S
Sathya Dhamodharan
Hi I have a cash deposit of 11 lakhs received as gift.Kindly let me know how to show in ITR
Facebook
Twitter
Linkedin
Dear Satya,
Cash deposit of RS. 11 Lacs may trigger some income tax issues for you. First you have to disclose gift amount in you ITR and secondly in case of any litigation you have to prove with evidence that you have received it in gift.
For further consultation you can approach us on ca.rahuldwivedi@gmail.com or 9004485377.
T
Tanuj Dolia
Sir I have a 1 question.. I have a one gaming app. I deposit 1 lakh in this app.. and my app wallet balance is 1 lakh.. after that players of games deposit in my bank account i.e. one player add his gaming balance rs 2000.. he send this amount to my bank account.. I received payment in my bank account and received sms of payment.. then rs 2000 automatic less in my 1 lakh rs.. then players gaming balance added to his account.. in this process I received 2% of every payment send by players.. so I want to know that. In 1 day I received 30 transaction in my bank account.. so monthly transaction is 900. So what I do. Open a current account if I open current account so what I show in income tax or whatever which business I start it gives me 2% bonus of every payment I received in my bank.. because transaction of 1 month is 50 lakh. Which I deposit in wallet 1 lakh.. he circulate. When my balance low. I added this balance again. Please solve this .
Interesting query. Its a business income for you. You may do this business as a proprietary concern, or as a partnership concern or even as a private limited company. Its better to open a current account if its a proprietary concern. In the case of the business as a partnership or as a company, the bank account will have to be a current account in the name of the partnership/company.
Please ensure that the gaming app is legal
First of all open a company if you wish to do it long term and open an escrow account to accept this amount or else even this 2000 could be considered as your income.
To consult more on this CLICK HERE: https://www.taxontips.com/tax-notice-personal-consultation/
T
Tarun
Hello team,
I have a doubt for tax filing, I am staying in a rented house and paying rent. I also brought a house, and I took home loan, this is joint home loan me and my wife but the account link with my saving account only. I want to know how to show the investment as I am not able to show the home loan interest as I am claiming HRA. Can I show home loan interest to my wife investment. Please suggest how to plan.
Dear Tarun,
There is no restriction a person can claim both HRA & Home loan interest subject to certain condition.
For further consultation you can approach us on ca.rahuldwivedi@gmail.com or 9004485377
N
Nav
R
Ramesh
I'm registered under GST and pay rent of Rs. 50,000 for an industrial shed to my owner. My shed owner is unregistered and is senior citizen. is RCM applicable? If yes, From when was RCM applicable ?
