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Jitendra Dalwani
I am in Mumbai and giving a paper manufacturer from Punjab a buyer from Italy. I am asking for a commission of 3%. Is that commission taxable.? What is tds? The buyer is also asking about tds.
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Yes it would be taxable if your total income during the year exceeds 250000. Yes TDS would be applied at 5% if the commission amount is above 15000.
If you need other help you can mail at canamanmaloo@gmail.com
M
Mohan Gupta
I'm returning from the US in mid of September this year to India. However, I'm the U.S since January 2015. Please advise if my salary from the US will be taxed by Indian IT department when I return to India. Thanks!
Hi Mohan,
It would be better if you postpone your return to India till mid October. Otherwise, you will be treated as Resident for income tax purposes as your stay in India in this FY 19-20 would exceed 182 days and as a result all your income earned whether in India or outside India would be taxable here.
For more clarity 9877542172
vmassociates2017@yahoo.com
Since you are coming back in September therefore you would be a resident in India. However to check if you would become ordinary resident or not and whether your US salary would be taxed in India or not we need to know whether before Jan 2015 you were in India for all the period?
If yes you would be a resident and your US salary would be taxed in India.
If you need any further consultation you can mail me at canamanmaloo@gmail.com
R
Rakesh
i'm planning to start online lucky draw scheme and wanted to know about the legal procedure, rules and regulations. Brief: The lucky draw will be for first 1000 entries at rs.49 each and once we reach 1000 customers it will be closed and we will declare the winner. THE WINNER STANDS A CHANGE TO GET MOBILE OR LAPTOP OR BIKE ETC. Request you guidance on this idea.
This 49 would be their fees and then they will get their price.
In this type of system GST would be charged once your receipts exceed 20 lakh and you need to also deduct TDS @30% on such price disbursement if the value is above 10000 and since the gift is in kind you need to get first money from winner for TDS or pay it from out of your pocket.
If you need any other professional advice or consultation you can mail at canamanmaloo@gmail.com
S
Sharath Kumar Shetty
I am co-borrower of a home loan with my mother and the house is constructed in my mothers name. But I am the one who is paying all the EMI's through my net banking. My mother is not working and she will not repay any of the EMI's. Can I avail the tax benefit on the home loan interest under section 24 b
No if you want claim benefit of home loan you need to be the owner in the property. If you add your name as co owner you will be able to take 50% benefit of same.
If you need any further consultation you can mail me at canamanmaloo@gmail.com
Mr. Sharath, you can only claim interest deduction when you are a co- borrower as well as co- owner of the said property.
So, in the said case ask your mother to transfer 50% or such other share of percentage of share of the property in your name as gift and get it registered.
Then,both of you and your mother can claim interest as well as principal deduction.
You can claim the full interest. Its allowed.
CA Shrinidhi Rao 21 May 2019Sir, Since you paid interest from your account there is enough evidence to establish you are eligible assessee to get the deduction. In case if you shown your mother had income while getting loan sanctioned, then it is better to claim 50% of eligible deduction under relavant sectio of income tax act.
T&C applyS
Soumya Bogarapu
Hi...My mother gifted a property in 2010 to me and my two sisters. We are planning to sell the property now which is worth 2C. The party willing to buy the property is suggesting that they will give 1C as black ( cheques only) and 1C in white. They want to pay stamp duty for only 1C. Now how can we show the accountability for the 1C received in black ( when we deposit the cheques in bank). Should we show it as capital gains or only the amount for which the buyer paid stamp duty is eligible for capital gains. Please suggest. Will we be answerable if there is discrepancy in the amount deposited in bank and the registration amount for which the stamp duty is paid.
You must show entire amount received against sale as sale consideration for capital gain calculation if you are going to deposit cheque.
There could be a problem for buyer as his value wont match with your sale value so first consult with buyer how he would show such 1 crore.
Dear Soumya,
Its a suggestion that please do the entire transaction according to the law of the Land. You should avoid doing transactions bof any unethical means. You may be in unnecessary trouble in doing the above mentioned transaction and also by posting this is a public forum like Finaco. So request you to delete your post. Thank You!
