D
Debashish
Hi
I have accumulated money I got from selling land in my capital account, I know if I invest the same into properties I won't have any tax liabilities, since the market is down I am hesitant to invest it in properties now and instead put it in gold, please advice if I should go ahead and if yes what will be the tax implications? Thankyou
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Following are some different option I can suggest you.
1.You Can invest amount in Capital Gain Account
You are allowed to deposit your gains in a PSU bank or other banks as per the Capital Gains Account Scheme, 1988. And in your return claim this as an exemption from your capital gains, you don’t have to pay tax on it. However, you must invest this money you have deposited within the period . If you fail to do so, your deposit shall be treated as capital gains.
2.To purchase Bond
What happens if you do not intend to purchase another property, there is no use of investing the amount in a Capital Gains Account Scheme. In such a case, you can still save the tax on your capital gains, by investing them in certain bonds. Bonds issued by the National Highway Authority of India (NHAI) or Rural Electrification Corporation (REC) have been specified for this purpose. These are redeemable after 5 years and must not be sold before the lapse of 5 years from the date of sale of the house property. You are allowed a period of 6 months to invest in these bonds – though to be able to claim this exemption, you will have to invest before the return filing date
3.If You are not investing in Bonds or In Capital Account then Following is your tax implication
"Gain on Long Term Capital Assets – From the total Sale Price of the asset deduct Indexed cost of acquisition, expenses directly to sale, cost of improvements.
Indexation is done by applying CII (cost inflation index). This increases your cost base (and lowers your gains) since the purchase price is adjusted for the impact of inflation."
Feel Free to contact me if you have any query. My Email ID is caartiajain@gmail.com
You capital account means account opened under capital gain account scheme?
When did you sale the land?
By investing in gold wont help save taxes that's for sure but for what period do you wish to invest in gold?
If you need professional assistance feel free to contact me at canamanmaloo@gmail.com
P
Puneet Jain
A New NON AUDIT FIRM HAS been opened recently in the previous F.Y. Its First year of the firm and is to file ITR as per 44AD.
and additionally,Whether he can take loan in cash from a person?If yes,How much is the maximum amount in the absence of PAN CARD?
Cash sales & Cash Purchases are allowed upto a daily limit of which amount In case of 44AD. NON AUDIT FIRM.
20000 limit for loan in cash and 200000 limit for cash sale and no limit for cash purchase under 44AD.
If you need professional assistance feel free to contact me at canamanmaloo@gmail.com
1.Amount of loan can accept in cash upto Rs 20000/-
2. Limit of Cash sales is two lakh rupees from
(a) in aggregate from a person in a day; or
(b) in respect of a single transaction.
3.There is no limit for cash purchase.
Feel Free to contact me if you have any query. My Email ID is caartiajain@gmail.com
P
Puneet Jain
A New NON AUDIT FIRM HAS TURNOVER OF 35lakh in F.Y. 2019-2020.Firm registered & establised in September only. Its First year of the firm and is to file ITR as per 44AD.
He paid commission of Rs.5Lakh during the year.
Whether he is liable to deduct the TDS on commission or not?
If yes,What was the last date of March'2020 to deposit TDS?
Then he has to file TDS return also or not?
Please tell the full detail.
and additionally,Whether he can take loan in cash from a person?If yes,How much is the maximum amount in the absence of PAN CARD?
Yes if the amount paid to one person as commission exceed Rs. 15000 TDS needs to be deducted.
It was 30.04.2020 after that pay 0.75% interest per month from march 2020.
Obviously TDS return needs to be filed.
If you need full details its better if you hire a professional chartered accountant.
If you need professional assistance feel free to contact me at canamanmaloo@gmail.com
1.You are require to deduct the TDS on commission
2.When To payment The Tax Deducted To The Government?
For March month TDS shall be deposited on or before 30″ April 2020 with interest 0.75% per month.
3.TDS Due Date of QTR-4 (ie Jan 2020- March 2020) for Return Filling is 31st May 2020
4.Amount of loan can accept in cash upto Rs 20000/-
Feel Free to contact me if you have any query. My Email ID is caartiajain@gmail.com
M
Mj
Hi, is there a legal way to save GST on apartment maintenance in Bengaluru? Can the cost split be done to keep the maintenance below GST cap limit of Rs.7500/month? Do water bill or electricity etc. utilities come under GST? Some CA say it is illegal. Any suggestion to keep the cost down would be appreciated.
R
Ramansh Bhardwaj
Hi sir, I am student and have bought $5 fractional stock in US stock exchange through broker and don't have much knowledge about tax. I want to know that as don't file tax because I am unemployed but now I have $5 stock so how I have to file tax if I sell it? And If I don't sell it then does I need to disclose it? Please help me sir, I really need your help 🙏. Hope you will definitely help me. Thankyou.
It's just $5 you don't have to file any tax even if you sell it you might earn 400-500? No need to file any return of show it anywhere.
The minimum income to file return is 2.5 lakh.
If you need any assistance feel free to contact me at canamanmaloo@gmail.com
As per my opinion you are required to file income tax return.As per Income tax Return if A person who at any time during the previous year holds, as a beneficial owner or any asset located outside India
Then he requires to file income tax return
If You have any further queries then You can contact me on Email caartiajain@gmail.com
