Krishna Joshi
05 June 2019 at 17:35

Gift from relative

a land received as gift from mother -in-law is taxable or

registration charges is rs 79856.
please guide me.


anonymous

Whether rebate received from credit card company on payments made through the card considered supply under GST. Whether GST needs to be paid on it?


KEVANG SHAH

DEAR SIR,
I HAVE PURCHASED 3 HOUSE PROPERTY NEXT TO ONE ANOTHER. AFTERWARDS I HAVE DESTRUCTED PROPERTY AND MERGED THEM INTO ONE PROPERTY FROM MUNICIPALITY. NOW I WANT TO SELL IT. AM I ELIGIBLE TO SECTION 54 EXEMPTION..?


K.G.Shah

Sir, I am Sr,Citizen and I have received 100 shares from ancestral property.before 20 to 25 years. Due to allotment of bonus every 3-4 years, the market value of shares now become more then 40 to 50 Lakh. I wish to sale 3 lakh value of shares every year . My quaries are as under.
1) Suppose in June-2019 if I sold 1000 shares @ 300= Rs. 300000. Since the cost value is zero to me. So I wish to consider the cost as on 1st Jan-2018 ( as per the last budget amendment) which was also Rs. 300 . So long term capital gain is zero or say very negligible . If their is gain i will pay tax @ 10 % as long term capital gain. Whether my stand is correct ?
2) I have to file income tax return every year? Shares sold 3 Lakh, but capital gain is almost zero in 2019-20. and I have interest income of Rs. 3 lakh which is under taxable limit .
3) MY son says instead of sales of shares in open market, the 1000 shares be transfer to him at market rate, for which he will pay the amount so as to avoid borkerage on purchase and sales . Is it possible ? Then what will be tax impact on me as well as when he will sold the shares in market. The rate at which he will pay amount will be consider his cost of acquizition ? ... SO their some cofusion. I have contacted here some income tax advisor but they are not sure . Since i am not getting pension, I wish to liquidate the entire shares in next 10-15 years. What advise you will give. Please advise me here or send reply to my email id shahkg@rediffmail.com


Gaurav
05 June 2019 at 13:57

Exemption in gst

Respected Seniors,

Request you to please update, is there any exemption in GST to any Govt. dept contractor?
is there any documentary proof of the same. any certificate issued to any individual or local body by GST council to take Exemption from GST ?


NISHA AGARWAL
05 June 2019 at 13:09

Form dpt-3 query

If a company has received Loan after 01.04.2014 and the same is outstanding as on 31.03.2019, then will it have to file 2 DPT-3 forms?


senthilsenthil
05 June 2019 at 12:14

Ca inter direct entry

Dear Experts,

Does B.com with 54.53% is eligible for direct entry in ca


Amit Chaudhary

I am a doctor having some salaried income and some from professional practice. I also have a small income from foreign country as a consultant. I therefore filed ITR 3 in AY 2018-19 as I need to show foreign income in Schedule FSI.
As I do not maintain books of account, I opted for Presumptive Income from Profession (44ADA) and thus selected the No Accounts Case in ITR 3 (General Section).

On Balance Sheet page, I filled only sec 6 (No Accounts Case) as follows:
Sundry Debtors = 0
Sundry Creditors = 0
Stock in trade = 0
Cash balance = 0

On Profits and Loss Account page, I filled only sec 53 (ii) for Professions (No Accounts Case) as follows:
Gross Receipts = 900000/-
Gross Profit = 450000/- (i.e 50% of Gross Receipts to show Presumptive Income)
Expenses = 0
Net Profit = 450000/-

The Schedule BP - Computation of Income from Business or Profession thus reflected:
A: From Business or Profession
1: Profit before tax as per profit and loss account (item 45 and 53 of Part A-P and L ) = 450000/-

4. Profit or loss included in 1, which is referred to in section 44AD/44ADA/44AE/44B/44BB/44BBA/44BBB/ 44D/44DA/ Chapter-XII-G/ First Schedule of
Income-tax Act = 450000/-

36. Profits and gains of business or profession deemed to be under -
ii Section 44ADA = 450000/-

37. Net profit or loss from business or profession other than speculative business and specified business (35 + 36xi)) = 450000/-

38. Net Profit or loss from business or profession other than speculative business and specified business,after applying rule 7A, 7B or 8), if applicable (If rule 7A, 7B or 8 is not applicable, enter same
figure as in 37) (If loss take the figure to 2i of item E) = 450000/-

The computation of income page thus reflected:
PART B - TI (Computation of Total Income)
3. Profits and gains from business or profession
i Profit and gains from business other than speculative business and specified business
(A38 of Schedule-BP) (enter nil if loss) = 450000/-

vi Total (3i + 3ii + 3iii + 3iv + 3v) (enter nil if 3vi is a loss) = 450000/-

However, I still received a notice u/s 139(9) with error code 311 that "Taxpayer having income under the head Profits and gains of Business or Profession but has not filled Balance Sheet and P & L Account...".
The probable resolution that the notice mentions is "The Part B of the P & L account and part B of the Balance Sheet (i.e. No Account Case Section) should be entered in the corrected return.."

But as you can see above, i have indeed filled data for both P&L and Balance Sheet under presumptive income by taking 50% of Gross Receipts.
And I have filled all the other sections to show my salary and other income. Still I am getting this notice. Please help.


Bhavi Gupta
05 June 2019 at 08:30

Cs training

Is wholly subsidiary company paid up capital more than 2.5 crore, unlisted and also not insert in ICSI companies list for training, eligible/considerable for training or not ?
And what is the APPLICABLE duration for training for executive passed student in such circumstance,and what difference if opt for exemption for training in working in same company.


Anil Bhawasinka
05 June 2019 at 08:10

Rcm

dear sir
it is related with RCM liability/input related to freight paid to transporter
in 2017-18 some RCM liability was over/under stated in 3B
its correction was done in 2018-19 through 3B
my query is how the correction done in 2018-19 related to 2017-18 is to be presented in GSTR 9 of 17-18
or nothing about above is to be reported in GSTR 9
thanks





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