K
Kamal Kumar
Can i take a co loan on a property which is on my wife's name and can we both claim rebates under income tax.
D
Dileep Kumar Dora
I've filed ITR for the AY 2021-22, but not aware of e-verification is mandatory, recently got a mail saying higher TDS is applicable, now I e-verified but it's showing your condonation request is submitted for approval, return in invalid till approved. its a big blow for me as I was not aware of the higher TDS rule, how can I escape from higher TDS. please help.
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There is no other option other than you have to wait till the status of your IT return becomes "under processing." You cannot also file ITRU, in my opinion, because there is no additional income to be reported now.
IT return, once uploaded, has to verify within 120 days, and then only the dept takes it up For processing.
For more information, you can book my appointment at ca.pujasharma@outlook.com
S
Samir Madhukar Bachal
Sold a flat which was in the first name of Me and my father. Now purchasing new flat. Is it compulsory to add father's name to the new flat ?
My father don't have any objection.
How can I avoid it ?
No, it is not mandatory to have your father's name on the new property.
However, if you want to claim Capital gain exemption, it is better to have your father as co-owner.
M
Mondeep Duarah
1) What is Section 281 of the IT Act? Please explain in simple language.
2) I hold some share in a pvt ltd company where I work. These share will be transferred/sold to a foreign company. I company has asked me to get a certificate for a CA to certify under Section 281 of the IT Act. Is this mandatory.
3) This certificate is supposed to be issue by CA or Income Tax Dept by applying for it online?
As per Section 281 of the Income Tax Act (“Act”), in the event an assessee creates a charge or parts with the possession (by way of sale, mortgage, gift, exchange or any other mode of transfer whatsoever) of, any of his assets in favour of any other person, during the pendency of any proceeding under the Act or after the completion thereof, but before the service of notice under Rule 2 of the Second Schedule of the Act, such charge or transfer shall be void as against any claim in respect of any tax or any other sum payable by the assessee as a result of the completion of the said proceeding or otherwise. As per the explanation to the section, ‘asset’ includes shares and securities as well
further details dm 7338838605
D
Divya
I am looking to understand the tax and resident status of someone leaving for foreign employment mid-year.
If I leave in July or Aug this year will I be taxed for my income that comes in the foreign country for this year?
When should I make resident status change for tax (Pan card), is it before leaving or at the end of FY?
If you leave for employment in July or Aug 2022, you will be considered an NRI for FY 2022-23 because your stay in India will be less than 182 days.
However, you have to file your Income Tax Return for the Income accrued and received in India.
For a more detailed discussion, you can book a consultation at ca.pujasharma@outlook.com
