inherited gold of mother who passed away in 2019 (she got all before 1971-from her mother, husband and mother-in-law)
we sell it in 2019 is this working correct-eg 100gms x 4300 (fmv as on 1st april 2001 is 4300inr)=430000
indexed price-430000x289/100 (289 cii of 2019 and 100 cii of 2001)=1242700-(sale price 100gmsx3600=)360000=
then the amt arrived at is a very big amt so i think this working is incorrect

query-please reply--where price is unknown for inherited gold purchased before 1971, (mother received from her mother, mother-in-law and husband), we receive after mother passes away in 2019 and sell in say 2019, is the following working for tax amount on LTCG on inherited gold correct? Am ready to pay some amount for professional advice reg. the foll. queries--

1) working-let us say an eg to tell if d working is correct--FMV as on 1st april 2001=4300 INR so let us say for 100gms working--

        fmv          100gmsx4300  =  430000

     -sale value-100gmsx3000 =   300000

                                               =   130000x20% = 26000

 +4% health&edu cess on 26000=                         1040

                                                      tax payable   =27040

If carrying out business of reselling bislery water. purchased vehicle on Gst business name and used for transportation of goods. In such case can we take ITC of vehicle gst paid at time of purchased.

Sir
I want your advise. If one sells the property in April or May 2020 then what will be the indexation rate ie. 289 or. it will change. Pl guide.
Regards
Thanks

Dear Experts,

as per the section 18(3) credit will be transferred only on sale, merger, demerger, amalgamation, lease or transfer of business.
if the Registered person changes the nature of business ( from one product to another , ITC will be available or NOT

Hi,

Please confirm if the due date for 80G investment has also been increased to 30 June 2020?

Thanks.

I Naveen Kumar, a B.Com Student had attempted CPT old syllabus in november 2017 but I could not Qualify in the exam and Failed in it.
As in 2017, they announced new syllabus for CA Foundation, I decided to do Inter CA Direct Entry Scheme after comleting my B.Com Course.
But, I had a backlog subject in my 3rd semester B.Com (Second Year) for which I wrote a re-exam in my 5th semester B.Com (Final Year) but could not clear it. Now I am worried that I need to wait for another 6 months to write re-exam for my 3rd Semester Backlog paper. So should I attempt for new syllabus CA Foundation Course in these 6 months or should I wait for 6 months to write re-exam for my 3rd Semester Backlog paper and then apply for Inter CA Direct Entry after receiving my degree certificate

Sir

Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. Thus liability to pay GST to government is of Receiver of those Goods / Services.

Normally , Recipient is eligible credit of this gst paid under reverse charge , provided conditions mentioned in gst credit rules satisfies.

( Hence below will be the accounting entry in books -
Freight Expenses ----------- DR 100
GST Receivable -------------DR 5 - [Cr.eligible on payment]
Transporter ---------------------CR 100
GST Payable-------------------- CR 5 )

However in case where the final product of Recipient is exempt under GST , credit of gst paid under reverse charge will not be available.

In this case question arises whether "the liability to pay tax" means "responsible to bear the expense".
Whether recipient should treat gst paid under reverse charge as his expenses or he can deduct the same while making payment to transporter. In both the cases gst paid under reverse charge will remain same.

( In our example , below will be the 2 different views -
View 1.
Freight Expenses ----------- DR 105
Transporter ---------------------CR 100
GST Payable-------------------- CR 5
View 2.
Freight Expenses ----------- DR 100
Transporter ---------------------CR 95
GST Payable-------------------- CR 5)

Whether both of the above views are correct.
Any supporting explanation / notification in gst.

Kindly Advice,

Dear sir,

ocean freight (RCM) we have mentioning under A(3) i.e inward supplies liable to reverse charge but we heard some where we have to mention under table A(2) i.e Import services, which one correct sir?

1) which services will come under import services..

Res sir, Maine Dec 19 me gstr 3b me dusri party ka pur bill by mistake claim ho gaya hai to mai ab iske liye kaise reverse karo jo party ka liya hai usko debit note issue kar ke karu kya dusra option bataye