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Question & Answer


V

Venkat

6 Nov 2019

Hi, I have a small gold shop registered in a tier 2 city. Planning to accept gold deposit schemes. Have few queries. 1. Can i use the money collected for other purposes than gold. Means can invest anywhere else? 2. Conditions to accept gold deposits. Kindly guide.

Replies (1)                          

CA Navin Jain       6 Nov 2019

What is the nature of your concern is the first criteria to determine whether at all such scheme can be implemented.

For professional advice, you can reach me at +91 9830375894 / canavinjain1@gmail.com / navinjain18@gmail.com

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A

Akash Soni

30 Oct 2019

Hi, my ITR shows as processed in August, but no refund recieved till now. Should I submit Grievance?

Replies (2)                          

CA Naman Maloo       30 Oct 2019

No grievance is not required.
First you need to know the reason for such failure.
If you need professional assistance you can mail me at canamanmaloo@gmail.com
or you can even read something at https://www.taxontips.com/2019/10/21/didnt-get-your-income-tax-refund-first-pre-validate-your-bank-account/

CA Navin Jain       6 Nov 2019

Generally if the return is processed in the month of August, refund are immediately issued. There may have been issue with the bank account or the return may not have been processed basis the details provided by you in the return.
Please co-relate the processing of return with the filed return and see if refund has been determined and if so you can check the refund status.

For professional advice, you can connect with me at +91 9830375894 / canavinjain1@gmail.com/ navinjain18@gmail.com

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K

Kashish K G

29 Oct 2019

Revaluation of land in LLP and admission of new partners

We 3 people are partners in llp firm, the objective of the firm is to develop land. it contains only one land currently who is market value is around 1 cr. ( note : the book value is 35 lakhs ) .
We are thinking of admitting, a fourth partner into the set firm . who would invest all the capital required for construction on the land and give us
"the old 3 partners rupeess 1 cr".
All these terms and condition for admission of the fourth partner, we would be mentioning , in his llp admission agreement, which would be registered in the register of firms.
Question:
1. prior of adding the fourth partner, if we revalue the land in our books to the actual market value that is 1cr, by an entry . will then new partner, who would take care of the work, in the firm later ... ...so would the new partner be liable to pay we 3 old partners, the revalued amount of land that is 1cr in any case ... also in case of loss.?? ( as revaluation of the land was done prior to his admission in firm)

2. is there anything else that we could do to safe guard our 1 cr which is revenue projected to us ?

( note : i have got opinion there are other ways to do said document like jv agreement , but due to partners constraints ,, this is only method left.. requested pl to suggest on same lines )

No Reply  


K

Kulbhushan

27 Oct 2019

I receive money from my friends and family members and invest that money in various sectors and businesses. In return I offer them a fixed return of 1-2% monthly. Can I register this business?

Replies (2)                          

CA Naman Maloo       27 Oct 2019

What kind of business will you register?
If you need professional assistance you can contact me at canamanmaloo@gmail.com

CA Navin Jain       6 Nov 2019

What i can understand is that your business is of investing funds and to do so you are borrowing capital for which you are paying interest and thereby you could register your business.

For professional advice, you can connect with me at +91 9830375894/ navinjain18@gmail.com/ canavinjain1@gmail.com

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R

Rehan Shariff

23 Oct 2019

I am getting in partnership with my brother in law in my existing business where in the turnover is around 1cr with his investment of 20,00,000/ how the profit sharing must be done between both of us

Replies (1)                          

CA Salsabeel Ahmed       23 Oct 2019

Profit sharing involves tax implications, please have a consultation with a CA, you may reach out to me at salsabeelahmedandco@gmail.com

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