T
Trisha
Hi i work in a prop firm as trader in Europe and i live in India or a resident of India. i want to know how will i be taxed on my income coming from foreign country also how can i legally avoid tax on my income ? how will i be asked to fill my tax filings, yearly, monthly etc ?
Facebook
Twitter
Linkedin
As you are resident of India (RoR) your global income will be taxable. Income tax filing depends on your turnover , whether audit case or not etc.
Tax can be planned within the applicable tax laws. Please get in touch with us for detailed discussion at ca.rahuldwivedi@gmail.com or 9004485377
We need to have a look at various laws for this like FEMA, income tax etc and a detailed consultation needs to be done.
You can have a consultation for same by mailing at canamanmaloo@gmail.com
V
Vipul Mangla
Hi, I wanted to understand the capital gain tax treatment for the gain on property sale. My mother has sold a property and earned certain capital gain on it. Now, if she uses that amount in partnership with her daughter, son-in-law to buy another property, will that be eligible for capital gain exemption?
For a detailed resolution of your capital gain query, it would be advisable to contact us directly at badlaniassociates at gmail.
CA Rahul Dwivedi 2 Jun 2021Yes She can
The capital gain tax can be saved with proper planning & investment in joint name.
For detailed discussion please contact us at ca.rahuldwivedi@gmail.com or 9004485377
We need more details on same.
Till then you can read: https://www.taxontips.com/are-your-personal-assets-liable-for-capital-gain-what-is-capital-asset-and-capital-gain-income/
And then book consultation on https://www.taxontips.com/tax-notice-personal-consultation/ if you feel to discuss the same with experts
K
Karthik
Hi I have got a job offer from Singapore, due to COVID travel restriction, i will not be able to travel & join the office in Singapore. however they have agreed to do remote work from India until travel restrictions are removed. what would be the tax liability in India if I get salary from outside India in my Indian bank account. What are all the tax savings options available to reduce the income tax if i'm liable to
You would be liable to tax like any other salary employee in India at slab rate and tax saving options would also be same like 80C, 80D mediclaim etc.
If you need any further assistance book consultation at: https://www.taxontips.com/tax-notice-personal-consultation/
K
Karthik
I would like to do freelancer job for a company located outside India. They will pay the salary in foreign currency and pay directly in my Indian bank account. What would be the tax liability for such freelancer work. And Im currently working as an employee in an Indian company. For this financial year i will have salary from both Indian company and my freelancer job. How to do tax filing in this case?
Basis your contractual agreement, it will be determined whether you are working as an employee of the foreign company or it is in the nature of business/professional services. The Income Tax return will depend on the same. Further if it is a business income/Professional income GST compliances May trigger if revenue exceeds INR 20 Lacs. For more assistance kindly connect with us at +91-9911744028
CA Naman Maloo 6 Jun 2021You can read about the same here: https://www.taxontips.com/can-a-salaried-employee-show-business-professional-income-and-file-itr-4/ and https://www.taxontips.com/gst-registration-for-freelancers-in-india/
Then book consultation at: https://www.taxontips.com/tax-notice-personal-consultation/
If you want
K
Karthik
GST on rent for commercial use- my tenant is insisting to provide GST invoice for rent collected though it is not more than the threshold limit of 20L per year.
What is the benefit my tenant will get if i raise GST invoice to collect rent?
According to the GST Act, renting out of an immovable property would be treated as a supply of services. GST, however, will be applicable only to certain types of rent such as:
When a property is given out on lease, rent, easement, or licensed to occupy
When any property is leased out (or let out) including a commercial, industrial, or residential property for business (either partly or wholly)
So if you are well below threshold limit of 20 lacks you don't have to issue a GST invoice.
If you will raised him GST invoice he'll book ITC for the GST part of the invoice and will further use it for paying his GST output liability.
For any other clarification or Querrey reach me at caharshittripathi@gmail.com or call at +91-9696059794.
Thanks & Regards.
GST is not applicable in case of renting of residential house however in case of commercial property GST is applicable provided it cross the threshold limit. In your case it is below the limit so no need to issue GST invoice. Alternatively you can give a declaration to your tenant regarding the same.
For further discussion you can reach us on carahuldwivedi@gmail.com or 9004485377
The tenant is insisting you to raise GST invoice so that he can claim ITC of the said GST paid to you and utilise it to set off his output liability, however he is missing a fundamental understanding that whether you raise a GST invoice or not, his cash flow will remain same, since if he pays you GST then he claim ITC to that amount, and if you are not charging GST, then his output will not be reduced to that extent and he has to pay that portion additional in cash. However in both scenarios, i.e. whether you raise a GST invoice or not, he will paying the same sum either to you or directly to the government, so his insistence does not carry much weight, provided your total value of supply during the year does not exceed INR 20 Lakhs.
Please note that your limit has to be seen from your total billing/receipt perspective and not from the view of billing done to each person.
Please advise in case of any further clarification.
Thanks & Regards,
CA Aditya Dhanuka.
