Gift by married daughter to her father
As per Section 56(2) of Income Tax Act, Gifts given in blood relation is exempt from income tax. If a daughter wants to give Gift of Rs. 20 Lakh to her father, is it possible to share the process (dra
Posted 1 month ago
A. A gift within a blood relation is exempted from Income Tax, In the case of a daughter gift to the father a sum of Rs.20 lakh there is no requirement for registration, just prepare a gift deed in Rs.100/- stamp paper is enough for documentary purposes.
Long Term Capital Gains on sale of residential plot
I have sold out my residential plot of 200 Sq Yards on 2nd Mar 2023 which was bought in 2003. After considering the indexation , the LTCG comes @ Rs.9.8 Lakhs. I do not have any plans to buy a fresh
Posted 2 months ago
A. Hello Sir,
The exemption from long term capital gains is not available in respect of repayment of a home loan. You can claim deduction under Section 80C for repayment of home loan to the extent of 1.5 lakh rupees every year along with other eligible items.
I didn't updated rent agreement and details to my employer, employer has shown minimum HRA under salary slip which results least amount to be exempted in the form 16. Is there any way to claim complet
Posted 2 months ago
A. when filing your return you can claim the entire amount whatever actually paid, the employer whatever amount left over that you can mention in the return and get refund
GST for Salary re payment during Notice period.
Hello, I am serving a notice period of 45 days in my company after 45 days i have to pay rest of the amount to the company but my company is adding GST and other amounts along with my salary is it nec
Posted 3 months ago
A. GST is not applicable for salary if any GST is charged by your employer which is not correct. i hope you are not an employee of the company may you be a service provider to the company. this you can verify in your appointment order and confirm.
Section 80 CCD
Can we invest let's say 5000 in section 80 CCD (1) and the 50000 under section 80 CCD 1 (b). If yes how that can be done ? Note : For the remainder amount I intend to use ELSS as my option
A. As per income tax, all claims are subject to a maximum amount, which will change every year, and each section comes under a chapter. the entire chapter will give an exemption fixed amount only.
GST Show Cause Notice for not filing GSTR3B for Nov 2022
I am a student and got my GSTIN in Oct22. I did not know how to file GSTR 3B and could not file it for Nov22(Nil return). Yesterday I got a show cause notice with a 50000/- penalty under sec125,127. I
A. First reply to show cause notice after filing 3b, this will be rectified automatically because since you have time to resolve.
Can we claim interest under 24b (2 lac) (different house property), 80EEA (1.5 lac) (different house property)and hra deduction (different house property)altogether?
Posted 3 months ago
A. Yes, deduction of interest paid on housing loan can be claimed under sec 24b provided there is an interest paid certificate received from bank as a proof.
Deduction of interest paid under Sec 80EEA can be claimed in addition to Sec 24b only if the stamp duty value of the property is less than 45 lakhs and it is the first property for the buyer.
House rent allowance can be claimed in addition to deduction claimed under Sec 24b i.e. 2 lacks and additional 1.5 lacks as per Sec 80EEA only if the buy ...ReadMore
Hotel harrassing me for damages I did not cause
I was staying at a hotel and then after checking out I received multiple calls from the hotel staff asking me to return because there were damages to the tv which I did not even touch during my stay.
A. Send the legal notice through an advocate for harassment. Before that send the whasapp messages or mail about the issue to top management.
GST charged on commission from employer
Hello team, I am working for a company where I make sales call working from home pitching the company's online product (course). I work on a 10% commission basis on each sale and the average price of
A. GST is an application for service provided, hence you are liable for GST. This GST you can adjust wherever you want to pay when utilizing services from others.
GST Refund Received on export of goods on payment of duty , sales not realized
GST Refund Received on export of goods on payment of duty whereas export sales proceeds not realized export sales written off as Bad debts will Apply to RBI to write off. Need clarification Whether G
Posted 6 months ago
A. Pay back the refund amount immediately, otherwise, it will be considered cheating and revenue-losing activities. which may lead to criminal offenses. First write a letter to concerned officer and try to pay back as soon as possible