A
Aayush
I have received intimation U/S 143(1) regarding processing of my income tax returns on 09.10.2019. Subsequently, I submitted a request for pre-validation of my bank account on 22.10.2019, so that I can receive the refund. However, there has been no update on my request for the last 50 days. Due to no progress on prevalidation of account, I have not received my income tax refund yet. Due to technical reasons, a new request for prevalidation of a particular account may be submitted only after a previous request is rejected. Thus, I am not able to make a fresh request since the previous request is still pending. I have contacted my bank and the officials have responded saying that no action is pending at their end. Please tell me what recourse is available to me.
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You need to generate the REfund reissue request also
You can check status of bank pre-validation in your profile and also go ahead with placing refund re-issuance request online. For professional guidance you can reach out to me at +91 9830375894/ canavinjain1@gmail.com
CA Naman Maloo 12 Dec 2019You can ask them to again update your PAN and mobile number in system of bank.
If you need any further specific assistance feel free to contact me at canamanmaloo@gmail.com
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Yusuf
If i invested some amount in post offive monthly intrest income scheme and gain some monthly intrwst as income for 5 years and after 5 year i withdraw my se principal amount that i invested could i have to pay any tax on principal amount after 5 yeara
Hi, no tax would be applicable on the principal receipt. Further, for any professional advice, you can reach out to me at +91 9830375894/ navinjain18@gmail.com
CA Naman Maloo 12 Dec 2019No
Yusuf 12 Dec 2019Can a persion invest long term capital gain amount in post office monthly scheme to get tax relif in long term capital gain tax
CA Navin Jain 13 Dec 2019No Yusuf, that is not possible. However, there are alternatives to saving capital gains tax and the same depends on the nature of the same whether short term or long term. For professional advice, please reach out to me at +91 9830375894/ canavinjain1@gmail.com
T&C applyM
Mahesh
I had sold house No 1 in July 2018 in which i had Capital Gain/ LTCG of Rs 50 Lakh in July 2018 i purchases new house No 2 for Rs 70 Lakh and got exemption of Rs 50 Lakh tax,But now i am getting offer by some one to sell same house No 2 for Rs 95 Lakh in in September 2020,so as i have taken tax exemption earlier,so what would be my tax liabity as i am selling house No 2 so early.
Capital Gains would arise on sale of property 2. Further, the earlier exemption claimed would also be taxable. For professional advice, you can reach out to me at +91 9830375894/ navinjain18@gmail.com
CA Deepak Kumar 10 Dec 2019Capital gain arising from sale of house property is exempt in hands of individual/HUF. If such capital gain is invested in a new house acquisition or construction. However if a person sell the new house within a period of 3 year, capital gain exempted earlier will become taxable in hands of such individual.
so in your case capital gain of 50 lakhs exempted earlier will become taxable.
If the new house is sold within 3 years then while calculating its capital gain the cost shall be reduced by capital gain claimed as exempt in earlier years.
If you need any further assistance feel free to contact me at canamanmaloo@gmail.com
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Manoj Kumar Sundaram
My mother is about to buy a Residential land with the money I have been sending her over the past 3 years. She has not paid interest on the money received as it is exempted. When she sells the property, who should pay the tax on the capital gain? My mother or me at my marginal tax rate?
Yes its a gift your mother so it would be exempt.
Your mother will pay capital gain tax on same as she would be the owner of the property.
If you need any further assistance feel free to contact me at canamanmaloo@gmail.com
T
Tapati Karkar
As per my earlier question I want to know do I need to do a audit because as per my broker statement option buy turnover is 35 lacs and option sell turnover is 37 lacs my profit is 57843 and the ca showed 9 lacs turnover and he showed a profit of 57843 and my bank interest is 14000 and equity short term loss is 1670 .so I want to know if I file as per general accounting standard so do i need to audit because I have to file a revise itr return
In your earlier query you profit was different.
Audit would depend on what's your turnover as per income tax laws.
You can check you email for further assistance
Well, Tapati as per the facts told by you, there is no need of doing audit as turnover doesn't not exceed 1 cr and ITR 3 form would be used.
For further clarity, mail me at vmassociates2017@yahoo.com
