Free Legal Advice

Dear Sir,
It is purely a question related to finance and income tax as such you may please contact any chartered accountant or auditor.

Dear Client,
Incidentally, crypto-currency trading is neither illegal nor regulated by any specific legislation yet in India. As per the Foreign Exchange Management Act (FEMA), individuals involved in unauthorized forex trading can face penalties, including fines and imprisonment. It is crucial to adhere to legal guidelines and trade only through authorized platforms to avoid such risks. If you are trading through official means and a SEBI-registered broker, your forex gains will be taxed in lin

Dear Client,
None other than the property owner entered into a rent agreement with the tenant. However, if the property owner empowers his or her spouse through a registered Power of Attorney, then he or she can execute a rent agreement with the tenant. Income generated from the renting of the property is taxable to a property owner, but whether an owner can show such income in the ITR to be filed on behalf of a spouse is the subject matter of the Income Tax Act. Income Tax is a branch of law or

Dear Sir,
capital gain will be considered in your transection that is what profit you got by selling your property and not the profit of subsequent purchaser

Dear Client,
GST is a destination-based tax, i.e., the goods/services will be taxed at the place where they are consumed/used and not at the origin. So, the state where they are consumed will have the right to collect GST. The place of supply of goods under GST defines whether the transaction will be considered intra-state or inter-state, and accordingly, the levy of SGST, CGST & IGST will be determined. According to Section 24 of the CGST Act, every seller selling through e-commerce operators

Dear Client,
You did not disclose your age in the query which is very crucial in the context to address your query suitably. However, be informed that the customer opens a Current account for doing frequent business transactions, bulk transactions, and high-value transactions. Generally, banks don't allow minors to open account individually with full-fledged operations. A minor can't open a current account as he has no right to contract under the Contract Act. If you are able to earn you may do

Dear Client,
Regardless of the ground behind the devolution of a property, when a property is owned jointly, in the absence of a co-owner, the surviving owner can apply to the concerned Municipal Authority for a mutation of property tax in his/her name along with death certificate of previous/recorded owner(grandfather), co-owner(father) and all the relevant papers of the property and following the standing procedure of mutation. For more information, you may contact the office of the concerned

Dear Client,
As stated by you in the query, since your income is below than threshold limit of income i.e, Rs.2.5 Lakhs in a financial year, applicable to a person under 60 years of age, you need not pay any income tax. Income Tax is a branch of law or legislation, that eventually comes under the arena of Chartered Accountants and Tax Consultants who have expertise and in-depth knowledge on the subject and may guide you properly on the subject.

Dear Client,
Regardless of the use of the capital gains arising out of the immovable property, you have to pay tax on long-term capital gain(LTCG) unless you follow the provision of Section 54 of the Income Tax Act to claim a rebate of tax on LTCG. To claim a tax rebate under Section 54 of the Income Tax Act, capital gains arising out of the immovable property have to be reinvested to buy another residential house. The new residential house property should be purchased either one year before th

Dear Client,

When your mother’s brother sells the portion of the property that he agreed to allocate to you and transfers the sale proceeds to you, there are some tax considerations to keep in mind. Here's a breakdown of the process and tax implications:

Since your mother signed a release deed 15 years ago, she gave up her share of the ancestral property to her brothers, meaning the property is now legally in their names. For your brother (your uncle) to sell the property and transfer procee