V
Vaibhev
Can my father gift money to my HUF
My age is 40 years and i am self dependent
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Gifts received by HUF from its members are exempted from Income Tax under Section 56(2)(vii) of the act. As per Hindu law, HUF is inclusive of all family members from a common ancestor, hence the limit of 50,000/- does not apply on HUF, excluding cash gift of more than Rs 50,000/-. For more info visit our website @ www.tarunguptaca.com and book appointment.
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Avis
Bought a flat in 2021 under construction link plan. Since the property was above 50 lacs had to paid TDS with every demand. For one demand the 1% TDS payment by buyer was delayed from my side. So I paid the 1% TDS along with the penalty demanded by IT Dept. Now the builder is also levying penalty on this 1% TDS amount ! Is it correct or legal for builder to apply penalty on TDS amount ? Is it not between the Buyer and IT Dept, and the penalty for delayed TDS should be paid to IT dept and not to both builder and IT Dept. Please advise
As per section 194-IA it is the duty of a purchaser who is paying to a resident seller to deduct tax at the rate of 1% of the consideration payable. Show 26 QB to builder if it is already deposited by you along with penalty. For more info visit our website @ www.tarunguptaca.com and book appointment.
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Manmohan Singh
I want to know that my partner quits partnership of company, now how can i apply to remove his name from GST .
If there were only two partners in the firm then the partnership firm will dissolve and new GST registration has to be applied as per the individual proprietor. If there were more than 2 partners, then amendment has to be filed in GST registration to remove the name of the retiring partner. For more information, kindly connect with us at +91-9911744028 or deepakkucheria@gmail.com
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Sudip Malakar
My PF contribution is already INR 1.5 lakh and NPS contribution is INR 50,000. Since 10% of my basic salary is 44000 should I show 50k or 44k u/s 80CCD(1B)?
Self contribution to NPS u/s 80 CCC(1B) is deductible up to Rs. 50000 in addition to 80C and 80CCD(2). For more detail visit our website @ www.tarunguptaca.com and contact us.
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Sourav Bhattacharjee
I have filed ITR 4 & claimed TDS. In intimation u/s 143(1) it shows no demand no refund. Then I have applied for rectification on 12/12/2021 but till today no output came from the department. What to do now?
