Question & Answer

I am in Purchase department of raw material. The Purchase order rates are on delivered basis. there is no freight in invoice. rates are on delivered basis to our factory. which documents should I make mandatory for supplier along with material. many supplier told me that, your rates are on delivery basis, there is no freight component in Invoice. so it is not mandatory documents for you. since it is transaction between supplier & transporter. is it right? should i make mandatory for supplier to submit the LR for supply which are on delivery basis. it is ok as per GST norm

Hi if my mother sell here house which she bought 25 years ago of 1cr plus and buy another house of 45 lakh and the person buying get register on 40 lakh circle rate for rest amount left can she buy one more house for me or can she send remaining amount to my brother outside India ?

I have applied a home loan in my name but the property is registered in my mothers name. Can i avail tax benefit while filing ITR??

Replies (1)                          

Share

Facebook Twitter Linkedin

An ancestral property was recently sold. The heirs of the property were my father & my uncle. However, my father had passed away. Hence, the proceeds of the money has come to my uncle. Now, to receive the money from my uncle to my mother, wanted to understand the means of receiving money : i. Through DD / Pay order, ii. Through online account transfer or iii. Cheque etc.
Which means is advised to avoid taxation liabilities ?
Additionally, how should i receive the money declared from my uncle side to avoid tax liabilities.
My Uncle would be paying the TDS for the sale proceeds he has received, which is understandably reimbursable.
But, how to avoid tax liabilities & any issues for my mother in receipt of the payment. Kindly advise.

If i am getting profit on equity ( more than 2 cr) in longterm (5 years). do i need to pay any tax. what if i have invested same amount in pension policy and took some home loan