Tax
icon HRA claim related query

I am purchasing a property in Delhi in my mother's name. But since she is a housewife with no source of income, I will be her co-borrower in the home loan that we will be borrowing from a bank. 1) No

1 Response(s)

3 months ago


A. Dear Client
Since both of you are going to be the co-borrowers hence the property will be in the name of both the persons and
1. You cannot have rental agreement arrangement with your own property
2. Both of you will be able to claim tax benefits

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icon P2P Trading

I am a P2P Trader, if I daily buy 1 lac rupees crypto and sell, my profit on selling is 2% to 3%. I have to pay tax on my profit or on transaction amount because one of my friend told me I have to pay

2 Response(s)

3 months ago


A. Dear Client ,
You will not have to pay tax on the transaction amount rather you will have to pay the tax on the gain that you make. The gains from trading crypto currencies are subject to tax at 30% (plus 4% cess) as per section 115BBH and for that you shall be taxed. Also be advised that P2P transaction leads to debit freeze many a times as ...ReadMore

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icon Play online international lotteries lawfully

can an indian resident living in maharashtra , play online international lotteries lawfully ? on winning can he bring back prize earned in foreign exchange by paying applicable taxes?

2 Response(s)

4 months ago


A. Under the Lotteries Regulation Act, of 1988, the state governments have been authorised by the central government to make their laws related to the game. As a result, some states have banned it and some still consider it legal.

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icon TDS on immovable property Section 194-1A (Joint Buyers)

The property value is 90 Lakhs but individual share of a buyer is 45 lakhs each (as it is a jointly owned property by husband and wife with 50-50% share on EMI deduction) in this case is TDS applicabl

1 Response(s)

4 months ago


A. Dear Client
Section 194-IA should be interpreted from the perspective of Transferee (Purchaser) thus this limit of Rs. 50 Lakhs is for purchase consideration paid by each transferee and not on total consideration. In your case as consideration paid by each transferee does not exceed Rs. 50 Lakhs thus this section should not apply. But due to lack of clarity, Assessing Officer may demand compliance of this section.

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icon Ltcg tax

My dad is going to purchase a second house (36 lakhs) in kerala with his savings. After that he is going to sell our first house in Maharashtra (asking price 40 lakhs), which he built in 2003. At that

1 Response(s)

5 months ago


A. Dear Client,
In India, when you sell a property, you may be subject to capital gains tax. The tax liability depends on several factors, including the holding period of the property, its sale price, and the cost of acquisition. If your father has owned the Maharashtra property for more than two years, the gains from the sale will be classified as long-term capital gains (LTCG). If the property is sold within two years of acquisition, it will be considered short-term capital gains (STCG). For LTCG ...ReadMore

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icon ITC availed in IGST instead of cgst

Is there any remedy available in law where ITC of CGST,SGST has been incorrectly availed in IGST or vice versa?

1 Response(s)

6 months ago


A. Dear Sir,
Your question may be effectively answered by any income tax practitioner or auditor or GST practitioner.

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icon Tax on sale of property that is purchased via loan

I purchased a residential plot on loan and the total net price excluding registration charges and loan interest was 22.5 lac, If i add the interest i paid on loan then total becomes 27 lac, i recently

2 Response(s)

6 months ago


A. Dear Client,
The sale of a residential plot can have tax implications in terms of capital gains tax in India. Capital gains are categorized as either short-term or long-term based on the holding period of the asset. In your case, you mentioned that you held the plot for more than 2 years after the loan was settled. This implies that the gains will be treated as long-term capital gains (LTCG).

Here's how the taxation would work:

Long-Term Capital Gains (LTCG): If you held the residential plot f ...ReadMore

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icon Capital Gains and EWS

For EWS certification, are Capital Gains from Mutual Fund sales considered as income against the 8 Lacs limit? I read somewhere that only income from Intraday trading is considered as regular income,

2 Response(s)

6 months ago


A. Dear client,
Capital gains from mutual fund sales are considered as income for ews certification. However, only the gains are considered, not the whole sum withdrawn.

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Tax
icon Section 54 and 54 f of income tax

I sold shares and invested in flat A and claimed LTCG exemption u/s 54 F I sold my flat ( Not flat A) and invested the proceeds in another flat B and claimed exemption u/s 54. Can I do both these tra

3 Response(s)

6 months ago


A. Dear Client,
Section 54 and Section 54F of the Income Tax Act provide exemptions on capital gains tax arising from the sale of residential properties. However, there are specific conditions and limitations associated with each section. Let's break down your scenario:

Section 54: This section provides an exemption for long-term capital gains arising from the sale of a residential property if the taxpayer purchases another residential property. The conditions for Section 54 include:

The new res ...ReadMore

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icon Tax Section 54 and 54 F

I sold shares and invested in flat A and claimed LTCG exemption u/s 54 F I sold my flat and invested the proceeds in another flat B and claimed exemption u/s 54. Can I do both these transactions in s

1 Response(s)

6 months ago


A. Dear Client,
Under Section 54F of the Income Tax Act, individuals can claim an exemption on long-term capital gains (LTCG) if they sell a residential property (other than a new residential property) and invest the sale proceeds in buying or constructing a new residential property.

Similarly, under Section 54 of the Income Tax Act, individuals can claim an exemption on LTCG if they sell a residential property and invest the sale proceeds in purchasing another residential property.

To answer yo ...ReadMore

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