My father aged 75 had one house property in Pune and we sold it for 45L on 31-Mar-18. The property was acquired in 1998-99 for Rs 2.70L. The total capital gain is arising around Rs 39.55 L.
I am, his son, and is buying new property in Pune having a value 90L. My father will be funding entire 46L in the new property and therefore to claim the exemption we are adding my father's name in the new flat agreement along with me and my wife. I am going for home loan and there also I will be adding my father's name as co-borrower along with my wife since he is also the owner in the new flat
In this situation, if we do not define the share in the new flat agreement, can my father be deemed to be the owner of 1/3 of property and in that case-
1. Will he be able to claim the exemption only up to 1/3 of the total cost of new flat which 30 L(new flat price 90L and 1/3 is 30L)
2. So will his capital gain be Rs. 9.55L
3. Since he is investing the entire consideration, can he claim the full exemption
3. Is it advisable to define the share in the new flat agreement as co ownership and may be his % could be 50% so that we can claim the maximum exemption
4. Can he transfer his share in my name in the future by gift deed etc.

Interest Deduction u/s 24
1. Since my wife is also co borrower and the joint owner, how can she claim the interest on the housing loan. Is she required to show the repayment from her account

respected sir
due to suspension of tds provisions under gst , no govt department is doing tds under gst. but govt contractors are reciveing amounts in partpayments ,.my querry is whether we have to disclose the amounts received in partpayments in gstr 3b and pay gst at 12% or not. in my opinion we should do . and after final bill completed and tds made and credited to account ,we have to claim the refund.please discuss
thanking you

I am 67 resident indian. I had purchased a flat in Mumbai with following details: Registration date of purchase: 11.11.2009; Value: 2290125/- Possesion Date: 26.06.2011 Registration date of sale: 03.02.2018; Value: 4649000/- Now questions are: 1) What would be the capital gain & tax (pls give details) 2) Can I purchase residential land to exempt this tax? If yes, what will be the minimum value of purchase to mitigate fully?

Dear team

I have one query relating to taxation of income earned from trading of future and options (derivatives).

Please guide whether income from future trading can be reported under section 44AD as presumptive income without keeping books of accounts

thanks and regards

We are applying for a new company formation along with allotment of DIN through SPICe. While running a prescrutiny on the form, it is showing an error that DSC of directors not registered with MCA.

How can we register DSC for directors in such a situation when we don't yet have their DIN.

Why ITC of capital goods not available, 1.on services/business which was earlier exempt under excise/vat/Service tax but now became taxable under GST? 2.Earlier covered under composition now became taxable? 3.Under mandatory regsitration when turnover exceeds 20lacs? 4.In case of voluntary registration.

Hello,

There is no provision under Companies Act and the relevant rules for filing ADT 1 before the ROC after appointment of first Auditor within 30 days of incorporation of the Company.

But by practice, few professionals file ADT 1 even for First Auditors appointed.

Is there any Notification by the ROC for Filing ADT 1 for Appointment of First Auditor?

Please Help.

Thank you

This is to inform you that in terms of Rule 10 of the Companies (Registration Offices and Fees) Rules, 2014, the
above-cited Form RUN filed has been examined and marked as Sent for
resubmission with the following remarks-

Proposed objects is consonance with the rule 8(2)(b)(III) of Companies Incorporation rules, 2014 and furnish
declaration as per Rule 8 (2) (b) (xiii) of Companies Incorporation Rules, 2014 accordingly.

The company main objects is to act as a debt recovering agent.
Kindly guide..

Dear experts,

We wrongly select 2% against 1% GST rate under composition for 3rd qtr and paid such tax.
now in GSTR- 4 Table 7 show Amendment in Tax on outward supplies made in Previous qtrs.

my question is now can i correct my GST % for last qtr and excess paid amount can I use for Qtr 4th GSTR.

My Mother is 73 y.o. and had a heart attack and paralatic stroke in May 2017.
She developed blood infection (Sepsis)in June after which we had to readmit in ICU for more than three months between July to October.
Now she is home and bedridden and we have nursing support from October when she was discharged till date i.e April 2018 and nursing support will
continue for another few months moving forward.

Question 1
Can I claim 80DD-Physically Handicapped - Dependent
Or
80DDB - Deduction in respect of medical treatment

Question 2 When I file my personal returns for AY 2018-19,

can I claim rebate? What are the documents
I need to have handy incase income tax queries or if I am allowed to upload the same in IT site.

Appreciate help on this.

Regards,
Mahesh