D
Dinil P
Hi, I am an NRI working in Dubai. I want to start a design studio in Bangalore, mainly focused on product design, development, and production of fashion accessories.
What are the requirements and procedures?
Is having a partner compulsory?
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Dinil, you need to tell that whether you want to incorporate a company or a LLP or partnership firm or work individually.
The answer to your question depends on these parameters.
You can contact vmassociates2017@yahoo.com
D
Dinil P
Hi, I am a NRI working in Dubai, I want to start a design studio in bangalore, India. The company will be focused on product design.
J
Jyothidas
21-Apr-2007 : Agreement of Construction and Sale - Mutually settled and agreed sale consideration of Rs.28,00,000/- inclusive of Electrical Meter Deposit, proportionate expense for installation of transformer, municipal water tap connection, lift and registration expenses.
08-May-2007: Work order - Agreement for work order for the following, charged at Rs.20,99,000/-
1. Change of internal completed walls
2. Main door with fine teak wood
3. Plumbing sanitary changes
4. Electrification and Transformer
5. Change of door frames, window frames & window shutters in all rooms
6. Luppum finishing
7. Safety Grills
8. Change of Flooring Marble in Bed rooms
9. Vitrified in hall and wood flooring in dining
10. Change of kitchen platform with granite
11. Change of tiles in bathrooms and kitchen
25-May-2007: Sale deed - Convey the scheduled flat in favor of the vendee in the semi-furnished stage for sale consideration of Rs.6,70,000/- and complete the work thereafter.
25-May-2007: Construction Agreement - for the balance pending work
As on today, the sale of this flat is under progress and the sale consideration in sale deed is Rs.25,00,000/- . However, the flat is been sold for Rs.42,00,000/- (I will be receiving the cheque for this 42L)
Let me know how much is my capital gain and what are the methods to avoid capital gain tax.
J
Jyothidas
21-Apr-2007 : Agreement of Construction and Sale - Mutually settled and agreed sale consideration of Rs.28,00,000/- inclusive of Electrical Meter Deposit, proportionate expense for installation of transformer, municipal water tap connection, lift and registration expenses.
08-May-2007: Work order - Agreement for work order for the following, charged at Rs.20,99,000/-
1. Change of internal completed walls
2. Main door with fine teak wood
3. Plumbing sanitary changes
4. Electrification and Transformer
5. Change of door frames, window frames & window shutters in all rooms
6. Luppum finishing
7. Safety Grills
8. Change of Flooring Marble in Bed rooms
9. Vitrified in hall and wood flooring in dining
10. Change of kitchen platform with granite
11. Change of tiles in bathrooms and kitchen
25-May-2007: Sale deed - Convey the scheduled flat in favor of the vendee in the semi-furnished stage for sale consideration of Rs.6,70,000/- and complete the work thereafter.
25-May-2007: Construction Agreement - for the balance pending work
As on today, the sale of this flat is under progress and the sale consideration in sale deed is Rs.25,00,000/- . However, the flat is been sold for Rs.42,00,000/- (I will be receiving the cheque for this 42L)
Let me know how much is my capital gain and what are the methods to avoid capital gain tax.
R
Ravindran S
I and my wife jointly purchased a flat under construction in Chennai in 2012 for Rs.54 lacs (UDS registered for Rs. 9 lacs and Construction agreement for Rs. 45 lacs). The cost was funded 50% each. As the builder failed to deliver in time we obtained a Court Order and received back a total sum of Rs. 93 lacs including interest and compensation. As per Court order, we are now executing a Sale deed for UDS amount of Rs. 9 lacs conveying the land back to the builder. A cancellation agreement is also being executed towards the Construction agreement for Rs. 45 lacs as the building is completed. Please guide on:
a) Whether we can pay tax under ‘Long term capital gain’ as Sale deed is being executed only for the UDS portion.
b) If not, can we each pay income tax for interest/compensation received on Rs. 19.50 lacs, which represents 50% share (total Rs. 39 lacs) (No TDS was deducted).
c) Options available for reducing tax liability.
S. Ravindran
Email Ravi_iob2004@yahoo.com
