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Question & Answer


S

Sudharshan R

25 Sep 2020

I work in software industry and I had made Fixed Deposits for 20 Lakhs in my Grand Mothers name from my salary which I have earned over 4-5 years for which taxes were deducted from my salary(TDS). I made these multiple deposits in few lakhs for around 20 Lakhs over a period of time thinking I will get higher rate of interest as she is Senior Citizen and I have never filed any ITR returns for my Grand Mother till now. During, 2018-2019 most of the FD's got matured from one bank and I withdrew the amount in cash and made new deposits for the entire amount of 20 Lakh again in a new bank which gave a better rate of interest for FD. Now, I got a text messages on my Grandmothers mobile number that her PAN is flagged for not filing Income Tax Return for 2018-2019 and the Income Tax Department has received information about Cash Deposits of 20 Lakhs. I need to file the Income Tax Return for 2018-2019 for my Grand Mother and should I declare this amount of Rs.20 Lakh along with the few lakhs transferred to her account during 2018-2019 as a Gift received from grand child(myself) or just file the ITR returns for FY 2018-2019 with zero income?

Replies (2)                          

CA Navin Jain       25 Sep 2020

Kindly call for profession advice at +91 9830375894 or write to us canavinjain1@gmail.com. You can also visit us at www.globaltaxation.in

CA Jaya Agarwal       25 Sep 2020

Dear Sir,
Firstly, gift need not be taxed in hands of your grandmother. So, she not need to declare taxable income but need to show under gift in ITR. Moreover, Interest on FD will be taxed in hands of your grandmother's ITR.
For clarification call on 7667559772, ca.jkagarwal2011@gmail.com

T&C apply


V

Vandu

24 Sep 2020

I won 1200$ approximately 75,000-80, 000 in a Twitter giveaway

So I invested 30k INR on klv token means crypto) And. Got profit of 2 lakhs.. 2 Lakhs is very less.. So we not needed to pay tax.
And again I reinvested my profit on some other coin.

But what if I get more profit in lakhs.. Should I pay tax

And how to pay tax and how much % will be there

And I am unemployed.. How to show proof that I invested 30 000 and earn profit.. If I am unemployed and earning money.. Is there will be any problem
And what proofs needed

And should I we pay tax everytime we get profit or for 1 year 3 years like that

Can we get rid of capital gains profit (crypto ) by reinvesting on a flat or apartment

2. Is it fine to withdraw up to 50 lakhs in one savings account??

Replies (4)                          

CA Jaya Agarwal       25 Sep 2020

Dear Sir,
Since your income is below exemption limit, you need not to pay tax. Unemployment is nothing to do with income from investment you have made. Moreover, you need not to worry if you withdraw upto 50lacs made, but reporting of that will be made in ITR and if you have no other income how your account have credit balance that much??
For clarification call on 7667559772, ca.jkagarwal2011@gmail.com

Vandu    25 Sep 2020

My account doesn't have that much but I am asking as a doubt if I withdraw upto 50 lacs, how to show proof , it's all happened in crypto so

CA Jaya Agarwal       25 Sep 2020

Pls call to discuss

CA Jaya Agarwal       25 Sep 2020

You should have proof of that withdrawal income, as IT Department can ask you anytime from where the amount come.

T&C apply


V

Vandu

24 Sep 2020

I won 1200$ approximately 75,000-80, 000 in a Twitter giveaway

So I invested 30k INR on klv token means crypto) And. Got profit of 2 lakhs.. 2 Lakhs is very less.. So we not needed to pay tax.
And again I reinvested my profit on some other coin.

But what if I get more profit in lakhs.. Should I pay tax

And how to pay tax and how much % will be there

And I am unemployed.. How to show proof that I invested 30 000 and earn profit.. If I am unemployed and earning money.. Is there will be any problem
And what proofs needed

And should I we pay tax everytime we get profit or for 1 year 3 years like that

Can we get rid of capital gains profit (crypto ) by reinvesting on a flat or apartment

2. Is it fine to withdraw up to 50 lakhs in one savings account??

Replies (1)                          

CA Navin Jain       25 Sep 2020

Kindly call for profession advice at +91 9830375894 or write to us canavinjain1@gmail.com. You can also visit us at www.globaltaxation.in

T&C apply


T

Tthts

23 Sep 2020

Save tax on income more than 1.5lac per month

Replies (3)                          

CA Vikram Kumar       23 Sep 2020

You can look at other options like 80D (health insurance premium, upto 75000) and NPS (upto 50000). With these, you can claim almost INR 2.75 lakhs in tax benefits.

CA Vikram Kumar
9905828960
vikram@finvalence.com

CA Jaya Agarwal       23 Sep 2020

Various ways to save tax....80D, 80DDB, 80C, 80CCD, 80G, 80E, 80GG, Section 10 (If salaried)
For more details call at 7667559772

CA Navin Jain       25 Sep 2020

Kindly call for profession advice at +91 9830375894 or write to us canavinjain1@gmail.com. You can also visit us at www.globaltaxation.in

T&C apply


A

Abhishek

22 Sep 2020

Kindly answer my question
I invested 2 lakh rupees in stock market and made the transaction of 1 corer in it and bear the Loss of 50 thousand in it .
My accountant is suggesting me ither to declare 8 % profit of one corer transcation
Or
To do audit kindly suggest me what to do in it
How to show in ITR

Replies (5)                          

CA Yash Shah       22 Sep 2020

Hi Abhishek, better to get audit done rather than declaring 8 Lakh profit when you have incurred a loss. You can connect on 7045760379

CA Vikram Kumar       23 Sep 2020

Hi Abhishek. This is a common query from many traders and investors. However, I will need further information on what you mean by 'made the transaction of 1 crore'. Because the law is very specific in this regard. Feel free to contact me at the below coordinates so we can discuss this in detail.

CA Vikram Kumar
9905828960
vikram@finvalence.com

CA Stuti Shah       23 Sep 2020

Hey Abhishek,

Audit is better option but we also need to look to your other income and investment. Would be happy to help on same. Contact us at castutishah@gmail.com

CA Jaya Agarwal       23 Sep 2020

Dear Sir,
You should go to actual position, it means if you have losses, then why you go to profit and pay tax. Instead, audit your accounts since profit is below 8%
For more details call at 7667559772

CA Navin Jain       25 Sep 2020

Kindly call for profession advice at +91 9830375894 or write to us canavinjain1@gmail.com. You can also visit us at www.globaltaxation.in

T&C apply