Capital gains from sale of properties
I sold a property on 2020 which was on my name for 45 lakhs. I sold my house in 2022 which was on my wife's name for 95 lakhs. With the proceeds of both, I bought a new house for 75 lakhs registered o ...
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A.
Dear Client
To calculate the capital gains tax on the sale of your property, we need to know the following information:
1. The cost of acquisition of the property that you sold in 2020
2. The cost of acquisition of the property that your wife sold in 2022
3. The selling price of both properties
4. The cost of the new house that you purchased in 2022
As per the Income Tax Act, you can claim an exemption on long-term capital gains by investing the proceeds in a new house. The exemption is avail
Vidhikarya
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Money transfer form abroad.
I will be lending money to a borrower. Money is with my NRI son. Should I get money into my bank account and lend it, or can my son transfer it directly to the borrower's bank account? Will it be cons ...
A.
Dear Client,
It is purely a question relating to financial matter as such it could be answered in a better way by either chartered accountant or auditor.
Vidhikarya
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ESPP shares
I have received a summon from IT India referring to undisclosed foreign assets or interest. It does not specify any assets in specific but only assets of such nature that I have is ESPP stocks. I ...
A.
Dear Client,
It is purely a question relating to financial matter as such it could be answered in a better way by either chartered accountant or auditor.
Vidhikarya
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Money transfer form NRI
A lender is the resident Indian but his son is NRI. Can the son directly transfer the money to the borrower, without the lender having to receive it and then transfer it to the borrower?
A.
Hello Sir,
I didn't understand facrs which you have provided. Please make it more clear a d let us know.
Thank you
Vidhikarya
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TCS ON LRS SCHEME
Sir my account has negative balance due to tcs on LRS which is applicable on my international withdrawal. In my case bank haven't collected any tax at withdrawal which is supposed to collect my friend ...
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Hello Sir,
I didn't understand your question. Please make it more clear and let us know.
Thank you
Vidhikarya
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HRA exemption
I didn't updated rent agreement and details to my employer, employer has shown minimum HRA under salary slip which results least amount to be exempted in the form 16. Is there any way to claim complet ...
A.
when filing your return you can claim the entire amount whatever actually paid, the employer whatever amount left over that you can mention in the return and get refund
Vidhikarya
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Vidhikarya
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Section 80 CCD
Can we invest let's say 5000 in section 80 CCD (1) and the 50000 under section 80 CCD 1 (b). If yes how that can be done ? Note : For the remainder amount I intend to use ELSS as my option
A.
As per income tax, all claims are subject to a maximum amount, which will change every year, and each section comes under a chapter. the entire chapter will give an exemption fixed amount only.
Vidhikarya
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Taxation on house rent received for jointly owned property on which EMI is there
We have bought a house jointly (husband + wife). The house has been purchased with the help of housing loan (loan taken jointly in the name of husband and wife) on which EMI is currently planned to be ...
A.
Dear Sir,
Better clarify your financial doubt with any Chartered accountant or Auditor who will be more acquainted with such issues.
Tax
taxes for non-residents - I came from Russia on a tourist visa
Hello, I came from Russia on a tourist visa. I plan to stay in India for a long time. Please tell me what taxes I have to pay on my salary. I am an individual and the employer is from Cyprus.
A.
Dear Client,
NRIs have to pay income tax on income earned in India. NRIs have to pay tax on income that accrues or arises in India. NRIs also need to pay tax on income which is deemed to accrue or arise in India. Money received or deemed to be received in India is taxable.
Vidhikarya
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TDS query - I have not worked
Hi Sir, i have not worked from April'22 to Aug'22. However i will get a job offer by next week sep 15 2022. How will the last 5 months tax calculation happen as i have no other income for the last 5 m ...
A.
Income tax is calculated on the net salary. A net salary is the gross salary minus the allowances and deductions for the financial year. It absolutely depends upon what is your total monthly taxable income (The total monthly taxable income is the total taxable income for the financial year divided by 12 months)
Vidhikarya
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