Hi all. following is the query details
JDA entered on 16.02.2019 for a total of 10 flats construction. The owner got 6 and the builder got 4 flats. My client (owner) has sold 2 flats out of the 6 after getting the completion certificate in the month of November 2023. Here my questions are
1. should I consider the Stamp duty value of the 2 flats as on the date of completion certificate as the FULL VALUE CONSIDERATION OF THE TWO FLATS SOLD or should I consider the actual value of the money received on the sale of the 2 flats?
2. Should I calculate the capital gain as a whole or on an individual flat basis?
Please clarify me. Thanking you in advance.
We make use of the World-Check Information Products subscription service as a corporate client of Refinitiv Ltd. And in order to pay for these services, we need to do Outward Remittance to UK.
Refinitiv Ltd, a resident of the United Kingdom, does not have a fixed base or permanent establishment in India for the purpose of conducting business, making it a non-resident under Section 6 of the Act.
They have provided us TRC, No PE declaration, and Form 10F. In that would like your advice on whether or not TDS is applicable.
Regards,
I have entered into agreement for purchase of flat on24.02.2020 and amounts are paid through bank loan.Flat is not registered in my name.
Occupancy / possession taken on 08.06.2022 .
I have sold the flat on Sept 2023.The sale deed shows my name under "Consenting witness"and not as VENDOR.
Buyer has deducted TDS in my name even though flat has not been registered in my name
I have capital gains of Rs.20 L on this transaction
I have entered into other agreement for purchase of flat on Oct 2023 and paid entire cost of flat.
Can it be treated as long term capital gain and can I claim exemption under section 54 / 54F
Hi Sir,
My CA filed return for AY22-23 incorrectly considering only one form16a instead of two ( I had company transfer and so had two form 16s) as a result I got a tax notice.
For correction she filed updated return u/s 139(8A) which got rejected with "Updated return filed not complete hence not valid". After this updated return, there is no tax liability shown in portal but I am expecting refund since I have paid more taxes during that year.
Please suggest how to proceed.
Thanks,
Sonal
FACTS:
There are some house properties and vacant lands that are jointly owned by myself, my sister, and my mother. Rent is being credited directly to my mother's account based on the NOC given by my sister and myself. We don't want to claim anything from that rent. These properties were inherited equally by all three of us from my Late father based on Hindu Succession. TDS where applicable is also being deducted by the tenant only in my mother's name.
DOUBTS:
Whether the income from rent need to be shown in the ITR of all co-owners or only in my mother's returns? Is this a case of diversion of income by overriding Title or merely an application of income?
How much gift a brother can receive in india from his brother reside abroad via bank transfer in Yearly basis.
Respected Sir
The Cash Expenses Limit in Income tax is Rs.10,000
My first question is - is this limit Include Purchase of goods
If we Purchase goods for sale more than 10,000 then we have to pay this amount other than Cash ???
And the Second question is if we declare our income under presumptive u/s 44ad than also this rules are applicable ???
Sir,
Please Tell us bearer Cheque limit as per income tax.
Sir, we made advance payment of Rs. 1 crore on 03.12.23 to buy a machine worth Rs. 2 crore, but no TDS was deducted, now today invoice received, so which TDS and late payment penalty will arise, and which amount. Kindly advice.
Thanks
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
Section 43B(H) Income Tax