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Question & Answer


S

Sravan

6 Nov 2023

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)

Replies (1)                          

CA K Narasimha Prakash       7 Nov 2023

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.

T&C apply


M

Mohammad

1 Nov 2023

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?

No Reply  


V

Viswanath Suresh

28 Oct 2023

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.

Replies (2)                          

CA Roomi Gupta       28 Oct 2023

For professional help regarding capital gain taxation , reach to us @ www.tarungauptaca.com.

CA K Narasimha Prakash       7 Nov 2023

Since 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

T&C apply


G

Gaurav Gupta

27 Oct 2023

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.

Replies (1)                          

CA Roomi Gupta       28 Oct 2023

For professional help regarding capital gain taxation , reach to us @ www.tarungauptaca.com.

T&C apply


S

Swapnil Dayanand Kini

26 Oct 2023

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

Replies (1)                          

CA K Narasimha Prakash       7 Nov 2023

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.

T&C apply