Ceation of HUF
Ceation of HUF
My father expired recently. I want to know if HUF Account can be opened with my mother and brother. If yes can proceeds from my father FD' PPF be transferred to the HUF account so that tax liability o
4 months ago
A. Dear Client,
In the context of Hindu Undivided Family (HUF), it's typically formed by a family where the members are lineal descendants and share a common ancestor. If your family qualifies as an HUF, you can open an HUF account with your mother and brother. However, the possibility of transferring proceeds from your father's FD and PPF to the HUF account might depend on the specific terms and conditions of these financial instruments and the financial institution's policies. It's advisable to c ...ReadMore
Investing in Plot but half amount is paid by my dad
Will I get income tax notice If my dad is depositing 30L in my account for land registration? Another half I am applying for Home loan. How to manage this father to son transaction? Father's money is
4 months ago
A. Dear Client,
Your father comes under the category of your relative, and any monetary amount given by him will fall under the category of gift and it will not be taxed.
Thank You.
How to Claim Refund for Automatically Adjusted Demand Notice
How can I request a refund of the automatically adjusted Demand Notice amount of 7500 for AY 2022-23, which was settled in the refund Intimation order of AY 2023-24? but on Filing Rectification for AY
5 months ago
A. Dear Client,
If you believe that the adjustment was incorrect and you are entitled to a refund, you may file a rectification request. This can be done online through the Income Tax Department's e-filing portal. Make sure to provide all necessary supporting documents and details. If the ITO is satisfied that there was an error in the original intimation order, they will issue a revised intimation order that reflects the corrected tax liability and initiates the refund process. Once the revised in ...ReadMore
Double taxation agreements
there is a company in canada giving loan to an indian company and that indian company is providing interest on that loan, the interest is transferred to USA bank account of the canandian company. what
5 months ago
A. Dear Sir,
You may contact the International Advocates who have knowledge of International transactions more particularly loan transactions.
Tax implications on sale of property through GPA
Mr. A owned a plot and he gave GPA to Mr B in June 2022 and got it registered it. Mr. B sold it to Mr. C and did the registered conveyance deed in Aug 2023 and got the title of ownership transferred f
5 months ago
A. Dear Client,
1) In India, the buyer (Mr. C) is generally responsible for deducting TDS at the time of making the payment to the seller (Mr. B) in a property transaction. In this case, since Mr. C paid the consideration of 75 lakhs to Mr. B, he is responsible for deducting TDS as per the provisions of the Income Tax Act. Mr. C should deduct TDS on the entire consideration amount at the applicable TDS rate and deposit it with the government.
2) If the property is registered at a value lower tha ...ReadMore
Income tax evasion since 10 years.
I know few people who are landlords and are evading taxes since 10 years. They were raking 50-60 Lakhs per year in rental income off the books. They were taking everything in cash without providing PA
6 months ago
A. Dear Client,
Reporting tax evasion is a civic duty, and the government takes such reports seriously. The Income Tax Department may maintain confidentiality about your identity. However, there is no absolute guarantee, and in some cases, your identity may be disclosed during legal proceedings or investigations. If you have concrete evidence to support your claims, it is essential to provide this information to the tax authorities. You can approach the Directorate General of Income Tax (Investigat ...ReadMore
TDS Certificate for Accounting Year 2021-2022 for HDFC Mutual Fund Folio Number 18026369 and 42
We regret to inform you that I did not received TDS Certificate for Accounting Year 2021-2022 for HDFC Mutual Fund Folio Number 18026369 / 42. As a result I had received a Demand Notice from Income Ta
6 months ago
A. Dear Sir,
You may get issue a strong legal notice threatening to approach Consumer forum for such lapse on the part of bankers.
Tax Credit not given by IT deptt
I am a retired CPSU employee. I filed my return for assessment year 2022-23 before the last date of paying income tax. Despite depositing tax, I am getting tax notice from Income Tax Department. I hav
6 months ago
A. Dear
Respond to the complaint: Prepare a formal response to the complaint filed against you. Clearly outline the terms of the verbal agreement made in front of the police and any other relevant details that support your case.
Gather evidence: Collect any evidence that supports your position, such as records of the verbal agreement, communication with the tenant, and any other relevant documentation. This evidence can help you establish the terms of the agreement and demonstrate your compliance ...ReadMore
short-term capital gain
In 2021, I incurred a short-term capital gain, resulting in a tax liability that I couldn't settle due to financial challenges caused by the COVID-19 pandemic. I've recently received a notice from the
6 months ago
A. Dear
Respond to the Notice: Make sure to respond to the notice within the stipulated timeframe, even if you are unable to pay the full amount immediately. This shows your willingness to cooperate with the tax authorities.
Negotiate an Installment Plan: Contact the tax department and inquire about the possibility of setting up an installment plan to pay off your tax liability over a period of time. Many tax authorities provide such options for taxpayers facing financial difficulties.
Seek Profe ...ReadMore
RENT AGRREMENT AND HRA
on my company CA advice for claim higher HRA exemption, i have notarize the rent agreement and paying rent last two years of rs 150000 per month to my mother through NEFT submitting rent receipt in o
6 months ago
A. Dear
Gather Supporting Documents: Collect all relevant documents, such as your NEFT transaction records, rent receipts, and other evidence that demonstrates the legitimacy of the rental agreement and the actual payment of rent to your mother.
Consult with a New CA or Legal Advisor: Seek guidance from a new Chartered Accountant or a legal advisor experienced in property and tenancy matters. They can provide you with expert advice on how to present your case in court and address any discrepancie ...ReadMore
