Dear Sir,

My wife has no income source as of now. She wants to do do share trading and earn money. I need advice on how should I go about it. With my limited knowledge, I can think of two options. Pl suggest if there is a better way to do it.

Option 1:
I gift her INR 1 lakh. She trades in shares, mutual funds etc. and makes profit/loss.
1. The profit or loss she makes will be added to my taxable income and I will be taxed for that. Is it correct?
2. If she reinvests the profits made and again makes profit/loss on that, it is completely her income and will not be clubbed with my taxable income? is it correct.
3. Any specific documents to be maintained for tax purposes?

Option 2:
I give a loan of INR 1 lakh to her. She trades in shares, mutual funds etc. and makes profit/loss.
1. What will be a reasonable rate of interest and tenure?
2. The profit or loss she makes will NOT be added to my taxable income. However, the interest I receive from the repayment of loan will be added to my taxable income. Is it correct?
3. Any specific documents to be maintained for tax purposes?

Common:
1. We have a joint account which is connected to her share trading site. Is it ok?

regards,
Sanjib

Hello sir, Thank you so much in advance for the solution, my Query is that one of my client running tile trading business in Maharashtra. purchase tiles from Gujrat with IGST and sells in maharashtra SGST & CGST. But the problem is that my client in maha. paid FREIGHT charges on receiving goods to third party it means TRANSPORT AGENCIES which is also registered on the portal and filing GST Return.
its a brief summary of my query.
Now my que. is that Could i claim ITC on Freight or not...?

During year ending 31.03.19, My taxable was nil and accordingly Nil GSTR 3B were filed by me. But I had also supply of green tea leaves during the year which was not reflected in GSTR 3B being exempted sale. Whether showing exempted sale in GSTR 3B is compulsorily. As I had to file my IT return for AY 2019-20, in which I will have to show my income from Sale of green tea leaves, but GST turnver wiil be nil. Hence, there will be mismatch of turnover as per IT Return and GSTR 3B. In Income tax income tax from sale of green tea leaves is not exempted. Please guide me.

Respected all Experts,

This is Jay Ranpura - Inter C.A Ma'am,

Mr. A having a Gold Business from 1985 and in 2017 he give gift of his some gold stock (500 gms) to his son Mr. B cost value Rs. 545(1 gram) (stock as on 2001-02) now his son want to sales this stock @ Rs. 4006/- (Consideration value)(Index Cost: 289).

Issue under consideration : - Can Mr. B get benefit of Indexation under this transaction with previous owner cost & index value (Means Value : Rs. 545 & Index Cost: 100)?

hello, For the Feb 2020 sales is Rs. 45000 and a dr note received for Oct 2019 bill Rs.55000/. What is the sales for Feb 2020 for 3B purpose.











B

Hello sir,
We are converting one proprietary business into Partnership firm.
Kindly request you to update us on below mentioned dilemma.
a. Can eligible ITC as per Electronic Credit Ledger will be transferable from proprietary business
to Partnership Firm.
b. If answer is affirmative, than please inform the procedure.
c. And if the same is not allowed than please inform the section.

Dear Sir / Madam,

one of my client has a taken an OD of Rs 30 lakhs, however, they have not done charge registration with Roc already it's beyond 300 days, now whats is the best solution to the client, the banker is repeatedly informing to do charge registration at any cost,
please guide us.

Can repayment of interest for loan taken by business from relatives/friend be treated as indirect expense of the business?

A bank employee is posted at Mumbai. Bank has provided him leased accomodation of which lease rent is paid directly by bank and added as perquisite in the hands of employee. Total Rent per month is Rs 58000 out of which bank pays lease rent Rs 50,000 p.m. and the balance Rs 8,000 is paid by the employee. The bank employee is having one house property in an other city situated in India but because of his job he has to live in Mumbai.

Is he eligible to claim deduction U/s 80GG in such case? Please suggest.

Sir,

My father recently demise and his business is been looked up by me now. I am running separate business all through this year and now handling my father business. Now i want to know how to merged father Income Tax filed with my IT filed.
Is it possible to merged IT filed with my father.