In the beginning of FY 2015, I had bought a flat in an under construction building in Thane District. I have taken Home loan from State Bank of India (NRI sea woods Branch, Navi Mumbai), but so far could not get Income Tax exemption on home loan interest part as the flat is under construction, now in the current financial year (in February 2017), I am getting possession to this flat, considering this scenario, request you to please let me whether in addition to the current financial year's home loan interest exemption, can I avail the exemption on the home loan interest for prior financial years in the current financial year. Kindly note that approximate home loan interest amount for this financial year is around INR 1.9 lacs and the total loan amount is INR 46 lacs.

For your further information kindly note tat I am a salaried employee, have been currently working in Pune since September 2015 and have also been availing HRA exemption as I live in a rented flat in Pune.

Would appreciate an early response and any additional relevant useful information.

Thanks and regards,
Fazle

Hello Members,

Scenario: I paid a sum of Rs. 1000000 as advance to purchase a house property in 2014. Meanwhile, I availed a housing loan to pay the same.Due to dispute, the agreement was revoked and the advance along with the interest was received in 2017. Also, I had been paying interest on Housing loan for these years. Now, I have two queries:

1. Should I offer the Interest on such returned advance as Income?
2. If I should offer the Income, can I set off the interest paid to housing loan against it? (Net can be offered?)

Last F.Y (16-17) our turnover below 1.50 Crore , We already Filled GSTR1 for the month of July,2017 as on 01/11/2017, but we see that 23rd GST Counsil Meeting said that Taxpayers with annual aggregate turnover upto Rs. 1.5 crore need to file GSTR-1 Period 1)Jul- Sep - 31st Dec 2017 2)Oct- Dec - 15th Feb 2018 3) Jan- Mar - 30th April 2018 What to do now..............., Can We submit Aug17,Sep17 GSTR1 Return then Quarterly basis or ..................... please suggest

1. I have recd cash gift of Rs 50000/- from my mother-in-law in FY 17-18, whether it is taxable in the hands of recipient or not?

2. I have not recd any salary since April 2017 as i have left the job, but i have undisclosed cash around 4 lacs & have deposited in bank. what should be the tax implication & treatment in the books of accounts.

kindly suggest valuable feedback

Dear Experts,
Our turnover is below 1.5 CR

Pls clarify :- whether we need to provide HSN summary in GSTR-1 or not,

Thanks
Amol Shakya

Dear Sir, please help me in regard to sales made before GST and the same were returned after the applicability of GST. How to deal with VAT paid on Sales made before GST on returning goods ?

Dear Sir plase let me know the eligibility of ITC paid on purchase of Motor Cars for business purpose by a Ltd Company. And also CGST and SGST paid on Insurance premium on cars.

Dear All

Kindly help on the below issue :
A consolidated amount was paid by headoffice for an indirect expense incurred for various branches across various states. GST was also there for the expense incurred. Now, the expense has to be transferred to respective branches. Is it mandatory to issue and invoice/bill of supply or any kind of document for the same?
Suppose the expense is for a small item bought ( NOT AN ASSET) and that is to be transferred to branch, what should be the treatment?

Dear Sir/Madam,

One of my client wants to change name of the company but one of the subscriber (and also director) to memorandum resigned and new director appointed, old director shares were transferred to new director.
Now, The question is while filing INC-24 Attachments are altered MOA, AOA. in altered MOA, AOA whether i need to change subscribers details and put new directors details. Is it proper to include new directors details in altered MOA, AOA ?
Thanks in advance

How to calculate House Property