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Dinesh Kumar C
Hi, I and my friend are performing trading in our two separate personal accounts. We would both like to share the profits equally among each other, by forming a partnership. Can we do so by reporting the net profit generated in both personal accounts as the income for the partnership and then pay taxes for the same and then split the profit among ourselves.
Also, we do not want to use the business account of the partnership for connecting with the trading app, we want to continue to use our personal bank accounts for the same, and would like to transfer all the profits generated to this business account at the end of the tenure for taxation purposes.
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That won't work like that as you won't be able to show that income you earned in individual capacity as profit of firm and pay tax.
T&C applyM
Meera Agrawal
My annual salary is Rs. 275000 whether I am required to fill ITR ?
No if that's the salary you have received but it's always advisable to file income tax return.
https://www.taxontips.com/who-needs-to-file-income-tax-return-or-who-should-file-income-tax-return/
You should file ITR as your income exceeds basic exemption limit i.e. 2.50L , however in your case there will be not Tax Liability.
For further discussion or assistance you can reach me on ca.rahuldwivedi@gmail.com or 9004485377
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Ketan
I am Student and I invest in Stocks Through Groww app , I Have Capital Gain of around Rs450( I trade in small amounts) it's Short term capital gain, I want to ask is what is my Short term capital gain tax and is it already paid or do I need to pay it, file ITR or something like that?( My income is 0 , I get my money from Dad as Pocket money)
You don't have to pay any tax if that's the only gain
CA Rahul Dwivedi 9 Jun 2021not required
T&C applyT
Trisha
Hi i work in a prop firm as trader in Europe and i live in India or a resident of India. i want to know how will i be taxed on my income coming from foreign country also how can i legally avoid tax on my income ? how will i be asked to fill my tax filings, yearly, monthly etc ?
As you are resident of India (RoR) your global income will be taxable. Income tax filing depends on your turnover , whether audit case or not etc.
Tax can be planned within the applicable tax laws. Please get in touch with us for detailed discussion at ca.rahuldwivedi@gmail.com or 9004485377
We need to have a look at various laws for this like FEMA, income tax etc and a detailed consultation needs to be done.
You can have a consultation for same by mailing at canamanmaloo@gmail.com
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Vipul Mangla
Hi, I wanted to understand the capital gain tax treatment for the gain on property sale. My mother has sold a property and earned certain capital gain on it. Now, if she uses that amount in partnership with her daughter, son-in-law to buy another property, will that be eligible for capital gain exemption?
For a detailed resolution of your capital gain query, it would be advisable to contact us directly at badlaniassociates at gmail.
CA Rahul Dwivedi 2 Jun 2021Yes She can
The capital gain tax can be saved with proper planning & investment in joint name.
For detailed discussion please contact us at ca.rahuldwivedi@gmail.com or 9004485377
We need more details on same.
Till then you can read: https://www.taxontips.com/are-your-personal-assets-liable-for-capital-gain-what-is-capital-asset-and-capital-gain-income/
And then book consultation on https://www.taxontips.com/tax-notice-personal-consultation/ if you feel to discuss the same with experts
