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Prakash
I am trying to download COmpany incorporation certificate and the system keeps shows error in MCA portal.
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My mother sold a house for 50 Lacs. She has filed tax on the capital gain. I am an NRI and living in Australia. Now she wants to transfer the money to my Australian bank account through net banking. Is there any document/gift deed required for her to prepare? Or will she get any query from the income tax dept/Fema for the same?
Hello SIr. As per the Income tax act, gift received from relative (In this case your mother) is fully exempt from tax. It is advised to draft a gift deed and make the online transfer to the NRO account with your bank. If you have any more queries, please reach out to ca.aishwariya@outlook.com
CA Aishwariya Rajagopal 7 Jun 2023FEMA does not apply if it is a non-business transaction
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Siddharth
Hello Sir/Mam,
I actually want to buy a laptop for my firm which is registered with govt. let's say that laptop costs me 2 lakh so after calculating depreciation @40% what will be the actual cost after 3 years
How to I save? Like will I deduct the depreciation amount from my entire tax or what will I do?
Hello sir. If your laptop is being used for the purpose of your business, the depreciation for the year can be deducted as business expense.
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Vinod Kumar
I have received a 143(2) notification on 02-06-2023 for the assessment year of 2022-2023. How to respond?
Hi, we deal in income tax litigation. We can connect.
camehulagg@gmail.com or +91-9811896771
Hi. Please send the notice to ca.aishwariya@outlook.com We need to first figure out why the notice has come.
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Devesh Kumar
I am a coaching institute, if I purchased video lectures for 3 years to sell them then, these lectures are asset or expenditure to the compony?
Hi it would be considered a current asset in your case. But if the amount is not material say, if the amount is less than 5000, please feel free to write it off as an expense
CA Vanshika Bhardwaj 9 Jun 2023Since you are running a coaching institute, these video lectures shall be treated as stock-in-trade viz. current assets and will be recorded in the company's balance sheet. After three years, post sale of these videos, you can recognise profit/loss in the company's income and expenditure account accordingly.
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