R
Ravi Panjwani
Sub: TDS on sale of property.
We are the buyer and we have bought property through home loan. Date of payment of check is scheduled 3rd Feb. 2018.
What should be ideally the date of payment and date of deduction in Form 26QB.
Regards
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Date of payment: 3'rd Feb
Date of deduction: Date on which you paid TDS to government
Note that 26 QB must be done within 7 days from the end of the Feb month
M
Manu Mewari
Hello, I had purchased a flat in July 2012 for 35 lakh rupees (plus approx 2 lakhs for stamp duty & registry). I had sold the flat in september 2017 for 49 lakh rupees. Do i have to invest whole profit in another property? Could you tell me if i do not want to buy a new property, how much tax i would have to pay as long term capital gain tax?
1) You have to invest the gain amount (49-35 = 14)
2) Approx tax amount : 2.8 Lakhs
Full calculation can be shared on consultation !
P
Prashanth Lalan
What are the procedures to repatriate funds from an NRO Account to a Foreign Bank specifically when such funds are derived from a short term bitcoin trade in an Indian cryptocurrency exchange?
Crypto currency trading income or sale proceeds is not recognized by RBI and FEMA till now.There is a committee formed by government to understand crypto currency post which a new law will be formed. So i believe that the procedure to repatriate money is not yet formed.
You may have to pay STCG tax if currency holding was less than a year.
However you may check with your bank if they are allowing to repatriate crypto income from NRO A/c.
I am an Indian individual, selling online courses on Udemy, a USA based online learning company. I am planning to receive my monthly earnings from Udemy.com (in Dollars) to my Paypal account. The Paypal will convert $ to INR and send the money to my local bank account in INR.
My question is:-
1) Do I need to receive the fund from PayPal to the Current account or Savings account will work?
2) Whether the income earned from Abroad (USA - Udemy) is taxable in India?
3) Whatever money I receive in my Indian Bank account, Do I need to pay tax on it to the Indian Government?
4) I am just an Individual person and working alone from home, then whether it is considered as a business or a freelancing work?
Please answer question wise, one by one.
Thanks & Regards
1) Current account
2) Yes
3) Yes
4) Freelancing work
Thank You Sir
R
Rahul Alapati
Dear sir,
I am an NRI. I do not have much taxable income in India. I have some NRI FDs and savings account interest and investment in the stock market as a long-term investor. Till now I didn't get the need to file income tax returns. I thought of selling some stocks which were held by me for more than a year. Do I need to pay any tax on the profits and do I need to file returns? I prefer not to file returns at this juncture but continue to book profits and reinvest. Am I answerable to any queries from the tax department in future?
NRIs can invest in Indian Markets subject to restrictions, further the investment has to be done only via a NRE account and with a Portfolio Investment scheme.
1) Stock holding more than a year: No Tax
Less than a year: 15 % flat (Broker will deduct TDS and pay)
2) IT returns not required if NRIs have only share trading Income
