B
Baba
Hello sir, We are selling property worth 80Lacs in my native.Buyers are ready to register only by govt guided value which is 41lacs. Now I should I get remaining 39 lacs (cash/DD/Checque). How should deposit the same without questions on source of income. Ifact I though I will pay stamp duty for the 39 lacs so that they can register for 80 lacs. Buyers refuse and also in that town sub registrat office has issue to register higher value. Please suggest way out for me. I am ready to pay any tax and make it clean but not sure of the way. Also suggest how can I handle 39 lacs.
Facebook
Twitter
Linkedin
1) Any payment above 2 lakhs in cash is not allowed as per IT act, else there is a penalty
2) You may have to show this 39 Lakhs as your other income and then pay tax @ 30% on it
3) Otherwise If the buyer is ready to pay by cheque - Then you can show it as your STCG or LTCG and pay tax accordingly
A
Aman Bansal
Recently I have started a home loan repayment for a property which is registered in my Mothers name. I am not a co-owner of the property. All the EMIs will be deducted from my salary account. Is there any way I can exercise Income tax benefits. Even the stamp duties and Registration charges are paid through my salary accounts.
Your mom will be eligible for the IT benefits, You cannot take the benefits since you are not the owner of the property.
T&C applyK
Kukil Koushik
I am working as a contractual employee under an outsourcing agency. An amount of Rs.20,539.00 (Gst is included or excluded not mentioned earlier) was sanctioned against my post. But they are deducting 18% Gst + 1% service charge from me paying me the remaining amount. Now I want to know that whether they should deduct the Gst from the sanctioned amount aginst me mentioned above or they should include Gst on the sanctioned amount in their invoice? Please clarify my doubts.
It will be difficult to answer without looking at the contract, you may like to book a consultation to clarify your doubts !
T&C applyD
Dhiresh
My father, a senior citizen holds a property. He would like to gift the entire money to my wife after selling the property. She will invest the whole amount for purchase of a new property jointly with me.
My questions:
1. Is there any tax implications to my father or my wife?
2. What precautions should be taken?
3. Please explain the legal way to execute this.
1) Your father will be liable to pay Capital Gain tax
2) There should be a proper gift deed
3) There is no tax for your wife
Note: The above replies are on the basis that amount of gift does not exceed the permissible limit
A
Ajay
I have opened a Pvt. Ltd., firm, I would like to whether any trade license or shop establishment license is required or not.
It depends on the local state law, you will need to share more details like type of business and which state is this pvt ltd company
T&C apply
