Dear Friends,


One of my client has bought land for Rs. 3,20,000/- of 4000 sq. ft. in Apr-2002 and he went to joint venture the same in 2009. In the joint venture the total building built area is 15,100 sq. feet.

The property has been divided 8758 sq.ft. for others(investors) and 6342 sq. feet for my client(only land). Out of this 6342 sq.feet I got the 4 two bedroom flats and one three bedroom flat and have an excess sq. feet of 607. For this 607 sq.feet the builder gave money Rs 2000/- per sq.feet. But, he never gave to my client the money and he used all of this money for the building materials to build the my flats such as Tiles, Teak wood doors, shelves , electricity works, and fans etc.

After finished construction the property value is Rs. 85.62 lacs in 2009 for my client of 4 two bedroom flats and one three bedroom flat.

Now, he is decided to sale his 1 nos. three bedroom flat which is 1950 sq.ft. and guideline value Rs. 63.37 lacs.
So, my question is how would we calculate capital gain tax for this? because, he bought land in 2002 and he went to joint venture 2009. is this joint venture can treated as expenditure cum sale of a part of property or sale cum buying of property?

kindly help me, which is correct and what is the correct capital gain tax amount?

Thanks in Advance,
Vasudevan

I bought a plot for building my residence from a Devwloper in 2007 and the plot was to be handed over by 30 June 2009. The Developer has not been ae to give possession of the plot for last 9 years. Now the builder has agreed to refund my payment along with Compensation .. 70 lakhs original plus 70 lakh compensation on account of loss incurred by me on various accounts such as land cost inflation, cost of construction, distress caused in last 9 years because of delays.
Now my question is.
1. Is income tax applicable on this compensation?
2. If yes, can I apply indexation based on CII?
3. Can I deduct any additional expenses that were incurred by me while agreement for this plot..Like broker fees, etc.?

DEAR FELLOW,
One of my clients is a Real Estate Company. It receives rent on commercial property which is below 20,00,000/- in the entire year. Now it is planning to buy an under construction commercial property with the assured return.

Is this assured return chargeable to GST?
Please explain in detail.

I am dealing in trading of purchase and sale of old car/vehicles, whether can I opt for composition scheme?

One of my client is a Petroleum Dealer ( HSD and Petrol) , LFR (Licence Fees Recovery) is credited to his account by BPCL, HPCL , How to deduct TDS on such amount of LFR and what is the nature of the payment.

194 I Rent
194 C Contract
194 J Technicle Services

Dear Experts,

I've filed TDS return through Income Tax Efiling Portal and the status is 'Accepted by CPC'. But till now in TRACES, it is showing return not filed. Please let me know the possibilities or how long does it take to show in TRACES? Please.

I have sold a house property for 90 lakh.. I have received 27 lakh in cash as first installment.. Can I deposit tds on full amount 90 lakh @1% in form 26QB. or I have to deduct TDS payment wise.. first on 27 lakh.. then on the remaining amount... Basically the issue is that can I deposit full amount of TDS on 90lakh in 26QB but I have received on 27 lakhs yet in cheque.. Pls Advice

For Assessment Year 2018-19, may I show net profit @6% u/s.44AD in case of banking turnover.

Dear Sir,
One of my client was not filling of ITR A.Y.2017-18 on or before 31/03/2018, and now his want to file ITR A.Y.2017-18 with Gross income and total income within 290000 to 325000, then can I file Return A.Y.2017-18 in May 2018 and How the penalty will be paid for delayed filling and amount of Penalty?

I got signed the form 103 from my auditor on 28/04/2018 but due to some issues i cant able to submit the form to ICAI on or before 30/04/2018. Due to this my final attempt nov 2020 will skip, pls answer me sir