N
Neeraj Goyal
My father's income is below 5 lac should I file ITR.
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What is the age of your father?
You can contact me personally if you need any consultation at canamanmaloo@gmail.com
Hello Neeraj
As your father income is above Rs 2.5 lakhs so you need to file the itr of your father
Mr Neeraj, if your Father's age is less than 80 years, but more than 60 years and earns more than 3 lakhs, then he is required to file ITR.
Further, there are few facts which you need to provide with your query.
Mail id 9877542172
N
Naman
Can I share equity with my friend?
Naman ji, you can't share equity with your friends. You can either gift or sell your shares to your friends.
Further, the facts provided by you looks incomplete.
Contact 9877542172
Vmassociates2017@yahoo.com
please frame your question properly.
T&C applyA
Arvind Bartaria
My income is in US dollars and my wife is not working. In the year 2016 I decided to take up higher studies abroad for 14 months and to finance it I sold an apartment (in my name and wife) for 40 lakhs (which I bought four years back) at gains of 13 lakhs (the difference between the cost and selling price of the apartment). To be on the safe side I also took an education loan of 10 lakhs from public bank. The money received from selling flat was invested in fixed deposit in my wife's name. The total cost of education with all other expenses comes to 35 lakhs which is mentioned in the university booklet.
Since she is a housewife I did not file any returns but received a SMS from IT department to explain the investment(code NIN03) of fixed deposit of 12 lakhs and explain other source of income (NOS01). I would like to know the amount of tax I will have to pay.
On sale of Flat you need to pay Capital Gain and you claim Exemption by making investment.
for suggestion regarding to tax i need more details.
to contact me on Jhaakandco@gmail.com or 9708549709
Well, Mr Arvind the facts provided by you looks incomplete.
But, taking into account the information, your wife is earning interest on FD. As well as, she has also earned a capital gains on the property sold.
For further clarifications, contact 9877542172, vmassociates2017@yahoo.com
You have not paid tax on sale of flat no tax on interest income your wife would have earned also this income would be clubbed in you as you have gifted the amount to your wife.
I don't think you have properly calculated the amount of tax.
You should have consulted the CA earlier.
However now if you need any consultation you can mail me at canamanmaloo@gmail.com
K
Kishan
Can we claim exemption on LTCG(from Sale of Plot) if we invest in renovation on existing home, is there any other way to reduce liability with out buying new home
No, Mr Kishan , you would not be eligible LTCG exemption if you make renovation on existing house.
There can be a way out if you add another floor to the existing home.
Better would be to have consultation on vmassociates2017@yahoo.com
You can save either by constructing another floor or investing in bond's u/s 54EC .
If you need any further assistance you can mail me at canamanmaloo@gmail.com
S
Suresh Dubey
OPC auditor could not be recruited within 30 days
As such there is no penalty for not appointing auditor within 30 days. You must now held an extraodinary general metting and appoint the auditor.
In case of any assistance in tax matters you can mail me at canamanmaloo@gmail.com
Suresh ji, Companies Act has made it mandatory to appoint Auditor within 30 days of incorporation.
In your case, auditor can be appointed within 90 days now by holding an Extra ordinary General Meeting.
