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K Nik
My father (retired from service 7 years ago) inherited sum of Rs.10 lacs from his uncle. The money was in form of FD which is now transferred to my fathers account. Will there be any tax he suppose to pay?
You could consider it as a gift and it is received from a relative. Hence same is not chargeable to tax. For any queries please contact me @ karteekcacma@gmail.com
CA Naman Maloo 11 Jun 2019Your father would have paid tax on interest earned by him?
Also since for your fathers uncle your father was not a relative he can taxed for that. We need to discuss it further.
If you need any consultation you can mail me at canamanmaloo@gmail,com
Not Taxable as received as inheritance however interest income on the above is taxable
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Bharath Hemanth
Hi, my private limited company got incorporated on 29/01/2019 and got commencement of business on 11/05/2019. Should I pay Professional Tax (PT) for the Financial Year (FY) 2018-2019 besides paying for FY 2019-2020 as well? Can I be exempted from paying PT for FY 2018-2019?
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Prabhakar Agarwal
I am getting 2% commission from airlines & selling the tickets at 1 % discount to my customers ex if I get an airtickets of Rs 1,00,000/- I m getting a commission of Rs 2,000/- but I m selling them at Rs 99,000/- so my tax liability Will be on Rs 2000/- or Rs 1000/-
Well, Mr Prabhakar, commission of 2000 will be your turnover and 1000 discount can be claimed as expense.
Therefore, tax liability would be on 1000 only.
If you are talking about GST it would be on 2000 and for income tax your income would be 1000.
If you need any further assistance you can mail me at canamanmaloo@gmail.com
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Prateek Patodia
My maternal wanted to gift a sum to my daughter but since that would be taxable, can he gift it to my mother and she gifts to my daughter? Will the transaction be allowed under Income Tax as its basically a circular gift but done in allowed exemptions? Details, Mama - Mother (Siblings), Mother - Daughter (Grandparent)
Yes, Mr Prateek it would work, but make sure to make a gift deed of all the transactions (gifts) entered.
For more info mail me vmassociates2017@yahoo.com
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Shraddha
Where can i find DIR-3 KYC Form for the year 2019-20 on MCA Portal ?
The updated form is yet not available on the site. The old form DIR 3 KYC is available on the site
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