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Goutham
I'm a seller on Amazon and also run an offline business with my brother which is in the name of my brother I.e my brother is the owner. My Amazon.in account is on my name and the business amount is credited into my savings account after which I transfer the amount to my brother's current account. Is the amount credit into my savings account which is entirely associated with the business taxable?
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Yes Gouthamji. The amount received from Amazon into your account is taxable
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Bhanu
Help me to find out to calculate long term capital gain tax. Purchased land in 1984 for 12500 want to sell in 2018, present selling price is 1.2 crore. We have invested money in building the house of built up area 3000sq. During 2001 FMV price is 50lakhs
you will have a capital gain loss of Rs. 20 lakh.
For more details or any other consultation you can contact me on canamanmaloo@gmail.com
V
Victor Mukherjee
I am a salaried individual with salary income 6.8 laks, short term capital gain turnover 35laks, short term capital gain profit 39k. Since my profit is less than 8% of the turnover, do I need an audit under 44AB, or, can I continue filing the ITR myself?
Dear Victor,
I understand from your question that you do not have any business income. You have Capital Gains. Hence, audit is not required. Showing 8%/6% profit is for specified business incomes and not for capital gains
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Rishab Ahuja
I am Salaried Individual with salary 10 L / year.
Did trading this FY for first time in Equity segment, F&O and short term stock sell delivery based :
Intraday Equity and F&O both.
Have NET LOSSES in trading
I need to know if I can file ITR-2 or itr-3.
If I need to file ITR-3 do I need to have tax audit by CA and need to maintain and submit balance sheet / books and furnish same as my turnover is more than 2 crores
: To avoid Tax audit and maintenance of books can i file ITR-2 as investment and claim all losses in capital gains to carry forward for 8 years ahead i/o filing it as business income in ITR-3
Dear Rishab,
You need to file ITR 2. ITR 3 is for individual having business income. Further, audit is only needed when an individual shows profit below specified % or when turnover exceeds the specified limit as per the act.
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Gauav
Bought an Agriculture plot 6 years back. This Month, I am selling it with profit of 6 Lakh (after indexation), but the status of is REsidential now.
Now I Had booked a FLAT in year 2014 but will take Possession after selling the plot.
1. Will the income tax laws treat it as Income on Agriculture land or Residential plot ?
2. Can I use the profit money of 6 Lakh to pay Outstanding to Builder, Registry and Advance Maintenance for the flat , to avoid paying LTCG tax ?
1) Income from sale of residential plot
2) Yes, You can use the whole/partial amount arising out of sale of residential plot
Ref to # 2, Can I use money for payment & registry of the flat booked in 2014; I will take posession next month.
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