We as biological parents have transfereed the title of our flat (Purchased at Rs45 lakhs in 2009) in the name of our daughter in Dec 2012 through a registered deed of settlement She had in turn given us the General Power of Attorney to do several things on the flat including renting it and even selling it on her behalf The GPA was also registered duly Our daughter was an NRI since 2002 and settled in the USA with her husband and not employed in US too. She has a PAN but not returning any tax return being unemployed while in India before marriage and also in the USA after marriage The rental income since 2014 is hardly Rs11000 PM and as PoA holder I receive this in the joint account.She has become a US citizen in April 2016. Her Indian Passport has become invalid post her renouncing Indian Citizenship She wants to dispose this property now. Whether we the GPA holder sell the flat on behalf of our daughter and after paying LTCG tax of Rs3 lakhs (10% of Rs30 lakhs CG Rs75 lakhs less Rs45 lakhs being the cost incurred by us) using her PAN ,whether we /she can repatriate the balance proceeds to her US Bank account? Is the LTCG is Rs30 lakhs or is it Rs75 lakhs? ( being settled free in our daughter's favour without any consideration)

Hi,
TDS certificate (from TRACES) is made available only once final? Or is updated as and when TDS collected is deposited?

TDS pertaining to PY, deposited in some future year will be updated in TDS Certificate of the PY itself? Can we take refund of such TDS? How?

where will i get form 16

Hi ,

Recently I brought an under construction apartment. The contruction is supposed to complete in Dec 2017 which is when the registration will happen.
I also came to know about the TDS needs to be paid for property > 50 L and mine qualifies for the same.
I had paid my previous installments ( bank to builder) without deducting the TDS ( 1%) . In this regard, will it suffice if I deduct the entire TDS at the time of the registration? Please help

Regards,
Edsel

I have been receiving mobile tower rent from Air Tel @ 10,000/- p.m.. But the tower installed on the land/building is my ancestral property having only 1/3rd share of myself. But the said property is not partitioned yet. But the tower rent is received by me only.. May I show the rental income in my IT Return ?

While doing self assessment tax submission, by mistake challan 286 is selected instead of challan 280. Please help in solving the issue.What all I have to submit along with the letter to tax officer.Please help to write the letter to tax officer.

We are manufacturer of Gram flour, Peas Flour & Rice flour (Tax exempted goods). We are currently supplying within state limit and we don''t do interstate business. Most of our buyers are small shopkeepers or sweet stalls who don''t posses TIN nos. In this case,can i raise a cash bill in name of buyer for the goods purchased without mentioning his TIN no.Kindly advise.

I have been efiling my IT Return since many years showing my business income u/s.44AD. This financial year FY 2016-17, I have sold my house for Rs.20.00 lac which was purchased by me long ago. After applying Indexed cost of acquisition, there is no any capital gain. Is it compulsory to show this transaction in my ITR ? If yes, which ITR should I use ? And how to show the nil LTCC ?

My total Turnover is Rs.27.00 lac during the financial Year 2016-17. Out of which, I have received Rs.25.50 lac vide cheques and 1.50 lac remaining receivable..May I declare income @ 6% on Rs.25.50 lac and 8% on Rs.1.50 lac u/s.44AD ? The outstanding amount of Rs.1.50 lac has been received by me in April,2017 vide cheque.

A bought a flat a decade ago. Less than three years ago, he gifted it to his two sons in equal shares through a registered gift deed. Stamp duty was paid on the prevailing market value. Now sons want to sell it. What would be the value to compute capital gains tax? The price at which the father had purchased or the market price at the time of gift deed as reflected in the registered gift instrument?