Respected Experts,

I would request your detailed clarification on opt in to GST Margin Scheme.

I Observed that, Used Goods Dealers can pay GST only for their Margin and not on the entire Sale Value.

Question: 1

For Eg: If Mr. A ( Used Laptop Dealer) Purchase Used Laptop for Rs. 15,000.00 from Local Market ( by Paying GST) and after minor changes he sold it as Rs. 20,000.00

As per the Margin scheme, can we pay tax for Rs. 5000.00 X 18 %? by not claiming the Input tax credit on purchases?

Question 2

If the dealer, procuring used Laptop without paying GST ( Local market) is he still eligible to pay tax under Marginal Rate?

Kindly also advise any other instructions to follow

I have sold a residential property in April 2023. I have recently booked a flat in an under construction residential apartment project and signed the "Agreement for Sale" where the possession date is mentioned as December 2024. I have already used the funds from the capital gains to pay the builder while booking the flat.

I am assuming there might be some delay in handing over the flat but I am still hoping that I will get the possession by March 2025 so I can do the registration before April 2025 to claim the LTCG exemption under Section 54. 

I want to clarify if the LTCG exemption window is for 3 years after the property sale (i.e. till Apr 2026) since the new property is under construction or it will be 2 years (i.e. till Apr 2025) since I am not constructing the house myself, rather buying an under construction flat from the builder.

IN ITR3 WHICH SECTION PARTNERS REMUNARATION MENTIONED ?

We have an old HUF file established back 1985. The current difficulties consist of the following challenges:

a) We are unable to locate a copy of the original or a duplicate HUF deed.
b) The HUF is registered under the name "Sourabh Kumar Agarwalla HUF," while all official documents and identification of the Karta bear the name "Sourabh Kumar Goyal."

Given this situation, we are unable to fulfill KYC requirements when mandated by any institute. To address this issue, we seek guidance on how to rectify these discrepancies. Additionally, we wish to include a correspondence address in a different state, distinct from the permanent address.

how to reply drc-01 in gst portal??

WHICH ITR IS APPLICABLE FOR PARTNER'S RETURN FILLING ?

Co has purchased property from NRI...my question is whether to deposit TDS through challan 281 and section 195 and Form 27Q is to be filed? Am i right? or normal form 26qb is to be filed

2000 Shares of ABC Company bought in Aug-2017 for Rs 88 per share, was split/ subdivided in Dec-2019, 10 times and it became 20000 shares. Today the share price is Rs 32 per share. If I sell 1000 shares now how will I calculate the gain - what share rate will I take for Cost of Acquisiton (CoA). Can I follow FIFO and take the CoA as 1000x88 = 88000 and Sale Value being 1000x32 = 32000 and proceed? And continue to follow FIFO for future sale. The 1st 2000 shares will have a rate of Rs 88/share for CoA and beyond that the CoA will be zero.

Hi
I have cleared CA Final Group 1 under old scheme in May 2016.

I want to appear in May 2024 for CA final group 2.

I want to confirm that if I apply for conversion now will I need to appear for Group 1 again?

Please clarify. I am rejoining after too long gap.

Thank you

SIR
MR X FIRM SOLD OLD MACHINERY RS.10.62,000- WITH GST RATE OF 18% AS ON 22.10.222( SALES VALUE RS 9,00,000 AND GST RS.1,62,000/- THE MACHINERY BOOK VALUE AS ON 01.4.2022 RS. 10,50,000/-. THE SAME MACHINERY PURCHASES AS ON 15.09.2020 RS.16,00,000 WITH GST..DIFF VALUE RS. 150,000/- AND LOSS OF CHARGED IN PL A/C OR TR TO PARTNER CAPITAL A/C
THANKS