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Question & Answer


S

Sagar Khurana

8 Apr 2018

I have taken total 9.5 lakh from brother through online banking in fy 2017-2018( 2.5 lakh on 4-april-2017, 2 lakh on 10 may 2017, and 5 lakh on 18-dec-207). All the transaction are through online banking. Then I have returned back 9 lack to my brother through online banking on 1-jan-2018. As per my knowledge all above transaction are non-taxable events( Gift). I and my brother have not made any GIFT deed for the above transactions. Is it compulsory to make GIFT deed for online banking transaction in blood relations to show as gift. If GIFT deed is compulsory, then Can we make one gift deed of all the above transactions now and if yes then how we can make gift deed for backdate online transactions

Replies (1)                          

CA Rahul Agarwal       8 Apr 2018

Making of gift is recommended but not mandatory in this case. Gift deed if desired could have been done before effecting a transaction.

Since there has been short term requirement of 9.5 lakh out of which 9 lakh has already been returned. You can either treat balance of 50k as unsecured loan from brother or gift as per your convenience. Income tax officer will not in ang way treat this as an income as this is an exempt transaction

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S

Shahrukh Khan

4 Apr 2018

My pf account is not open yet due slight mistake in my name in adhaar card. Its been 2 months since the pf amount started deducting and as my pf account is not open yet, my contribution came to my bank account but my employer contribution did not come. My question to you is will i get those 2 months employer contribution in my pf account if I open pf account this month?

Replies (1)                          

CA Rahul Agarwal       8 Apr 2018

The employer should have not transferred to your bank account, your employer has to open an account in PF for you and his and your contribution will go into that

Check with your employer on this, further the employer contribution is part of CTC and he is bound to transfer to your PF account

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S

Sagar Khurana

4 Apr 2018

Buying bitcoin from friend through net banking is legal or illegal. If it is illegal then under which section it is illegal.

Replies (1)                          

RK & Associates       4 Apr 2018

As of now there is no law regulating bitcoin or its trade.

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A

Ashwani Kumar

3 Apr 2018

Sir, I am a web developer, along with this, I also make online payments with my Credit Card (in my name) of my clients who are not familiar with computers and have minimum charges from them. Total of payments including charges reaches near about Rs. 4, 00,000 in a financial year.
Sir, Now I want to start a manufacturing SME unit to manufacture engineering goods and want to keep web designing as part-time works where I also will make payments for my clients with my personal Credit Card. Sir, My question is, After having GST Number in my new proprietorship firm, would there be some issues to fill my personal ITR.

Replies (1)                          

CA Rahul Agarwal       3 Apr 2018

You need to maintain proper books of accounts and include the net charges as your income and then accordingly file your ITR

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S

Sai Natha Reddy Buchupalli

2 Apr 2018

I am a student and I do online tutoring in my free time.My income in the current financial year is approx 25,000.Which ITR should I file and can be done online??

Replies (2)                          

CA Rahul Agarwal       3 Apr 2018

ITR 4 since its a professional service, Yes it can be done online

Sai Natha Reddy Buchupalli    8 Apr 2018

TDS of 10% has already been detected .But is it mandatory to file return?My income is below taxable limit.I am not interested in tax refund

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