my dad and uncle purchased a flat (house property) 3 years ago for 48 lakhs. However the the flat was registered in the joint name of my uncle, my uncles HUF and my uncles daughter in law. my dad just transferred money from his account to uncles account and my uncle was the one to pay for the house. so although the flat is registered in another person's name, in reality my dad and my uncle are the real part owners. This year they sold the flat for 66 lakhs i.e at a profit for 18 lakhs. my dad now wants that the 9 lakhs profit is actually his income. but since the flat was registered in another person's name, it cannot be counted as my dad's income. One of the way that my dad suggested is that we can show the 23 lakhs contributed for the flat as the loan given to my uncle. so 9 lakhs is the interest received by my dad which comes to approximately 13 % p.a. However that possibility is ruled out since it wasn't shown as the income in the 1 St year. Can anyone suggest a way out?

Hello all,

I am planning to sell a flat and I have a friend who is willing to buy it. He is paying some down payment and needs to get a bank loan for 75% amount.

Rather than involving a bank, I am fine if he can repay me directly by paying out monthly installments, equal to EMI over a longer duration.

Can this be done ? Can we have an agreement to achieve this ? And, does this have any tax implication for me as a seller ?

hi there.ur all tips are very useful.i am confused about my job. i m preparing for cs executive and want to appear in dec. i m working as a customer service manager. should i resign from my job or it will help in future?really do not underdtand n confused. pls suggest for this. awaiting ur reply.

With reference to my earlier query about accrued income, i wanted to ask-whether this treatment is correct- last yr i made the foll. entry- accrued commission a/c dr. 460615 tds a/c dr. 51180 To party a/c 511795 party a/c 511795 To comm.received a/c 511795 now,in the current yr. when i received Rs.386154, bank a/c dr. 386154 To party a/c 386154 party a/c dr.386154 To accrued commission a/c 386154 whether this treatment is correct?? and what will be the treatment of( 460615-386154)74461??( i recd. the refund in which i claimed the tds for the said accrued comm.)

When we do login, it appears on the screen that this mobile and this email id is being by for the other assesses also. How to get rid of this problem. Earlier was never like this. I am a professional. My email id and mobile number should remain always with income tax records of my each and every client. Please guide me Yours truly Tarique Rizvi 9821630130

Dear Sirs.,
I have filed my return of Income for the A.Y 2011-12 and 2012-13 as on December 2013.And return for A.Y 2010-11 as on January 2014 with a refund of Rs.50,000 for A.Y 2010-11.I have approached IT Dept for refund but they asked me to submit condonation for delay for late filing.Help me in this regarding wat is condonation and procedure for getting refund????Thank you

Dear Sir,

I cleared CS foundation exam of June 2014, the result of which announces today.i.e.25.06.2014. Pls tell what is the last date for the registration in CS Executive exam?

Dear Sir,

I have salary income of Rs.65000/- and FD interest of Rs.90000/- and there is speculative income on shares Rs.50000/- and also short term loss on shares.Whci ITR form should i use.Is it ITR-2 or ITR4.

Please guide me.

While filling 80G details in ITR for AY2014-15, info abt Donee name, state, pan, city, pincode etc. needs to be filled. I had donated for Prime minister relief fund this year for uttarakhand issue. Could you please help me in this case what shall I fill for

Donee Name
Donee City
City Pin
State code
Donee pan.

Thx.
B

am purchasing packing materials from tamilnadu and am selling it in puducherry.They are putting 5% VAT in the bill.Shall i ask them to put 2% agst CST ???
Is there any issue in that for the supplier???