R
Rohan Chavan
Stamp duty and registration charges benefit under section 80C :- I have paid stamp duty in 25th of March 2022 and sale deed or registered the property in 15th of April 2022. can I claim Stamp duty and registration charges benefit under section 80C in financial year 2022-23?
Facebook
Twitter
Linkedin
In my opinion, stamp duty benefit to be taken after the registration is complete against the residential property. Take the benfit in FY 2022-23.
For IT related consultation, you can connect with us at ca.pujasharma@outlook.com
80C is on paid basis and not on accrual basis and hence you can claim it in the financial year 2021-2022. for more queries refer 80C of income tax act for further consultation cayashchopra@gmail.com
CA Rahul Dwivedi 21 Apr 2022Dear Mr. Rohan,
As per provision of Income Tax Act deduction U/s 80C is payment based deduction which can be availed once we make specified investments or inure expenditure. So the stamp duty paid on 25th March 22 can't be availed as deduction in FY 2022-23. For further consultation you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
S
Sravan
Hi,
I am buying a property (4 Acres of Agricultural land) from a friend from same village as myself. This land is about 2kms from the municipal limits of a Town (Population of 1.50 lakh). Friend acquired the land via a gift deed from his grand father in 1977.
My friends CA is not deducting the cost of acqusition and sales mediator commission from the monies..
Below is my calculation of LTCG.. Can you please correct me if something is incorrect?
Cost of 4 Acre land in 2001 as per Fair market value by Government - 3,20,000
Cost Inflation Index adjusted value of 4 acre land (3.17 multipled)- 10,14,400
Sale price of 4 Acre land (April 2022)- (13,97,000*4) = 55,88,000
Commission paid by seller for mediator for sale = 1,00,000
Amount lialbe for LTCG Tax (55,88,000 - 10,14,000 - 1,00,000 ) = 4474000
20.8%(20% tax+ 4% cess) tax on Amount liable (0.208*4474000) = 930592.0
Thanks,
Sravan
A
Akansha Baruah
I am trying to declare taxes and am stuck with the HRA part. I am currently at home but will start renting a place from August 2022 (exceeds 1 lakh) in Mumbai. How do I declare for the future rent as I neither have a landlord right now nor any pan card number for it.
Dear Akansha Baruah,
Generally at the time of Initial declaration companies doesn't ask PAN car or agreement copy. Employer ask for the Proof of Investments, Rent agreement or PAN card copy in the Month of Dec. so you can show your Rent which you are planning to pay p.M. in near future. Hoever pls note HRA deduction depends on certain other thins as well like your basic salary (not gross salary). One more thing even if employer dosen't give HRA benefit we can claim it while filing ITR as per applicable rule.
For further Consultation you can reach us on ca.rahuldwivedi@gmail.com or 9004485377
You can declare the rent to your HR when you strat paying it in August 2022,
T&C applyR
Rohit Pathak
Hi Experts, I have a query related to Car leasing. In my company we have car lease policy, where employee can lease a car which is registered in the name of my organization. The EMI of Car lease (lease rental) is deducted by employer from my salary, hence it never comes to my bank account. Which gives benefit of not paying tax of EMI amount. Now I terminated the Car lease by paying some x amount. I want to sell this car to third party now. As the car is in name of my employer and will directly be transfer to third party, my name won't come in RC transfer process. I will, however, get money for selling car which will be say x+y. This x+y is less the x+EMIs I paid. However, I don't have record to show EMIs I paid as it was deducted by employer. The car was used for both official and personal purpose. Do I need to pay tax here? if yes on what amount and how can I show in ITR ? Thanks in advance.
Dear Rohit,
As I understood from your query is that the Car you wish to sold is registered in the name of Your company & you want to sale that car. In such car the profit or loss whatever will arise will belongs to company and not to you as you are not the legal owner of that particular asset. It wiill be reflected in companies financial and not your irrespective of the fact that you had paid the EMI. for further consultation you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
R
Rohit Pathak
Hello Sir/Madam, In my company we have car lease policy, where employee can lease a car which is registered in the name of company. I pay EMI for the car and claim income tax exemption on the EMI being paid. After the completion of car lease, i have to pay 20% of residual value to finish the lease. Post that, i can sell car directly to anyone. Sale proceed will come to my bank account. What will be the income tax implication on the money received from the car sale. I am asking this question because it is different than the car sale. In this case, the car is not registered in my name but it is registered in my company's name. I have NOC from company to sell it after paying residual amount of 20%.
By Paying 20% of residual value, you have acquired the ownership of the said vehicle,
income tax implication will be
Sales consideration you get - 20% of residual value you paid to your employer.
For more Queries/Consultation feel free to take appointment by sending mail on cayashchopra@gmail.com,
9980725175
