Clubbing of income Clubbing of income

If the husband gifts money to the spouse the income earned through that money is clubbed with husbands money but clubbing doesn’t happen if the father gifts the money to major child. This what if th

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Posted 3 days ago


A. Dear Sir,
The question purely relates to finance which can be effectively answered by any chartered accountant.

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RBI Guidelines on Fix Deposits in Banks RBI Guidelines on Fix Deposits in Banks

Dear Sir, I am a senior citizen with 72 years of age. My wife and I have JT FD A/cs(Many FDRs) with a nationalised bank for a period of10 years. My wife is the 1st holder and I am the Jt second holder

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Posted 1 week ago


A. Dear Sir,
The very first thing that you should do is to give an application to the Bank to change the ownership of the FDs in your name. In my view they have mislead you as after the death of your wife an account can never remain opened in her name.
Once you have got the FD completely in your name then it will automatically solve the issue of the TDS.
As far as receiving the notification from IT is concerned, you just send them a clarification letter about the death of your wife. They should sto ...ReadMore

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F&O trading expenses which can be claimed as business expense F&O trading expenses which can be claimed as business expense

Hi, My wife is doing f&o trading and would like to know which all expenses can be claimed as business expense while filing income tax return, 1. She is getting a loan from her friends and family for

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Posted 2 weeks ago


A. Dear Sir,
Above questions may kindly be asked to any chartered accountant or auditors who are experts in the financial matters.

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Which ITR to file - both business Which ITR to file - both business

If I do both business as (sole proprietor) and F&O trading. So in this case, which ITR should I file and how should I mention both separately?

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Posted 2 weeks ago


A. Dear Client, since income from F&O trading is to be treated as business income, therefore an individual filing return with F&O trading income has to file ITR in form ITR 4.

Hope this helps

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Capital gain tax -buying a resale flat Capital gain tax -buying a resale flat

I am buying a resale flat of which the set forth value is 29lakh and the market valuation comes Rs 36lakh which is a difference of Rs 7Lakh.My question is 1. Did the purchaser have to pay any capital

1 Response(s)

Posted 1 month ago


A. Dear client, the buyer of the falt will not have to pay any capital gain tax. However, on the other hand the seller will have to. Moreover, there is always a tax exemption option for bot the seller in long term capital gain.

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I am a crptocurrency trader, I am a crptocurrency trader,

I am a crptocurrency \ bitcoin trader, can i trade with my personal bank account and pay tax with the help of CA or i have to register a company and open a current bank account using that can i make

1 Response(s)

Posted 1 month ago


A. Dear Client
Our Indian Government and Reserve Bank of India are yet not very clear with their policy on cryptocurrency and hence you are suggested to trade using your personal account unless there is clear cut policies around bitcoins

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Capital Gain Tax - I purchased property Capital Gain Tax - I purchased property

I purchased property A in 2010-11 for Rs. 2 lakhs. Purchased property B in 2022-23 for Rs. 40 lakhs and sold property A for Rs. 25 lakhs in 2022-23 but after purchase of property B. Can Long Term

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Posted 1 month ago


A. No sir it will not be considered since you have purchased property B earlier and then you have sold the Property A. Hence you will not get any exemption... But for better clarification you may consult with any Chartered Accountant or Income Tax Professional to provide you the best possible remedy. You may also follow the recent updates on the Income Tax Act.

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I filled ITR 2 in xlsm I filled ITR 2 in xlsm

I filled ITR 2 in xlsm and tried to convert it into .json file. It is saying saved in folder wherein xlsm file exists whereas nothing gets saved there. .json is not saving in my system. I tried online

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Posted 2 months ago


A. Dear Sir,
sometimes due to server problem of IT department such conversion may not happen . you may wait for few days or try to submit your ITR 2 from any other computer system.

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Switching between tax regimes Switching between tax regimes

I have income from freelancing websites like Upwork etc and I am also a salaried employee of a private IT company in India. I need to know if I can switch between New and Old Tax regime every year or

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Posted 2 months ago


A. Dear client as per Section 115BAC of Income Tax Act a salaried taxpayer can opt in and opt out every year. That means you can choose the new tax regime in one year and choose the regular tax regime in another year.

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Regarding double taxation Regarding double taxation

I recently moved to Canada on Dec 2021 from my same company. I received salary in Canada from Jan 22 - Mar 22 and tax was deducted here in Canada. But for same Salary, my parent company in India also

1 Response(s)

Posted 3 months ago


A. Dear Sir,
It relates to Tax matter. I suggest you to go to any chartered accountant or auditor to solve your tax matter problem.

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