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Irfan
Godown sales deed made in f.y 2021-22 but whole consideration received in f.y 2020-21 in which year capitl gain income should be offered
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Dear Irfan,
Will be taxable in Fy 2021-22
For Further Consultation you can reach ca.rahuldwivedi@gmail.com or 9004485377
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Saurav
I was unaware I had to pay taxes on the interest accrued on an FD... It's been already 4 years and it matures next year. Is there a way to pay for the interest now for all the past years? Or can I pay them all together when it matures and the amount gets credited to the account?
To save from non compliances pay the tax on the FD inteerst in the year of maturity. However, income tax return filing requirement will apply only if other conistions are fulfilled. Please connect with us at ca.pujasharma@outlook.com for consultation
T&C applyA
Amit
Hi, I've sold a 5 year old property of mine in November this year. Can I still claim tax exemption for the principal and interest amount paid from April to November 2021? Also, how do I calculate and claim the loss in this property sale?
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Shilpa
I am buying a property of 82 lacs against or sold property of 99 lacs how can I save taxes for remaining 17 lacs
Dear Shilpa,
Yes you can save Tax U/s 54, however for guiding you require more details like cost of acquisition of Old house, Purchase date, sale date etc.
For further Assistance you can reach un on ca.rahuldwivedi@gmail.com or 9004485377
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Leena
I have to transfer total of 50 lakhs from my Indian account to my brothers Canadian account. I am giving him this money as loan which I will show as gift for the purchase of his new house and expect to get it back next year. Out of 50 lakhs : 30 lakhs will be from my account and another 20 lakhs I am receiving from my brothers wife’s Indian account. Unfortunately as she is also in Canada she cannot make the transaction from her Indian bank at this time. For the remittance charges I got to know that we have to pay 5% as TDS which can be claimed back during ITR filing. Can I claim all of 50 lakhs 5 % during my ITR filing? Will the 20 lakhs that I receive from my brothers wife be treated as my additional income and do I need to file tax on it? What are the options available to me to make sure im not paying extra tax and that I can claim the 5% deducted during my ITR filing.
Dear Leena, You can gift make remittance under LRS to your brother. You can show it Gift, maintenance of close relative etc. However TCS (not TDS)of 5% will be applicable on remittance Post 7 Lakh. Definitely you can claim the credit of entire TCS amount while filing your income tax return. Inwards remittance can also be planned without tax implication.
For further Consultation you can reach un on ca.rahuldwivedi@gmail.com or 9004485377
