Income tax
Income tax
My employer credited 1 lacs to my account by mistake. Will I have to pay income tax on that amount since the amount was in my account for 40-50 days
11 months ago
A. Dear Sir,
You have to return such amount but you need not pay income tax on it since it was a mistaken transaction and you were not supposed to use that amount.
complain against income tax evasion
other than online where can i complain for income tax evasion in writing ?
11 months ago
A. Dear Sir,
You have to send registered post complaints against such person and sent the same to all concerned IT offices enclosing relevant documents.
Can wife Loan Husband 5Lakhs from the money gifted by her father
My father in law had given Rs5lakhs as a Cash Gift to my wife. This was given as cash during 2015. During the purchase of flat same year, I had taken that 5lakhs as a loan from my wife @10%ROI with th
1 year ago
A. Dear Sir,
Please contact any Auditor or Chartered accountant to get clarity as advocates except practicing on tax side cannot answer your question.
Income tax deduction
I have started working again since last year August and there is tax deduction this month from my salary i follow 6lakhs per annum category have given house rent
1 year ago
A. Dear Client,
There is no income tax to be paid unto a salary of 5 lakhs. However, please consult a local auditor regarding the same.
Income tax on shares transferred from my late aunt
Before passing away my aunt who was a foreign citizen had transferred (GIFT) Some of the shares on my name last year and few days back I sold it & received the cheque from brokerage house. As the cheq
1 year ago
A. Dear Client
In your case, since the shares were gifted to you last year, the gains will be treated as long-term capital gains, and the tax rate will be 20% with indexation benefits.Donations to registered charities can be claimed as a deduction from taxable income under Section 80G of the Income Tax Act, 1961.To minimize your tax liability, you can consider donating a portion of the gains to registered charities. Please consult a tax expert over this matter.
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.
