My client is intending to purchase a vacant land from his blood relative for Rs.80,00,000/-. He is paying through online transfer.

For this TDS is 1% i.e., 80,000/- has to be deducted and will be paid to income tax department.

My Query was -

1. May the seller can adjust this TDS amount of Rs.80,000/- towards Long term capital gain tax for the assessment year 2019 - 2020.

2. Which amount should be mentioned in the sale deed either Rs.80,00,000/- or Rs.79,20,000/- kindly clarify it.

3. Otherwise, May I mention Rs.80,00,000/- as sale consideration and give details about Rs.80,000/- as Rs.80,000/- has been deducted as TDS in the sale deed.

Kindly clarify

Property is held in name of karta. But shown in IT file of HUF as it is ancestral property. So when this property is sold in whose name cheque should be taken. personal name or full huf name. And in whose file should it be taxed?

Sir, Trust has registered u/s 12AA but the due date for claiming the exemption u/s 11 is not available because the has not yet filed and so it has claimed exemption u/s 10(23c)(iiiad) as it is education institution as its main objects can it file so?? and While filling, do we require approval number. Please do solve as early as possible.

If an individual gets its account audited under section 44abIn year 16-17 and till now he didn’t file his itr pertaining to year 17-18 will he is under obligation for audit in 17 -18 also if no then will in 17-18 he can opt for presumptive basis as for preceding the year 16-17 for successive two years he opted for presumptive basis ?

I had purchased a LED on EMI of 9 months on my credit card(zero interest and zero processing charges). The bank is charging me gst on interest part of the EMI. I have read that gst is not applicable on interest. Kindly clarify

We are are consultants who are paid commission from exporters. We have GST registration and we are charging and depositing GST at the required rate of 18%. In this case can we opt for quarterly returns? Or are we required to file returns every month? Our GST practitioner is charging us for filing returns every month. We want to know is it really needed?

Dear All,

We are transferring or selling vehicle to employee form company to employee on basis of below calculation.
Original Asset value -7,99,997/-(Purchase Value of Company) , Sale Date on 01/09/2017 sales value on sale date is Rs.5,32,435/- (after depreciation) depreciation value up to sale date is Rs.2,67,562/-, but we are transferring to employee of Rs.4,92,000/-.

which value we have consider for GST calculation sales value or transferring value

Dear Experts.
I do retail sale of cell phones some of the mobiles are above 50000/- per pcs. Pls tell me since for one mobile no one would hire the vehicle I mean No transportation is involved thereof. In this case whether e way bill is required or not,

Thanks
Vikas jain

Respected members, experts of forum,

We have supplied materials almost around 20L to BHEL. We have been promptly filing GSTR1 so that buyers can take credit. But we have not filed GSTR3B for the last two months. Now the above said BHEL company has blocked our payment saying that we have not filed GSTR3B for last two months. We told that is not their issue as we have filed GSTR1. We also said only CBEC has rights to enforce GST or else they add penalty.

But BHEL has blocked our payment. Was my argument is right. Is yes then what is the option to get my payment back. I have spoke to them it is no use.

Thank you for your replies.

Sir,

Query regarding this transaction ( error) comes under the exemption of GIFT TAX?

A person run a proprietorship concern/business who received from his relative a lump sum as gift for his another business startup. Here what happened by mistake is that the relative ( amount giver) given a cheque in the name of business concern not in the name of that person (amount receiver).

In that situation can a person ( amount receiver) claim that amount claimed as gift ?