Signup


Signup


Signup

Question & Answer


G

Gargi Jain

29 Apr 2021

Can I have two active pf accounts linked with one UAN number. Is it legal in India if I get the salary from two companies and pf deducted from both of them. Please answer my query.

Replies (1)                          

CA Mehul Aggarwal       1 May 2021

Yes it is legal. And yes, you can link them with one UAN number.

T&C apply


R

Rahul

29 Apr 2021

Mr Ram is the Karta of the HUF . His wife wishes to borrow a sum of Rupees 2 Lakh from the HUF and invest the same in post office at 6 percent .As per an agreement entered between her and the husband / Karta she will return this sum of of 2 lakh with 5 % interest to the family HUF. Now , will this sum she will be repaying back to the HUF " as Interest " be allowed as a DEDUCTION from her gross total income under any section of the Income Tax Act ? If yes , which one and what is the maximum limit of deduction on offer for any such interest payments ?

Replies (1)                          

CA Mehul Aggarwal       1 May 2021

The interest payment can not be claimed as deduction unless this kind of activity is a regular business carried out by her.

T&C apply


N

Niranjan

29 Apr 2021

If I use my stipend money(I'm a medical resident) to invest in shares or mutual funds, will the profit be taxable?

Replies (1)                          

CA Mehul Aggarwal       1 May 2021

When you sell a share / mutual fund unit, the income tax department considers them a capital asset and treat the profit as a capital gain. Accordingly, tax will be computed. For more information, please contact us at camehulagg (at) gmail (dot) com or call us at 9811 89 6771.

T&C apply


B

Bhavitha

26 Apr 2021

What are the options to continue the business in case of Proprietor dies ?

Replies (2)                          

CA Deepak Kucheria       26 Apr 2021

Any legal heir may take over the business. If the proprietor was registered under GST law, then its GST has to be surrender, ITC (if any) to be transferred to the person taking over the business, stock to be transferred, if any. For detailed consultation, kindly contact at +91-9650511176

CA Mehul Aggarwal       26 Apr 2021

There are legal compliances under the Income Tax Act and GST to transfer the business in the name of legal heirs so that business can be continued. To discuss further, you may reach out to us on camehul [at] gmail [dot] com or call us on 9811 89 67 71

T&C apply


S

Safwan

26 Apr 2021

Hello, we are a team of young entrepreneur aged 20 years and we are into a startup idea and this startup is related to Hangout or managing an event and a firm from Bangalore had liked our idea and had agreed to pay 1-2crore but due to corona they are taking third words back, so I wanted to know is there any scheme or anything where we can get 1-2 crore rupees for a startup idea? Please it's a bit urgent
Thank you

Replies (1)                          

CA Mehul Aggarwal       26 Apr 2021

Hi, please share your pitch deck along with any video describing your product / service on camehulagg [at] gmail [dot] com

T&C apply