Dear sir,

I am salaried person and taken loan from my relative 200000/- from online transfer, Now I have to paid 30000 interest to my relative which is also through Online money transfer and my relative have less income so he can pay tax on this income and take refund the same by ITR.

So please Suggest how can I show in my ITR to reduce my Taxable income.please advice


KG

whether newly introduced sec. 234F will also attract penalty even if I file NIL return (Income less than 2.5L) after the due date.

i got mail thag ITR processed on 23rd march 2018, refundable amount 32550, but till date refund is not deposited to bank account. Account number and all other details are correct. normally it takes 4-7 days. what may be the problem???

Is there any limit of cash withdrawal from bank on daily basis to cash purchase of exempt goods??
can i withdraw 190000/- everyday from different bank accounts i have?

Dear Experts,

Sincere Greetings,

My friend owes flat of about 500 Sq. Feet in ownership Co-operative Housing Society since last 45 years in Mumbai.

Since last 9 years he is having litigation with builder who has illegally constructed additional floors above existing old building of Society wherein my friend stays.

Now, builder has compromise with my friend and filed consent decree in Court. And as per consent terms builder has given two new flats of 500 Sq. Feet each of value about 50 lacs each in newly constructed building to my friend and he has surrendered his existing old flat to builder.

My query:

(1) As 2 new flats of total value 1 Crore is registered in my friend’s name, (a) will my friend get inquiry from income tax department to give explanation about 1 Crore rupees and/or for any other purpose? (b) Whether my friend is liable to pay any Tax on 1 Crore rupees?

(2) If my friend dispose off / sell either both or one flat then, whether he is liable to pay income tax on money which he get by selling said flat/s?

(3) If he has to pay income tax on amount which he get by selling said flat/s, then what are the legal remedy so that he get minimum liability of taxpaying?

Rgds,
A Jain.

I filed Income tax return on presumption basis u/s 44AD for A.Y. 2011-12. I have declared turnover 15 lakh and net profit @12%. Now i received a notice u/s 148 for re assessment on basis of cash deposited in savings account Rs 25 Lakh. Now Income Tax Department asking me to file ITR in responce of sec 148. Can I file my said return for A.Y 2011-12 at 8% profit of 25 Lakh Turn over? While in return file u/s 139 I declare my turnover 15 Lakh and profit @12%.

Kya gstr 4 me quarter 4 ke liye purchase ka detail Dena hoga i.e. purchase from registered dealer other than attract reverse charge.. ( kyu ki quarter 2 and quarter 3 me registered dealer se purchase ka delail dalne ki requirement nahi this other than those which attract reverse charge) so kya quarter 4 me bhi details nahi Dena hoga ya Dena hoga..

Hello Expert,

My 1 of the vendor who is PVT Ltd Co., Provides a residential Property to my Staff and charging rent of Rs.90.00 Lacs P.a.. in advance but has not raised invoice.

My query is here that does GST is chargeable as rent is crosses as per the minimum threshold limit of Rs.20.00 Lacs?

Your Expert advise is highly obliged.

Thanks,

Tejas Vora

I am unable to adjust Short Term Capital Loss against Short Term Capital Gain in Schedule CYLA of itr-2, as the relevant cells are protected. It requires the Password ( which I do not know) to unprotect it. Please help me.

R.Ramachandran

Dear Sir,

One of my client purchased c c camera with accessories for the purpose of his shop vigilance he has paid IGST ON that goods. i am not sure whether tax paid on such goods ITC CAN BE AVAILABLE

SUGGEST ME

REGARDS