V
Vrajesh
Sir, planning to purchase home in name of me, my father and my mother. Can I take an amount as home loan from my father to give it to seller of home and get tax exemption under Section 24 ? Please reply at your earliest
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Yes, you can take a home loan from your father and claim interest paid on the home loan as a deduction u/s 24(b). The Income Tax Act of 1961 does not specify that this deduction will be available only if the loan is taken from specified banks. Your father has to issue you an interest repayment certificate, and he will also be required to report the interest income in his ITR.
For any assistance in IT-related filing, you can connect with me at ca.pujasharma@outlook.com.
M
Mohan
Sir i am in transport service provider to renting a vehicle to a law and engineering college which is affilated to ip university what is a gst rate
A
Arshad Kamal
I have left my previous organization with Date of Exit mentioned in EPF portal as 15th Nov 2021. Date of Joining to my new organization is mentioned as also 15th Nov 2021.
When I resigned my previous organization over email, I mentioned the date as 14th Nov 2021 but during approval, they mentioned the last working date as 15th Nov 2021 as they can not relive a candidate on Sunday (14th Nov 2021). So, they made the correction by themselves which I missed.
Now, both both organizations are not ready to change the DOE/DOJ. So, I can not transfer my EPF account. Please suggest a solution how to go ahead.
In my opinion, you have to convince one of the party to change the date. You cna ask your new wmployer to chnage the DOJ t0 16th Nov 2021 and ready to bear the loss of salary for a day. In this way may be the employer will be ready to change the date.
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Pratik Sidhu
I sold a property recently. I need to know that will it be under scrutiny of IT DEPT if I used the same money to buy another property.
What proofs do i need to keep handy to justify this transaction?
Dear Pratik,
On sale of property you are liable to pay Capital Gain Tax,if you invest the gain to acquire new residential property within stipulated time the Capital Gain becomes exempt. However the exemption not available in all cases i.e. depends on long term, short term etc
To guide you required more details & detailed discussion in the matter.
You can reach us at ca.rahuldwivedi@gmail.com or 9004485377 for further discussion.
The sale of immovable property will result in capital gain or loss. The taxpayer has to pay tax @ 15% or 20% on this capital gain in the case of STCG or LTCG, respectively. Further, a taxpayer can save the taxes by investing the proceeds of sale or capital gain amount as applicable in another new property or bonds as given in the Act.
So in your case, as mentioned above, you have to report the capital gain in your ITR and show the investment in the new property is eligible for deduction under the head capital gain. Even if you qualify for a 100% exemption because of the investment, it is mandatory to report the transaction in ITR. Otherwise, the department might issue a notice to you, which will create unnecessary trouble in future.
For any assistance in ITR filing, you can connect with us at ca.pujasharma@outlook.com
S
Shreyas Puttappa
I wanted to know about advance tax
You can connect with us at ca.pujasharma@outlook.com for a detailed consultation.
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