My daughter is an NRI, and I am a Resident in joint property. She has made definite 100% contribution through her Bank A/c and I have paid nothing. Under Income Tax law, she is the owner and I am not even a co-owner.
To avoid Income Tax complications later on:
• I feel the Buyer must pay 100% of sale proceeds to my NRI daughter in proportion to her 100% contribution towards cost.
• Moreover, being an NRI owner, under Income Tax law it is mandatory to remit the entire sale proceeds to her into her NRO A/c only.
• If 50 % payment is made to her and 50 % to me, will not the ITO issue a Notice to my NRI daughter and to me, and perhaps also to the Buyer as to why the NRI property proceeds were split and 50% paid to me into a resident a/c, which is illegal, especially since the Resident’s contribution is zero?
• The ITO may even consider any 50% payment to me as a windfall for me being without any consideration, and include it in my income for tax purposes!!

• This is all the more so, as all NRI details, including % contribution, NRI TDS % of 22.88 % (instead of 1%) etc will be mentioned in the sale agreement and sale deed.

I, the Resident so-called “co-owner” can give an NOC to the Buyer or his Bank for making 100% payment to the NRI 100 % contributor to avoid 50:50 % payment by Buyer to each of us.

I hope your expert opinion concurs with my views
Thank
D. C. Bhargava

While filing my ITR 2 at validation stage after several iteration I am getting this error 'In Sch CG, value at field E9 is not equal to the Col no (1-2-3-4-5-6-7-8). This I am not getting rid off.
Any one pl help.
Regards,
Harshad Khona

Respected Sirs,

Ours is an export house having sales turnover more than 20 Crores per annum. During the period from April 201 till this moment of time we have purchased raw material from one of our suppliers for Rs 2.42 Crores and payment has been made. As we were not aware of the prevailing rule of TDS u/s 194-Q and just because of unawareness inadvertently we did not deduct TDS. Please guide me what to do in such case now.

We have received TDR & Land In lieu of Construction of Public Utility, So When to Book TDR revenue and Land Revenue. TDR revenue should be booked at the Time of Receipt of TDR Certificate or at the Time of actual sale of TDR? Land Revenue should be booked at the time of Receipt of Land or at the time of actual sale of Land?

Ours is a partnership firm, providing services like projects, trainings, Seminars, Workshops,Internships without maintaining books of accounts. how to compute income tax? under which section and percentage?

Previously I used to e-file entire ITR using Excel Utility and also used to save all ITR, so that I could re-use them in case of Revised ITR or for other reasons. Now, the excel utility is withdrawn . Whether I can now save the ITR of AY 2021-22 like earlier ?

Interest u/s 234A for delay in filing of Return of Income is getting calculated in case of non audit cases returns to be filed by 30th September

What can be done to rectify above and file return of income

Respected Sir,
During the period of the financial year 2017-18 we had filed 15-CA & 15-CA pdf file of which we had saved in our computer. While opening the said pdf file, it is asking us to put the password. What is normally password for 15-CA & 15-CB. Whether these files are password protected ? Please guide me and oblige.

Dear Sir,

We do sales through our online portal and has take Razorpay Payment Gateway, kindly confirm whether TDS to be deducted on fees deducted against payment received.

If Applicable please confirm Section

Dear Sir,

One of my client has got a receipt entry in Bank amounting to 50 lacs. He said me that he has received the amount as loan from a friend and the same will be repaid by him in parts.

My query is whether such transaction is allowed as per Income tax. There is no TDS deduction made on this transaction.

Regards,
Divyesh Jain