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Arko
My father got 30lacs by selling a property. Now if I buy a property in my name and he invests those 30lacs, so will he get the tax benefit for the amount?
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Yes he can do that it can attract some litigations but there are case laws in your favour so you can do that.
For more information or consultancy you can mail at canamanmaloo@gmail.com
First of all, we need to calculate the capital gain on property sold , if any . If no capital gain then he can transfer money in your account and you can have property in your name with direct payment to seller. No Hassel, you can contact us on pbcmails@pbcandco.com or pbcmails@gmail.com
CA Ankit Chaudhary 16 May 2019First see whether capital gains is there on the sale of 1st property. If yes, then taking flat in your father's name will save him some tax. In case no CG, then he may give gift to you by a gift deed. You may purchase flat in your name with that gift money. As you are his son, no tax arises on gift. Thank You!
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Ratheesh Chellappa
Hi, my father has a piece of land in which he built home in half a space and remaining half is empty now. I am planning to build a home in the remaining space by taking a home loan. Am I eligible for up to 2 lakh interest payment tax deductions, because only the loan I am taking in my name, property will be in the name of my dad. Can u guide me?
if your father is the owner of the house then you cant claim the benefit of repayment of home loan even if the loan is in your name and you are going to repay it.
If you need any further assistance in tax or want to know more about how you can claim benefit what are other ways you can mail me at canamanmaloo@gmail.com
No, Ratheesh you cannot claim interest deduction if home is in your Dad's name. What you can do is take loan in your Dad's name and let him claim interest deductions or first transfer the home in your name via Gift and then you can claim interest deduction
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Shraddha
Can I claim GST on office rent paid? The owner to whom I pay rent is not register under gst. please tell me if I can claim gst on rent paid.
if you owner is not registered under GST and he is not paying GST then how will you claim GST on rent paid?
CA Vaibhav Mago 15 May 2019Shraddha on what basis will you claim ITC of GST?
To whom have you paid GST since owner is not registered?
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Shraddha
Under gstr 3b I enter an extra 5400 while filing, How should I claim for refund now? This happened in July 2018. Please help
Yes you can claim refund from GST website since the amount is above ₹ 1000.
If you need any further consultation or help you can mail me at canamanmaloo@gmail.com
R
Reddy
My parents want to give 1.40 cr gift and i am us citizen how to take please suggest
Well, Mr Reddy there won't be any tax implications in India regarding such gift transfer.
However, they can transfer only $250000 each in each FY.
And for transferring such amount you would certainly need 15CA and 15CB to be filled by a Chartered Accountant.
You can contact me at 9877542172 or mail me at vmassociates2017@yahoo.com
There will be no tax implications on such gift transferred to you in India.
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