Soyam M Vahora

I have sold my residential property after holding more than 2 yrs.

The property purchase value as per registered purchase agreement is INR 29L
In Addition to said regd. agreement amt (29L), I have also paid INR 3L by A/c payee cheques to builder towards Society Maintenance + Service Tax + Maintenance Deposit +Infrastructure Development Charges + Auda Legal Charges etc. as per their demand.

Now my question is whether I can include said other exp. of INR 3L in Cost of Acquisition Amt. , pls guide me which exp. is eligible in addition to cost of acquisition.

Pls help me in this matter.

Your quick reply shall be highly appreciated...


satyaprakash shukla
03 December 2020 at 19:23

SFT

in my Father 26AS, SFT-012 Purchase of Immovable property shown 1. What I need to do? Do I have to file 61A as an individual? 2. Is it required to mention anywhere in ITR-1. he is retired pensioner Thx & Rgds


Konka Manohar
03 December 2020 at 16:50

Two Different rates

Builder received advance against booking from a party under various tax rate 1) 10,00,000/- @ 12% on 01.01.2019 2) 15,00,000/- @ 5% (GST) on 10.04.2019. Now sale deed done on 01.12.2020 . How to show the sale of ₹ 25,00,000/- in GSTR and Advance Adjusted?


Cyndy Villapando
03 December 2020 at 15:16

ACCOUNTING

Hi. One of my client has incurred soil investigation costs originally intended for building construction. However, the construction was cancelled. What type of expense should I recognize the incurred Soil Investigation, Engineering and Architectural services? I initially capitalized the said costs as CIP and want to reclassify as an expense.


Shailesh Kanth
03 December 2020 at 13:24

Depreciation is Expenses or Income ?

Suppose one business man sale for first year is Rs. Ten Lakh & Net Profit @ Ten Percent for Rs. One Lakh.

Second year purchase furniture for Rs. Fifty Thousand from last year Profit. Depreciation on furniture @ Ten percent for Rs. Five Thousand debited to profit & loss a/c. Due to furniture is purchase from last year that’s why depreciation debited to Reserve & Surplus. Lots of people say depreciation of this year expenses, I agree but in profit & loss account only depreciation is single expenses is not paid for the year or not payable for next year. Now position is year end Furniture value is Rs. Forty Five Thousand & Business Man collect money from market for this furniture is Rs. Fifty five Thousand. This gap is increase every year. Business Man show compering to last year profit is ratio is decrease that why business man decrease expense or increase sale price, that why Unemployment or Dearness is increase every year.

Thanking You,
Shailesh Kanth



Vaishnavi

My client, a Govt employee retired from services last year. Upon retirement, she received a lump sum payment from the amt she has been contributing to ‘Employees co-operative Thrift & Credit Society’ since the beginning of her service. Is the compulsory contribution to the fund an eligible item for tax deduction? Also is the interest received taxable?


Pragati Sharma
03 December 2020 at 12:25

Quantitaive details in Form 3CD

An assessee is engaged in F & O trading and Share trading and comed underthe purview if tax audit.

Whether in Clause 35 of Form 3CD, qunatitive details shall be reported of the following as he is in trading business:

a. Delivery based share trading
b. Intraday share trading
c. F & O trading


Bhavana
03 December 2020 at 12:02

Independent Auditors' Report

A private limited company has profit before tax and loss after tax due to MAT credit utilisation. In the opinion paragraph of the Independent Auditors' Report, under the comment about statement of affairs of the company, is it appropriate to write as profit for the year or to write loss for the year ? Kindly justify the answer.


CA Sweta
03 December 2020 at 11:37

APPLICABILITY OF INCOME TAX AUDIT

IN CASE OF PRIVATE LIMITED COMPANY IF TURNOVER IS LESS THAN RS.1 CRORE IS IT REQUIRED TO GET AUDITED IN INCOME TAX ACT U/S 44AB AS TAX AUDIT?AND IS LIMIT COMPLIANCE OF NOT MORE THAN 5% OF RECEIPTS AND PAYMENT IN CASH REQUIRED TO BE SEEN FOR GETTING THIS COMPANY AUDITED IN TAX AUDIT IN INCOME TAX ACT?KINDLY GIVE ANSWER AS SOON AS POSSIBLE.


Kollipara Sundaraiah online
02 December 2020 at 22:20

Mistake turnover in 19-20 adjustment

A gst registered regular scheme dealer sales of taxable goods (12%tax rate goods) business.dealer mistake sales of taxable turnover treatment exempted turnover show in gst monthly returns in f.y.19-20.
Question:
Dealer how to amended producer sales of taxable turnover and tax pay in f.y.19-20 show in 2020-2021 gst returns allowed in gst act.





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