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Nithin Aadithya
I am a professional and filling tax under professional charges head. I bought an apartment in 2014 at 65 lakhs and I am paying EMI for the same as on date. Nearly 40 lakhs principal outstanding is there in bank. My mother expired nearly 13 years back and she had a self earned property at native for which me and my father are legal heirs. This property is worth 68 lakhs now and we are planning to sell it. Me and my father will be getting 34 lakhs each subject to longterm capital gain taxation. In the meantime, I am planning to buy a villa worth 1.75 crores inclusive of registration for which 1.32 loan sanction is ready. The issue I want to know is, the sale of inherited property may get over either before or mostly after villa buying. If i can sell the native property before to avoid CGT, I am planning to invest my share of 34 lakhs in villa in my name along with 132 bank loan and rest from personal funds. My dad will be left with 34 lakhs with him and as an measure to reduce my EMI, I am planning to ask my dad to close my outstanding 39 to 40 lakh principal loan amount of previous apartment and register that apartment in his name so i close my loan and stop further EMI and he also invest in another property to avoid capital gain tax. By doing this, it seems like i am selling my 70 lakh worth apartment at 40 lakhs to my dad which later on I may inherit being a single child. But still i want to enquire are there any other ways to do it. In scenario two, if the native property sale happens after buying this villa, I am planning to get a loan of 40 from dad and meet out villa expenses which i will repay him after native sale share come to me. If by doing so, will i get capital gain tax exemption. in such a scenario, if dad is ready to pay 40 lakhs and close my home loan in addition, can I transfer apartment to his name or is there any other way to reduce registration tax like combined holding.
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Your query is very layered and need more discussion I would suggest to book consultation with an expert to discuss same over call at: https://www.taxontips.com/tax-notice-personal-consultation/
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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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Ashutosh Sharma
I earn 55k per month, pls suggest how can I save income tax
Need to provide more detail about income for Tax calculation . For tax planning & investment portfolio management, contact us at ca.roomi12@gmail.com or 9216216819
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Saurabh
Background:
I am currently in Australia and getting my salary in AUD. I am not an Australian PR or a citizen. I had transferred some of my income from my Australian bank account to my Indian savings bank account online for the purpose of repaying the principal home loan.
Query:
I had transferred approximately 13Lakhs from Australia to India and has paid approximately 17Lakhs towards my home loan account. How do I declare this in the Indian Tax Returns? Will I be taxed? My Australian salary is already taxed. I know there is a DTAA treaty between Australia and India. Would that prevent from double taxation?
There won't be any tax on such transfer.
If you don't have any income in India why would you file income tax return.
Why are you still holding saving account in India when you are salaried in Australia.
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Prabhu Ebenezer
We are planning to start bus tourism comapny, i need few clarification on registring the company as private limited company. To begin with, is it fine to choose online legal service for registrating the company. What is the differnce between traditional Registration and oline legal services?
