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Reena M
I am a tax payer. Now I am taking an over draft of 20 lac from my bank . While filing my tax details next time, Do I have to disclose how I used this 20 Lac ?
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Not necessarily. In case of you have a business, the use of the overdraft will be reflected in the accounts itself. Or in the less likely case wherein you only have salary income, the use of the overdraft need not be disclosed in the income tax return.
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Alvin Lobo
Hello.
I have taken some loan from my brother who is a NRE and holding a NRE account.
I need some help in understanding
* How can I pay back my brother so that he is not taxed for the money received by me since I will be paying in INR.
* Now from what I understand I cannot pay back INR into a NRE account directly and that I can only deposit into a NRO account. Is this right ?
* is there any kind of declaration needed to be done to show this transaction is a payback and therefore should not be taxed
Really appreciate the help here
1) You can payback the amount to his NRO account in INR.
2) Yes you can deposit only to an NRO account.
3) A declaration from Chartered Accountant declaring that all taxes on the funds have been paid by your brother is required to be submitted to bank if he wants to repatriate (that is transfer to a bank account outside India), Only then the banker will permit repatriation.
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Arun Gautam
I got my company registered as A Pvt. limited in Delhi. I'm a resident of Ghaziabad so I borrowed the address from someone in Delhi who took some money and gave me documents. After filing in ROC he refused to give me Utility bill.
Now I have to open Current Account for the same.
My question is can the address be changed? If yes, so is it necessary that the new address should of Delhi? or can I use the address of my house that is in Indirapuram or noida's address?
Thanks in advance
Hi, Its not necessary to have the new address of Delhi, You can use yout Noida's address.
ArunGautam 5 Oct 2017can you get it changed? will the ROC will be still Delhi if we use Ghaziabad address? can we talk?
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Deepu Lg
E: lgdeepu007@gmail.com
Sir, my mother has brought a vacant land in Bangalore in 1995. All most 22 years land. Now we are trying to sell the land for Rs. 30,00,000/- to one of the purchaser. My mother age is approx 55 - 60 years. Please inform whether we need to pay income tax. if my mother divides the property amount to my sisters whether even we need to pay tax. tax. Also please inform how to exempt tax. We are very poor and trying to sell land for marriage of my 2 siblings. if we divide / gift the amount for them the income tax is applicable / exempted. Please inform.
Hi, It will attract Long term capital gain tax, It does not makes any differenece if you divide the property or transfer amount to family members.
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Chirag R
I am planning to start a B2C e-commerce business in India by importing mobile accessories from China. The exporter of goods, Chinese national, is also the 100% investor, i.e by providing the goods without charging for it. After sales in B2C I have to remit outwards to Chinese. Is this inventory based model of e-com allowed ? Ministry of Commerce, Press Note No 3, 2016 says NO. Kindly advise.
This is not allowed as per the FDI guidelines on ecommerce, Its allowed in marketplace model.
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