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Naveen Kumar
I buy flight ticket for business activity from paytm and pay to paytm from my business account
paytm give me gst invoice but airline also give me gst invoice so which invoice i add in my books
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Dear Naveen,
Just check the PAYTM Invoice as they must have charged GST only on their portion of Commission and Airlines on the Ticket Value. You need to add accordingly both invoices in your books of accounts
F
Faisal
I recently sold a property (residential land in municipal limits), which I bought in 1998and I am planning to invest the total amount (including the capital gain) in another residential land property. Now my question is whether I can avail an exemption from capital gains tax (using section 54 of IT Act) when I already own another residential house property and some other small lands.
Basically, can i avail capital gains tax exemption when I already own number of different properties
If it is just land you cannot claim benefit of section 54 and you cannot get benefit by investing just in land.
You can read more at: https://www.taxontips.com/what-is-difference-between-exemption-u-s-54-and-54f/
For more details you can either book consultation on: https://www.taxontips.com/tax-notice-personal-consultation/ or email at: canamanmaloo@gmail.com
S
Sanchay
My father gifted me shares which he I herited. After holding it for 2 years now I have sold them. My father doesn't know the cost of aquisition of such shares. How shall I calculte my ltcg?
When was it purchased by your father?
If it was before 01.02.2018 you can take value on that date as cost and make LTCG calculation if they are listed shares.
For more book phone consultation at: https://www.taxontips.com/tax-notice-personal-consultation/
S
Shamanth Chandra
I have a query. I waw filing ITR for the year 2020-2021. I work as a coding teacher in online at Whitehat Jr. It is not permanent and its kind of contract/freelancer where we take classes. Can we avail 44ADA while returning. They have issued Form 16A for the TDS deducted by them under section 194JB.
Do you fall under 44ADA? Have you checked it?
I think you should check whether you would be considered as professional for 44ADA or not, for that more information and discussion is required as normally teaching service is not covered under 44ADA
You can book consultation at: https://www.taxontips.com/tax-notice-personal-consultation/
H
Hari Kumar Thangudu
I am selling my flat in next month that I have purchased in 2014. I bought it at 50L + ~4 Lakhs registration fee. . Now I am selling it at 63.5 Lakhs. After home loan clearance, I would be receiving 35 Lakhs. Few doubts I have are as listed below:
1. Do I need to pay capital gain tax. After considering Indexation, amount that i am receiving is less than what I have invested.
2. Do I need to invest again in plot/house to get benefit of tax exemption.
Hello,
AS per the details provided there would be Long Term Capital Loss and therefore, no tax would be liable on sale of such flat.
I hope that this answer satisfies your requirements. For any query or if you want to get exact capital gain calculation, please feel free to contact us at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
