S
Sravan
I bought an under construction house which is still under construction . I paid 80% of the amount through home loan ,another 10% by personal funds and need to pay another 10% now in 1 month. I have 2 options on how to pay for it and need your help to identify the right one:
1) Take a gold loan and pay off the amount. Pay off the gold loan by selling another plot I have in 3 months.
2) Take a hand loan from my sister an pay back her money by selling of another plot in next 3 months
( am in 30% tax bracket)
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You can go for option 2 provided the plot was purchased 3 Years back and another advantage since you are borrowing from your sister without interest. The gold loan Interest is not allowed as expenses under income tax act.
If you require further assistance check with CA's or contact with us 7338838605/kna3350@gmail.com.
M
Mohammad
My husband had given 13 lakhs in 2011 to his sister's husband for a flat.. however, this flat was never handed over to my husband
Now, after so many years, the sister's husband wants to file income tax returns and wants my husband to sign a letter mentioning that 13 lakhs was given as a loan
Should this letter be signed by my husband?
V
Viswanath Suresh
I had sold shares and mutual funds worth 30 Lakhs 3 years back and the amount was deposited under 54F in CGAS scheme for purchasing the house as mentioned below.
>> Sale value of shares/equities: 30 Lakhs
>> Principal = 22 Lakhs
>> Capital Gain amount = 8 Lakhs
>> Amount deposited in Capital gain account t= 30 Lakhs
I am unable to use the complete amount deposited in capital deposit gain account even after 3 years.
According to me, now I need to pay tax at 10% of 8 Lakhs (Correct me, if I am wrong).
I was trying to declare the above in deemed capital gain section of ITR with entries as mentioned below
>> Section under which deduction claimed in that year = 54F
>> Amount utilised out of Capital Gains account = 0
>> Amount not used for new asset or remained unutilized in Capital gains account = 30 Lakhs
For above entries 20% of 30 Lakhs is considered as tax.
What is the correct way to declare the above in ITR so that the tax is 10% of 8 Lakhs.
For professional help regarding capital gain taxation , reach to us @ www.tarungauptaca.com.
CA K Narasimha Prakash 7 Nov 2023Since you have not utilized the amount for construction you can pay tax and get letter from your Assessing officer you have paid the tax then bank will allow you to withdraw the amount from GCTS.
If you require further clarification check with your CA or call to us 7338838605 or kna3350@gmail.com
G
Gaurav Gupta
Can my father sell a land and buy flat in co-ownership with me to avoid LTCG or he has to be sole owner of flat.
For professional help regarding capital gain taxation , reach to us @ www.tarungauptaca.com.
T&C applyS
Swapnil Dayanand Kini
I had filled 115 BAC for new regime by mistake,
Now I have to opted out from new regime becoze i have clime previous year losses and depreciation.
Now give suggestion for old regime
You can file revised return if assessment is not completed.
If you have any clarification check with your CA or call to us 7338838605/ kna3350@gmail.com for further assistance.
