Capital gains tax computation
Capital gains tax computation
My mother gifted me and my wife property jointly in June 2024. If we sell it for 4CR in October 2024 and buy a residential house for 1CR in December 2024, what would be our tax liability? Will we get
Posted Yesterday
A. Dear client
You will have to pay capital gain tax on remaining three00,00,000, and since you are going to use one crore out of the sale proceedings to buy a residential house. Therefore, no capital gain tax will be applicable on that amount of one crore..
For a detailed analysis and amount of tax capital gain tax that has to be paid, you must consult a very good chartered accountant who should be able to calculate the exact amount that you will be required to pay
Tax implication
am about to buy a property in Noida. I am taking about 30 Lakhs from my father's savings account through online transfer to my own account. Will this have any tax implications for my father or me?
1 week ago
A. Dear Client,
Hope this reply answers your query. As it is earned by your father, taxe implications are for your father. Any gift received is not taxable.
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Tenant who is not paying
I have a tenant who is not paying the rentals but deducting the tds on rentals and submitting to the IT department
2 weeks ago
A. Dear Client,
Deduction of TDS without crediting the amount paid to the payee to take the benefit of exemption allowed to a Salary income under Section 10 (13A) of the Income-tax Act, 1961 is a violation of Income Tax Laws. In the given scenario, if you are aware of the tenant's PAN, serve a legal notice to the tenant informing that unless he or she paid the outstanding rent within 10 days of receipt of the notice, then the matter may be informed to the Income Tax Authority. In case the notice do ...ReadMore
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Huf
My father was karta of huf having Me and my mother as coparceners. AFTER HIS DEATH I BECAME KARTA WHILE I WAS KARTA IN MY OWN HUF ALSO HAVING MY WIFE AND DAUGHTER AS KARTA. AFTER MY MOTHERS DEMISE CAN
1 month ago
A. Dear Client,
Any woman who enters the Hindu Undivided Family by way of marriage is only considered a member and not a coparcener. Hence, wife cannot become kartas in an HUF. If you are currently the karta of the HUF, then in case of your death, your wife can only act as its manage. As such, she can manage the property and business or file taxes, but cannot sell or borrow against the HUF’s assets. The High Court held that a daughter can serve as the Karta of a HUF, as the acknowledgement of da ...ReadMore
Vidhikarya
Reporting of Black money
Some body accumulated huge wealth without submitting income tax return
1 month ago
A. Dear Client,
In the given scenario, visit the official website of the Income Tax Department.(https://www.incometaxindia.gov.in) and look for the option "file complaints on tax evasion/violation of tax laws" or a similar link. Online reporting is available for reporting tax evasion and black money cases. Apart from this, you can file a complaint against the person online to the Financial Intelligence Unit(FIU) - India, a wing of the Ministry of Finance or at their email address at complaints[at] ...ReadMore
Vidhikarya
IT return for 2023-2024 using New tax regime
Wanted to know whether saving bank interest amount is exempted in new regime when interest amount is less than 10,000/- and also preventive Health checkup of amount 5000/- is eligible for deduction in
1 month ago
A. Dear Client,
For a residential individual (age of 60 years or less) or HUF, interest earned savings bank account upto Rs.10,000 in a financial year is exempt from tax under Sec.80TTA of the Income Tax Act in the new tax regime. A deduction of Rs 50,000 or the income amount, whichever is lower, is allowed exclusively to Sr. Citizens as a deduction from the gross total income under Section 80TTB. With the introduction of Section 80TTB exclusively for senior citizens from the FY 2018-19, deduction ...ReadMore
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HRA exemption
Can I claim HRA for both places if I stay(and pay rent) in A city(rented space) and pay rent to my parents(in B city) owned house to them(parents), provided I have rent agreement for both places and I
1 month ago
A. Dear Client,
HRA exemption is allowed under section 10(13A) of the Income Tax Act. Further, Rule 2A of the Act stipulates the conditions to be satisfied to claim HRA exemption. One of the conditions given in Rule 2A is: the allowance must be specifically granted to the employee by his employer to meet expenditure actually incurred on payment of rent in respect of residential accommodation occupied by the assessee. Accordingly, the HRA exemption will be available only in respect of the rented res ...ReadMore
Vidhikarya
ITR filling
I need your advice on following. I had made a post office term deposit for 5 yr. But unfortunately for meeting some urgent needs I had encashed it just after one year and paid penalty @3.25%. My query
2 months ago
A. Dear client,
You can book the loss from the early termination of your post office term deposit on your tax return by adjusting the interest earned. Although you cannot directly deduct the penalty paid, you should reflect the actual amount earned by reporting the total interest received and then subtracting the penalty to calculate the net interest income. For example, if you earned ₹8,000 in interest but had to pay a penalty of ₹3,250, you should report ₹4,750 as your net interest income i ...ReadMore
Vidhikarya
Urgent - Query on Wrong Invoices by Vendors and ITC
Hello Experts, My vendor has issued some wrong invoices to us which we have informed them that we are not accepting the said invoices, we have not booked nor taken any ITC on those invoices, this i
2 months ago
A. Dear sir,
You may immediately check with your chartered accountant and accordingly get draft legal notice and threaten to initiate to file civil and criminal case.
Tax on sale of inherited rural agricultural land
Hello, I have sold recently an agricultural land which i inherited from my parents. Sale was 30 laks INR. My question is that do I need to pay income tax on this sale or is it tax exempted? If it us t
3 months ago
A. Dear Client,
The sale of agricultural land may be exempt from income tax under certain conditions specified in the Income Tax Act, 1961. If the agricultural land is situated in a rural area, it is exempt from capital gains tax under Section 10(37) of the Income Tax Act. Rural agricultural land is defined as land that is not situated within specified limits of a municipality or cantonment board having a population of 10,000 or more, or within specified distance from such municipal limits.
If you ...ReadMore
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