selling a house and buy in name of children selling a house and buy in name of children

Dear Sir, I am a lady of 75 years old. I am residing in a society flat in PitamPura. I am the original member of society and I got the possession in 1986. I want to sell it and buy somewhere else in

7 Response(s)

Posted 7 months ago


A. Dear Madam,
You may approach local advocate or chartered accountant

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26AS & Form 16 both has wrong income 26AS & Form 16 both has wrong income

For the FY 20-21,In my 26AS & Form 16 has wrong income credits. My salary is 58K per month so annual is 696,000. But in 26AS & Form 16 has 870,000/-. Its because the 26AS7 Form 16 has the wrong salar

4 Response(s)

Posted 7 months ago


A. Dear Sir,
Please contact chartered accountant.

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Capital Gains Tax on Land Sale Capital Gains Tax on Land Sale

Hi, I bought a land in the FY2016-2017(Jul-2016) from 5.3 Lakhs and sold it for 11.3 Lakhs in FY 2020-2021(Feb-2021), so the capital gains tax will be on the profit I gained which is around 5 Lakhs c

4 Response(s)

Posted 7 months ago


A. As per the Section 54 of the Income Tax Act since you have already put the money into another residential apartment the question of capital gain should not arise any more. But still to be on a safer side you are advised to be in touch with your CA and close this for ever.

Section 54. Profit on sale of property used for residence.—2[Subject to the provisions of sub-section (2), where, in the case of an assessee being an individual or a Hindu undivided family], the capital gain arises from the ...ReadMore

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Freelancer Income from oversear Freelancer Income from oversear

Hi, I am a freelancer and my income is received from PayPal or other money transfer sites like wise. the money received is a local transfer to me by paypal or wise.com. Total income is less than 3

3 Response(s)

Posted 7 months ago


A. no GST
but have to file Income tax

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Latest Response 7 months ago
Ankur Goel @ Complete Law Shield

Ankur Goel @ Complete Law Shield

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Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

Tax benefit for loan against property Tax benefit for loan against property

We have a plot on which we wanted to build 1 BHK. Hence now we have taken a loan against that plot around 15 Lac and started for the construction. I wanted to know can I get any tax benefit on such ty

4 Response(s)

Posted 8 months ago


A. hey,
Yes, a loan against property enables you to save on the tax amount payable. ... You can claim tax exemption from a loan against property if the loan amount is utilized for business purposes. In such cases, benefits can be claimed against interest paid and associated fees and charges incurred.
if you like my answer pls give me a good rating

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Latest Response 8 months ago
Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

Home loan deduction Home loan deduction

I have bought my first house with my husband (50:50) in Nov 2020 with home loan. We are paying approx 3 lakh as interest and 40000 as principal annually. I want to know how can we get maximum deductio

3 Response(s)

Posted 9 months ago


A. Dear sir,
You cannot do so.

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Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

ITR REFILING ITR REFILING

I submitted my compliance against the SMS received from CPC department. Do I need to file the return again? if so, under which section? Because I have not received any notification from IT Department.

3 Response(s)

Posted 9 months ago


A. Hi,
You should wait till any further notice from the said department once the compliance has already been done.
Thank You
If you found this helpful, do rate us.

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Latest Response 9 months ago
Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

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Tanmoy  Chattopadhyay

Tanmoy Chattopadhyay

From 15H From 15H

I am 70 yrs old female. My total income is from FD interests totalling 3.5 lakhs. Can I sign 15H form and is it mandatory for me to file ITR. I am a house wife and not filed ITR till now.

3 Response(s)

Posted 9 months ago


A. It is advisable that you file Form 15H with your each bank where you have account if your income from your account and/or FDs and such other investments with banks is over a particular cap provided by the public authority to avail exemption from deducting tax otherwise tax might be deducted irrespective of the fact that you are housewife or not income tax payer. I think the cap is at around Rs 40,000/- in respect of interest at annual basis, however the exact figure you can check with your bank. ...ReadMore

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Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

Income Tax Pay or Not Clarification Income Tax Pay or Not Clarification

My joining date is 1st March 2021 and my salary now increased to 7L package, previous company package 4.8L. Should I need to pay income tax for full of 2020-2021 or only for March month?

3 Response(s)

Posted 9 months ago


A. As per the provisions of the income tax . The person who crossed the basic exemption limit of 2.5lacs of gross income in the financial year is mandate to file the income tax return.

in this scenario already the previous company was paying the 4.8L package which means the income already crossed the basic exemption limit of 2.5L.

you must have to file income tax return. but i am assured that your tax payable in nill. It means no tax is payable.

if you want file the return without paying tax the ...ReadMore

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Latest Response 9 months ago
Govardhan  Marada

Govardhan Marada

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Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

DEPRICIATION DEPRICIATION

i have constructed a godown and give it on rent to third party, i am claiming standard deduction on rent income generated under head income from house property can i also claim a deprication on godown

3 Response(s)

Posted 10 months ago


A. Hi,
Rental property depreciation allows real estate investors to take tax deductions for their property.
It will be your obligation to convince the court as to why your are claiming depreciation value. Further, it'll be the discretion of the concerned authority.

If you like my answer, please give a good review.

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Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal