Dear Sir,
Please advice the above transaction-Surcharge Rate
case Summary: -
Mr. X (Individual) Purchased a property in India date 30.04.2024 from NRI of Rs. 12 Crores.
NRI profit- Long term capital gain on Property Sale of Rs. 8 Crores Approx.
Then NRI submit the request to AO for LDC as per his Tax calculation, he takes benefit of cost indexation of the property sale in the tax calculation.
AO verified the Tax calculation and LDC issued to NRI for his Long-term capital gain (Property sales) as per below mention Tax rate.
20% TDS +Plus Surcharge extra
So, Mr. X Individual need to deduct TDS u/s 195 under the head Long term capital gain (Property Sale) as per LDC received
TDS 20% +15% Surcharge and Form 26QB filed properly.
Traces raised demand related to Surcharge rate short 25% demand but deduct 15% by us.
So, What is the Correct Surcharge rate applicable on the above transaction.
Dear Sir,
I am an nri having a FCNR DEPOSIT with INDUSIND BANK. I do not stay in India , but do visit India for short periods of 90 days or 120 days . My status regd with income tax is NON RESIDENT.
Unfortunately Indusind made a report to I .tax SFT-011 that a matured proceeds of FCNR DEPOSIT in us dollar
was remitted overseas. Indusind Bank falsely declared Rs 85 lakhs in the SFT -011 report. Can I sue the Bank for false inaccurate sft reporting for non resident Indian ?
My question is ...Do Banks have to declare SFT reports for FCNR DEposits overseas matured funds remitted in usdollar ??
request please answer my email id arjunmahtani@gmail.com THANKS
An individual would be resident in India if he stays for 182 days or more in India during the previous year or if he stays for 60 days during the previous year and 365 days in the 4 years preceding previous year. If an individual fails to satisfy the above conditions, he will be considered as a non-resident in India
In the above context, what would be tax liability in the following case-
- a Indian person working outside India
- having foreign income of Rs 1 crore or above
- pays income tax in that foreign country and
- income in India is less than Rs 5 lakh
- and visits India for about 80 days during PY 2024-25 and more than 365 days in the last four PYs.
What would be the tax liability?
HI! i have no business income my income includes salary, capital gain and other sources and filed return for the F.Y. 2023-24 in new tax regime , i want to file revised return. can i file revise return in old tax regime???
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