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mangesh kurup
This Query has 1 replies

This Query has 1 replies

Good evening.

I purchased a house which is under construction. I availed home loan from bank and paying EMIs. There are some posts on the site but are not clear enough to me. Hence, posting the question.

My question is:

1) Can I claim the benefit of "Interest payable on borrowed capital/Loss from house property"?
2) What is Section 24 of the act? Does it say that I can claim the benefit only if the possession of the flat is received within 3 or 5 years from the end of year in which home loan was taken?

Please clarify. Any help will be greatly appreciated.


Madhu M
This Query has 1 replies

This Query has 1 replies

15 August 2020 at 22:18

Cash purchase

Dear sir,
I have small doubt about cash transaction limit on sales & purchase , receipt, payment

Is cash receipt limit upto 200000/-???
what is cash purchase limit ???


Thanks in Advance

madhu M


Rajinder Kapoor
This Query has 1 replies

This Query has 1 replies

15 August 2020 at 21:15

Capital gain on property sale

Dear Sir

In order to save capital gain tax on sale of residential property, do we need to reinvest entire sales consideration or only the capital gain amount of the sale value to buy another already constructed residential property within 2 years of sale. Pl advise. Thanks..


Nikhil Sharma
This Query has 1 replies

This Query has 1 replies

15 August 2020 at 18:01

Release of refund

Dear Experts,
CPC has raised the demand for AY 2017-18 this was due to error in return data whereas as per return there was refund of 54000/-

However we filed the return for AY 2019-20 with the refund of 39649/- CPC has adjust the said refund of AY 2019-20 against the demand of AY 2017-18 with passing order U/s 245,

Later we have filed rectification for AY 2017-18 to correct the return data, hence accordingly CPC has passed the order correcting the return with initiate the refund of 54000/-

But refund of AY 2019-20 has not process yet which was adjust u/s 245,

Pls tell me what to do to release the said refund.

Thanks
Nikhil


scg
This Query has 1 replies

This Query has 1 replies

15 August 2020 at 16:10

Cost price on family transfer

I transferred a society flat,acquired in 2009 in Gurugram Haryana for Rs 55 Lakh to my NRI son in 2015 under blood relation transfer scheme where in no stamp duty is chargeed on transfer of property among blood relations.I have following querries-
1 What will be buying price at the hands of my son?
2 Since my son is abroad and in corona times travelling is not safe,if I have power of attorney from him to sell the house,my understanding is one can not transfer ownership on POA sale in which case I will not get a buyer.Any solution to this problem.
3 As and when the flat is sold,is he entitled to invest under sec54 (infra bond) to save tax?
4 In the alternative,can he buy a flat from her mother to save CG tax
Thanks
S C Goswami


sankar ponnan
This Query has 1 replies

This Query has 1 replies

15 August 2020 at 16:10

Registration / ITC

sir
If a transport co. wants to do an additional business of trading of goods, can it do its business under the same gst number?
If yes, can it avail the ITC of its early purchase of tyres and spares and utilize it against the sale of goods ?
let me know plz
thanks in adv


kollipara sundaraiah
This Query has 1 replies

This Query has 1 replies

15 August 2020 at 15:36

UDIN manadatory

assess sec 44 ada I.t. return filed every year.but three years I.t returns true copy certified by CA for bank loan purposes
Question:
UDIN no.manadatory or not manadatory


Rajinder Kapoor
This Query has 1 replies

This Query has 1 replies

15 August 2020 at 15:15

Capital gain on property sale

Dear Sir

I had purchased a property in 1976. I sold this property in 2020. How do i calculate capital gain as CII is applicable from 2001. Do I need to hire approved valuer to calculate cost of property in 2001 ? Pl advise. Thanks


kollipara sundaraiah
This Query has 1 replies

This Query has 1 replies

15 August 2020 at 15:12

Which bank account open

One of person have agency of Airtel payment bank.cash received on an average 1 lac cash daily from customers to deposit in Airtel payment bank.currently deposit money current account and transfer to Airtel.
Question:
Person which account required open his money deposit business.


Dinesh Kumar
This Query has 1 replies

This Query has 1 replies

15 August 2020 at 15:08

Re: Income Tax Return F.Y. 2019-20

Dear Sir/Mam
I have a quarry regarding income tax please suggest me:
A person live in 8 months rest of 4 months out of India ( Malaysia) he got income consultancy fee in India 8 months and 4 months form Malaysia.
He was file income tax in Malaysia ( Income got in Malaysia) and want to file Income tax in India so i want to know how can he got benefit already file tax out of India.



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