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Thomas
I have a bought a plot in 1995 for 26500 and i am selling it for 34 lakh. how to manage tax part
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Your transaction fall under Long term capital gain . To save capital gain tax deductions under section 54, 54EC, 54F depends on the type of property can be claimed. For professional help, reach us @ www.tarunguptaca.com or call at 9216216819.
CA Rahul Dwivedi 30 Jan 2023Dear Thomas,
The profit you are getting is treated as long term capital gain and it can be planned to save the tax. However for that detailed discussion is required to consult you in proper way.
If you are selling Plot than there are different section to save and if you sale house then there are different sec.
For further consultation you can approach us on ca.rahuldwivedi@gmail.com or 9004485377.
Firstly get a valuation of property from registered valuer for 01.04.2001. Then you can book a consultation with tax expert to discuss it in detail, calculate gain and see ways to save tax. CLICK on link to book consultation: https://www.taxontips.com/tax-notice-personal-consultation/
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Suresh Av
Hello Experts
I have some matrimonial cases are going with my wife. I had agreed to pay X amount (alimony) to my wife before court through settlement agreement
Though I don’t have agreed amount ; my father would be paying on behalf of me from his ancestral properties (shares)
Questions
• Is there way to avoid / reduce the long term capital gain tax from selling of shares? (I guess it’s 10% as of now)
• If there anyway to hide trail transaction? As I don’t want my wife to know about my ancestral property – as precautionary caution.
• If amount (alimony) paid to wife (other than husband) is such amount liable to be taxed by wife? Or will be tax exempted? (i.e considered as capital receipt)
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Vaibhav Kumar
Hi, I recently gave out a interior work contract to a contractor for my office and he quoted me 3 lakh rupees for all the work including the cost of AC machine,Chairs, desk etc. Now in the final bill he is charging me GST twice, one for all the material used like chairs, desk, wood, glue etc for 30 thousand and 18% above that for his work. i want to ask is this normal practise to charge GST twice on the same invoice ?
No he won't be charging GST twice on a single invoice. Might be he would be charging different GST rates on different supplies depending upon the specific GST rates. That's for sure, that he cannot charge GST twice on the same value. For more detailed information, kindly connect with us at +91-9911744028 or deepakkucheria@gmail.com
CA Roomi Gupta 30 Jan 2023Contractor should charge GST on his bill only i.e. of Rs. 300000/- however, Contractor can claim input of GST paid on purchase of material used like chairs, desk, wood etc. For more info , reach us @ www.tarunguptaca.com or call at 9216216819
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Jay Milak
I have one query, i have a small startup . in that if after deducting and making the balance sheet pnl and all. suppose i have pnl of 5,00,000 . so to not pay any tax can i invest 2,50,000 or buy something worth this amoount . and now i have pnl of 2,50,000 only so do we have to pay tax on them ?
Dear Jay,
If your income is less then Rs. 5,00,000/- your tax liability will be NIL. You can invest amount in 80C / 80D to save the tax.
For further consultation you can approach us on ca.rahuldwivedi@gmail.com or 9004485377.
Dear Jay , Tax liability arise on Total Income during the year even if you have invested and consumed income it is taxable. For more professional consultancy , you can reach us @ www.tarunguptaca.com or call at 9216216819
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Rajasekhar
I have a query for the tax exemptions .
I have an private Ltd employee. Not married.l am living with my depended parents. We already have company health insurance policy ( group policy ).
Now question is my father age is 60( Physically disabled) and mother age is 58.
I have already got the exemptions for my father under 80DD about 75k.
Now i have recently spent (online mode) for my mother medical expenses ( Lab tests , Medicines ) for my mother Diabetics problem.
So how can avail the tax exemptions for the medical expenses like medicines , lab tests etc ( Outpatient services)?
Please provide suggestions.advance thanks
Thanks and Regards
Rajasekhar
Dear Rajasekhar,
No deduction allowed for routine medicine/medical expenses. only you can claim preventive health check-up benefit of rs.5K.
For further consultation you can approach us on ca.rahuldwivedi@gmail.com or 9004485377.
