested 10,000 for 20 years then if the current value is 10,00,000 if I sold those at this value do I need to pay 10% tax for 8,90,000?
Or need to pay tax only if difference between previous year portfolio and current year portfolio value(means one financial year returns) is more than 1kakhs.
No...not at all. capital gains are arrived after indexing the purchase price of the investment.Rs. 10000 will be indexed @ 100(for 20 yrs before) and after indexation its indexed cost will be 10000x100= 1000000 i.e.10lacs. Now selling price is Rs.10 lacs. hence no LTCG arises. For any further consultation call at 7667559772
CA Rakshit Jain 8 Sep 2020call on 9587334442 to discuss your issue.
CA Loveseema Sharma 9 Sep 2020there is a proper procedure to calculate LTCG which only an expert can do. we need more details to calculate proper tax.
CA Naman Maloo 13 Sep 2020Its a complex calculation.
If you need professional assistance feel free to contact me at canamanmaloo@gmail.com
N
Neha Dubey
If the Annual pay is in the top tier (above INR 15,00,000), should the person be considered an employee or a consultant? What will be the tax slab difference between an employee and a consultant?
No, If salary goes above 15 lacs, it does not mean that you are a consultant. you can continue with salary income. No difference in tax slab for employee and consultant but method of calculating taxable income will be different. For any further consultation call at 7667559772
CA Rakshit Jain 8 Sep 2020call on 9587334442 to discuss your issue.
CA Loveseema Sharma 9 Sep 2020Mam,
First of all, every employee cannot be treated as a consultant. A person who is providing some kind of professional service can be treated as a consultant.
M
Mohit Singh
I used to send remittance out of india each month about 35k rupees to my friend for support..using online site .. is there any issue regarding income tax department or fera?
Income tax does not have any issue subject to in case if payment is related to business,however ensure that your remittance is covered under "LRS".
CA Loveseema Sharma 3 Jan 2020No issue from Income tax department. Regarding Fera, please check the following link. https://m.rbi.org.in/Scripts/FAQView.aspx?Id=115#Q1
please read it in detail and check that you are not covered in the prohibited items.
S
Shubham Mukherjee
I have missed some sale invoice of 2017 during filing return so can i file return of this invoice in current month.. Please help me out... I asked my CA she said their is no revise option we cannot submit 2017 invoice in current month.. Is their any other option so i can file return for 2017 invoice.
Thanking you,
Shubham Mukherjee
In case a sale invoice has been missed out in GST, would better advise to disclose it in GSTR-9 pay tax via DRC-03 and close.
CA Richa Agarwal 2 Jan 2020Only in annual return for the period
CA Loveseema Sharma 3 Jan 2020You can include it in the annual return to be filed for year 2017. If already filed, then i think nothing can be done.
CA Abhinandan Jain 31 May 20201. If you missed the invoice for 2017, I would suggest you make the payment to govt by filing DRC 03.
2. If this sales was made to b2b customer then he will not get credit of this even after you making a payment because you have filed your returns for 2017-18.
M
Manish
In joint holding of equity shares where both holders are non working who has to pay the LTCG? Can these gains be offset against any exemptions?
Both holders have to laible to pay LTCG proportionate to their holding percentage.
Manish 3 Jan 2020If I understand correctly it will be 50% for each from the total LTCG. Which can be again offset against 2.5 Lakh tax free income?
CA Loveseema Sharma 3 Jan 2020yes, if you are 50% holders and you can claim basic exemption of 2.5 lakh.
CA Rakshit Jain 8 Jan 2020LTCG liablity will be proportinate to the percentage of holding of such share. Suppose you hold 50 percent shares of the total, then LTCG on you will be 50 percent.
T&C applyM
Maaz Ahmed
Hi
I am undertaking a construction project.
What are the benefits if I take this as a company rather than an individual.
Especially in terms of tax credits.
I am a salaried employee.
Call me at 8906860881
CA Loveseema Sharma 3 Jan 2020A lot more information is needed to decide your query. for example, the amount involved, what kind of construction project it is, etc.
CA Rakshit Jain 8 Jan 2020Corporate tax rate is low as compared to the highest tax slab rate for individuals. There are other benefits also but that may differ from case to case.
T&C applyS
Sahil
Hi , please help me. I live in a flat shared by 3 tenants including me . The annual share of my rent exceeds Rs 100000 , so the landlord gave me PAN number and PAN copy . But the rent of every month is transferred to the son of Landlord. Is there any problem in claiming HRA in this situation. If there is any problem , then please suggest me solution .
You need to assure that you have
1) The Pan Number and copy of PAN of the person to whom you are paying rent (i.e. son's PAN) .
2) Rent Receipt issued and signed by his son .
If you have both things and your bank statement as proof of payment from your account.
There won't be any trouble at your end.
I think there is no problem if the rent is transfered to the son of landlord. The necessary thing is you have PAN, rent agreement and rent receipt with you from the landlord (signed and attested)
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