Gift by married daughter to her father
Gift by married daughter to her father
As per Section 56(2) of Income Tax Act, Gifts given in blood relation is exempt from income tax. If a daughter wants to give Gift of Rs. 20 Lakh to her father, is it possible to share the process (dra
1 year ago
A. A gift within a blood relation is exempted from Income Tax, In the case of a daughter gift to the father a sum of Rs.20 lakh there is no requirement for registration, just prepare a gift deed in Rs.100/- stamp paper is enough for documentary purposes.
Long term capital gain on sale of house property
If property is in the name of one brother but actually it's property of three brothers and it's ancestral property but after the death of father it was registered in the name of one. Now, can we share
1 year ago
A. Dear Client,
If property is registered in the name of a specific person, then it will be paid as whole by one in whose name the property is.
A. Dear Client,
It would be easier if you could elaborate on the issue and give more details in this regard.
Long Term Capital Gains on sale of residential plot
I have sold out my residential plot of 200 Sq Yards on 2nd Mar 2023 which was bought in 2003. After considering the indexation , the LTCG comes @ Rs.9.8 Lakhs. I do not have any plans to buy a fresh
1 year ago
A. Hello Sir,
The exemption from long term capital gains is not available in respect of repayment of a home loan. You can claim deduction under Section 80C for repayment of home loan to the extent of 1.5 lakh rupees every year along with other eligible items.
I inadvertently and unwillingly missed IT return
I inadvertently and unwillingly missed IT return of FY 2018-19 till now. Recently, I got a show-cause notice under clause(b) of section 148A of the Income Tax Act 1961 that X amount remained unassesse
1 year ago
A. Hello Sir,
Your penalty depends upon the amount which you have to pay. It cannot be assume earlier without knowing the amount.
Tax related
Can we claim interest under 24b (2 lac) (different house property), 80EEA (1.5 lac) (different house property)and hra deduction (different house property)altogether?
1 year ago
A. Yes, deduction of interest paid on housing loan can be claimed under sec 24b provided there is an interest paid certificate received from bank as a proof.
Deduction of interest paid under Sec 80EEA can be claimed in addition to Sec 24b only if the stamp duty value of the property is less than 45 lakhs and it is the first property for the buyer.
House rent allowance can be claimed in addition to deduction claimed under Sec 24b i.e. 2 lacks and additional 1.5 lacks as per Sec 80EEA only if the buy ...ReadMore
Tax is applicable for Demise person ( legal heir)
Our company is planning to provide financial assistance to our one of the (Mr.)employee, who was demise on 8th dec-22.So they have plan to provide Gross salary to her wife. is it taxable under income
1 year ago
A. Dear Client
It is moreover a taxation matter it would be better to get advise from a taxation expert, CA or an Accountant.
Hope it Helps.
Buying a flat from someone who has German citizenship
I am buying a flat from a married couple who has German Citizenship but has Indian PAN card, AADHAR, Indian Bank account and Voter ID card. They have joint ownership of the said flat. They now have be
1 year ago
A. Dear client,
Buyer is required to deduct TDS at the rate 1% if sale consideration is 50 lakhs or above but from 01/04/ 2022, TDS is required to be deducted if stamp duty value of property is also 50 lakhs or more. This means TDS is required to be deducted if stamp duty value of property or sale consideration exceeds 50,00,000.
It is always better to consult a real estate lawyer before buying any property. Take all the documents and give them for verification once and they will let you know what ...ReadMore
ITR TDS DEPOSIT POST DEDUCTION
Can a tds deductor deposit TDS after two years of deduction?
1 year ago
A. Dear Client,
The TDS deductor can deposit TDS after two years after paying the necessary penalty. The default will come under section 201A and the deductor will be charged interest on default of 1.5% per month from the date of deduction to date of actual payment.
Thank you so much, I hope this answer helped you.
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
1 year ago
A. Dear client, in my humble suggestion, you should consult a chartered accountant who can better resolve your query.
