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Question & Answer


S

Sheelu Singh

22 Nov 2019

Hello Team, My Company(LLP) is registered in 2018, an there's no business till date or any transaction, but do i have to still file ROC for the same. and prepare balance sheet and get Authorized from CA?

Replies (1)                          

CA Naman Maloo       22 Nov 2019

There are two forms which you need to file Form 8 and Form 11 and you cannot file it wiithout CA as his sign needs to be there. Also you need to file form DIR -3 KYC for which there is a late fees.

For more assistance you can mail me at canamanmaloo@gmail.com

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T

Trilok

17 Nov 2019

Am looking for information on late fees

Replies (1)                          

CA Navin Jain       18 Nov 2019

Please specify which late fee are you referring to. You can connect with me at +91 9830375894 for professional advice.

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A

Abhineeth Gogula

14 Nov 2019

Case-We deal in second hand car dealing and as per law if i am right the car is not registered in our name , we act as service agents between seller and buyer, so the gst should be on the selling price-purchase price(turnover according to the law)but my CA has said that if we cross 40 lakh turnover which according to him is the total selling price of the car then opt for composition or margin scheme and pay 1% but my question is -

(1)-In my case what is the turnover is it selling price-purchase price or the total turnover as i am concerned that it easily crosses 40 lakh?

(2)-If my turnover over is not upto 20 lakh do i have to register for gst?

(3)- And what would i consider the amount that i receive in my bank account after the sale of the car?

Thank you

Replies (1)                          

CA Naman Maloo       22 Nov 2019

According to a circular of government car dealer needs to pay GST on selling price less purchase price in case they are dealing in second hand cars if the cars is in their name and for checking the limit of GST the definition would be normal sales.



Since you are not selling car in your name and you are acting as an intermediary who just charges his commission then in that case you need to go as a service provider and limit of 20 lakh would be applicable in that case.

For more assistance you can mail me at canamanmaloo@gmail.com

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A

Ashish Tiwari

14 Nov 2019

I have a commercial shop in Borivali East and i am planning to sell it. It was bought in DEC 2005 and i am planning to sell it in DEC 2019. I bought it for 628000(plus other charges totaling TCO to 1500000) and would sell it at 2700000 . This commercial property is in the name of my mother and she would give a part(22Lakhs) of its proceeds to me for buying an under-construction flat(possession in 4 years) for which she is the co-owner. Do i have to pay capital gains tax , how much ?

Replies (2)                          

CA Navin Jain       14 Nov 2019

The same needs to be evaluated. You can connect with me at +91 9830375894 for professional advice.

CA Naman Maloo       22 Nov 2019

If the cost of 1500000 then there wont be any capital gain it will be a loss of Rs. 10 lakh.
For more assistance you can mail me at canamanmaloo@gmail.com

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J

Jitender

14 Nov 2019

I am purchasing a 5830 sqft plot in a gated community from an NRI.
We have agreed for a sale consideration 1190 per sqft [6937700 INR].
The guidance value for that community is ridiculously high 2648 per sqft which makes the property cost as per guidance value as 1,54,37,840 INR.
I fully understand i need to deduct TDS at 23.62% while making payments to the NRI seller. I also understand even I have to pay stamp duty and registration fees to govt as per guidance value. What would be income tax implications on me as buyer if
1. In Sale Deed Sale consideration value is mentioned as [6937700 INR] amd I pay him [6937700 INR].
2. In Sale Deed Sale consideration Value is mentioned as [1,54,37,840 INR - as per guidance value] and i pay him [6937700 INR].

Replies (1)                          

CA Navin Jain       14 Nov 2019

The same needs to be evaluated. You can connect with me at +91 9830375894 for professional advice.

T&C apply