Signup


Signup


Signup

Question & Answer


I

Ishan Choudhary

2 Apr 2021

My mother is 67 years old. She has been a house wife all her life and has never filed any returns or anything to do with taxes. She has an active pan card. Back in 1988, she purchased our current home in Kandivli, Mumbai for around ₹40000. Now after 33 years, she is looking to sell this property for around ₹1.25 crores as per market value in our area. Will she have to pay any tax? If yes, how much? Will she be able to receive the amount in her normal savings account or will she have to open a special account of some sort for the same?

Replies (3)                          

CA Deepak Kucheria       2 Apr 2021

Capital gain to be calculated after indexation of the purchase cost plus cost of renovation..Will guide in computing gain and how to save tax.. Kindly contact at +9911744028.

CA Puja Sharma       2 Apr 2021

she will have to pay capital gain tax on it. If she invests the proceeds in new house then she can save the tax. For more information you can connect with us at ca.pujasharma@outlook.com

CA Jaya Agarwal       6 Apr 2021

No special account required. In you case capital gain will be 1.25 crore minus cost. cost will be market value( as on 01.04.2001)x301
For more information contact 7667559772

T&C apply


S

Sudhanshu B

1 Apr 2021

Is non-taxable capital receipt shown in ITR or not?

Replies (2)                          

CA Puja Sharma       2 Apr 2021

No in case on individuals who are nit required to fill business balance sheets, they are not required to report capital receipts like loan, gift etc. For more information you can connect with us at ca.pujasharma@outlook.com

CA Jaya Agarwal       6 Apr 2021

yes For more information contact 7667559772

T&C apply


N

Naren Raj

1 Apr 2021

I had received an SMS from IT department on 28th March stating there is high value transaction and I need to check compliance portal and refile IT returns. The compliance portal had data on 29th March but when I went to check again on 30th and 31st March to take necessary action, there was no data under - e-campaign-high value transaction. I am not sure how to proceed.

Replies (1)                          

CA Puja Sharma       2 Apr 2021

Please check the same under compliance portal for your action.

T&C apply


K

Krishnasagar

1 Apr 2021

I am the buyer wishing to buy a property of co-owners, 2 persons (sellers/ vendors) and amount for sale consideration/ agreed is 83 lacs INR which will be shared equally among co-owners as per property laws, still do I need to deduct 1% of the amount for sale considered and generate form 26AS?
Here, 83 lacs INR amount is shared among co-owners as 41.5 lacs INR equally which is less than 50 lacs as per section 194-IA.

Also I have observed that, there was such a case resolved at ITAT, Jodhpur Bench, Jodhpur court
Case name: M/s. Oxcia Enterprises Private Limited Vs. DCIT, Circle-TDS, Udaipur,
Appeal no: ITA No.291/Jodh/2018,
Judgement date: 06.05.2019
which stated in favour of appeal that there is no TDS applicable as per section 194-IA for such case. Please check para 5 and 6 of judgement order. For reference, there is an attached court judgement order.

So with this reference, I would like to know more about my case described before and firm clarity on the same.

Please let me know soon about the same.

No Reply  


H

Harsh .

31 Mar 2021

GST Invoice series

Replies (1)                          

CA Deepak Kucheria       31 Mar 2021

Plz specify your query. You May call at +91-9911744028 to discuss your query.

T&C apply