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Praneb Prabhakaran
I'm doing business in Senegal...I would like to Import wood(Timber) from Ghana to Kerala..as my company registration in India is still under process I would like to know what all will be the taxes levied on the arrival at the port if it is coming in my clients name directly also my company (assuming my company registration is complete by then)
I would also like to know if GST is attracted in both senarios
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Are you registering a company in India?
Any which ways in both the scenarios as the goods are getting imported in India Basic custom duty as well as GST both will be levied in India.
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Sudhir
I have purchased a plot in feb 2017...construction started the completion was filed in april 2018 and completion received in feb 2019...if i sell this house now in june 2019 whether it will be LTCG or STCG and why
Dear Sudhir,
As per IT act, Long term capital gain(LTCG) will be considered if you hold your property for more than 24 months. And as per the facts provided by you, Land has been purchased on Feb,2017 and will be sell in the month of June,2019. So it will be LTCG.
For further discussion you can drop your query on cashashank2106@gmail.com
Since you are selling the house and house was completed in April 2018 there it would be short term capital gain as its been 15 months of such construction and to qualify as a long term capital asset you need to hold the asset for 24 months.
If you need any further help you can mail me at canamanmaloo@gmail.com
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Neeraj Goyal
My father's income is below 5 lac should I file ITR.
What is the age of your father?
You can contact me personally if you need any consultation at canamanmaloo@gmail.com
Hello Neeraj
As your father income is above Rs 2.5 lakhs so you need to file the itr of your father
Mr Neeraj, if your Father's age is less than 80 years, but more than 60 years and earns more than 3 lakhs, then he is required to file ITR.
Further, there are few facts which you need to provide with your query.
Mail id 9877542172
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Naman
Can I share equity with my friend?
Naman ji, you can't share equity with your friends. You can either gift or sell your shares to your friends.
Further, the facts provided by you looks incomplete.
Contact 9877542172
Vmassociates2017@yahoo.com
please frame your question properly.
T&C applyA
Arvind Bartaria
My income is in US dollars and my wife is not working. In the year 2016 I decided to take up higher studies abroad for 14 months and to finance it I sold an apartment (in my name and wife) for 40 lakhs (which I bought four years back) at gains of 13 lakhs (the difference between the cost and selling price of the apartment). To be on the safe side I also took an education loan of 10 lakhs from public bank. The money received from selling flat was invested in fixed deposit in my wife's name. The total cost of education with all other expenses comes to 35 lakhs which is mentioned in the university booklet.
Since she is a housewife I did not file any returns but received a SMS from IT department to explain the investment(code NIN03) of fixed deposit of 12 lakhs and explain other source of income (NOS01). I would like to know the amount of tax I will have to pay.
On sale of Flat you need to pay Capital Gain and you claim Exemption by making investment.
for suggestion regarding to tax i need more details.
to contact me on Jhaakandco@gmail.com or 9708549709
Well, Mr Arvind the facts provided by you looks incomplete.
But, taking into account the information, your wife is earning interest on FD. As well as, she has also earned a capital gains on the property sold.
For further clarifications, contact 9877542172, vmassociates2017@yahoo.com
You have not paid tax on sale of flat no tax on interest income your wife would have earned also this income would be clubbed in you as you have gifted the amount to your wife.
I don't think you have properly calculated the amount of tax.
You should have consulted the CA earlier.
However now if you need any consultation you can mail me at canamanmaloo@gmail.com
