J
Jaison
The sole proprietor of a business died in July 2020. His son wants to take over the assets and liabilities of the business and to continue the business. So he started a new business and registered under GST showing the reason as ‘the death of sole proprietor’. With the consent of heirs he applied before the GST authorities to act as the authorised signatory of his deceased father. He was appointed as the Authorised Signatory by the GST authorities. All the pending returns were filed by the authorised signatory. No Input Tax is balance to reverse to government. There are some Stock-in-hand. He is planning to transfer the Stock, Capital goods, and all the other assets and liabilities to his new business. My question is that whether he is liable to reverse the Input Tax of the Stock and Capital goods to government ? Can he transfer the Stock and Capital goods without paying the Tax ?
Facebook
Twitter
Linkedin
Hi Jaison, Son would be inheriting it and hence there is no tax on it, further he would have to file ITC-02 stating transfer of credit from Father GSTIN to Son GSTIN, and hence it would be as similar as continuing the old business.
In case of inheritance there is no tax.
B
Bhuvnesh Sharma
I have sold my plot in 25 lakh. In that amount I got 17 lakh cash.
I want to ask what is the limit for cash deposit in post office.
And how can I deposit this in post office without tax.
269ST of income tax states that for single nature of transaction (In your case sale of plot) No person shall receive more than 2 lakh rupees by any mode other than A/c Payee cheque or A/c DD or Online transfer.
271DA states that penalty would be equal to sum received (in your case it is 17 lakhs)
Hence do note the above and proceed
N
Nik
Hi Team,
I and my Father are transferees(coapplicants in loan as well) and both are contributing funds in certain ratio. There is one seller. Property worth >50L. Following are my queries-
1. Do I need to file two Form 26qb with TDS proportional to our funds?
2. Current TDS value is .75%. please confirm.
3. I have paid 1/6th amount till. Can I pay the TDS for the entire property cost now?
4. Also suggest things I should be careful about while filling form 26qb.
Could please help me to resolve the above queries. Thanks.
Hi Nik
1.TDS is required to be deducted if one payer is paying more than 50 lakh (To avoid any problem, practically it is done even if total value goes above 50 lakh irrespective of one share)
2.Yes
3.Yes
4.Form 26QB you need to be sure on Value,PAN,Date of agreement,Co-applicant details
R
Riya Bhasin
Can we provide seminar speaker service under 44AD in come tax?
Hi Riya,
Yes, It can be done unless seminar is with regards to Institutes where speaker can only be such person who is qualified and covered under 44ADA category.
P
Pooja Shaha
I am looking to take 2 crore loan what salary package do i need to show to the bank and i have existing personal loan going on of 70 lakhs
While opting for loan purpose, Its not only about your salary package but it has many other criterias too. Like your return, property you own, credibility etc etc
Kindly contact us at castutishah@gmail.com or 9825330911 for any professional advise
