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Question & Answer


H

Harsh

20 Sep 2019

I

Replies (1)                          

CA Naman Maloo       20 Sep 2019

Dont post such question on public forum.

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K

Kapil

19 Sep 2019

Short term capital gain from share market par kitna % income tax aur surcharge lagta hai ?

Replies (2)                          

CA Vaibhav Mago       19 Sep 2019

15%
Surcharge will depend on your income

CA Naman Maloo       20 Sep 2019

15% tax plus 4% cess.

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K

Kapil

19 Sep 2019

Ek atta chakki jo dusro ke gehu,chana ki pisai karta hai. Us chakki ki services par kitna percent gst lagta hai ? Aur masale pisai ki services par kitna ?

Replies (1)                          

CA Naman Maloo       20 Sep 2019

If his total service are above 20 lakh then only he need to charge GST.

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R

Ravish Jaggi

13 Sep 2019

Enquiring about the Capital Gain Tax against the Sale of property

My Uncle who don't want to purchase another property after selling his share, want to know his actual Capital gain tax.

I am sharing all the necessary details :

Property Purchased in DELHI in 1952, by my Grandmother.
Sum paid was 19000.

After her passing away, through her will it was transferred on the name of My father and his elder brother (My uncle).

Now as per circle rate, its value is approximate 80 lakhs which will be divide equally.
So both brothers get 40 lakhs each.
Further my Uncle will Gift 15 lakhs (through cheque/DD) to my father, so the net amount he will possess from the sale will be 25 lakhs.

So
First he wants to know whether he will be Taxable on 40 lakhs or 25 lakhs
&
Second what exactly will be his Capital Gain tax ?

The important thing to note is what should be the Base year ie 1991 or 2001 & also the Base price in that year as the Circle rates in Delhi were brought in 2007.

So kindly advice me on this, it will be much helpful.

Replies (2)                          

CA Vivek Chiraniya       13 Sep 2019

Taxable consideration shall be Rs. 40 Lakh for each of the brothers. Gift to father has nothing to do with the capital gain taxation. Moreover, gift is not a taxable transaction in your case.

Base date for valuation and indexation shall be 01.04.2001. You can engage a registered valuer to get the valuation as on 01.04.2001.

CA Naman Maloo       13 Sep 2019

To know his capital gain you need to first get a government approved valuer and get a valuation report for 01.04.2001.
So the taxable amount would neither be 40 lakh nor 25 lakh. It would be something less than 40 lakh depending on the cost value.
Base year would be 2001.

If you need any further assistance feel free to contact me at canamanmaloo@gmail.com

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R

Raman

4 Sep 2019

I have paid 10 lakh reuppee to a plot and kept for 2 years. Due to issues in land builder returned 10 lakh rupees in my account. Do i need to pay tax for 10 lakh rupee in this financial year.

Replies (1)                          

CA Naman Maloo       4 Sep 2019

Its just an advance which you received back so you dont have to pay any tax.
If you need personal consultation you can mail me at canamanmaloo@gmail.com

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