Commercial residential property loan
Commercial residential property loan
I wanted to buy commercial residential property loan for a semi commercial property.. do I have tax benefits of I do so unlike we have it for residential property loan? Anything claim wise also?
3 months ago
A. Dear Client,
Commercial properties are classified as capital assets. Profits from selling them after 24 months qualify as long-term capital gains (LTCG) and are taxed at 20%. If the property is sold within 24 months, it falls under short-term capital gains (STCG) and is taxed based on the individual's tax slab. You have to buy only residential property to save tax on capital gains arising out of the sale of any other property. This means you cannot buy land or commercial property to save capital ...ReadMore
Business Tax
I am an individual, my current income is around 5lac (rental+investments). I'm opening a digital marketing company (service based). My target is to earn less than 10 lac yearly from that business. Onl
4 months ago
A. Dear Sir,
It being tax related matter. You are advise to contact any auditor or chartered accountant for effective advise.
Play online international lotteries lawfully
can an indian resident living in maharashtra , play online international lotteries lawfully ? on winning can he bring back prize earned in foreign exchange by paying applicable taxes?
4 months ago
A. Under the Lotteries Regulation Act, of 1988, the state governments have been authorised by the central government to make their laws related to the game. As a result, some states have banned it and some still consider it legal.
ITC availed in IGST instead of cgst
Is there any remedy available in law where ITC of CGST,SGST has been incorrectly availed in IGST or vice versa?
7 months ago
A. Dear Sir,
Your question may be effectively answered by any income tax practitioner or auditor or GST practitioner.
Tax on sale of property that is purchased via loan
I purchased a residential plot on loan and the total net price excluding registration charges and loan interest was 22.5 lac, If i add the interest i paid on loan then total becomes 27 lac, i recently
7 months ago
A. Dear Client,
The sale of a residential plot can have tax implications in terms of capital gains tax in India. Capital gains are categorized as either short-term or long-term based on the holding period of the asset. In your case, you mentioned that you held the plot for more than 2 years after the loan was settled. This implies that the gains will be treated as long-term capital gains (LTCG).
Here's how the taxation would work:
Long-Term Capital Gains (LTCG): If you held the residential plot f ...ReadMore
Capital Gains and EWS
For EWS certification, are Capital Gains from Mutual Fund sales considered as income against the 8 Lacs limit? I read somewhere that only income from Intraday trading is considered as regular income,
7 months ago
A. Dear client,
Capital gains from mutual fund sales are considered as income for ews certification. However, only the gains are considered, not the whole sum withdrawn.
Section 54 and 54 f of income tax
I sold shares and invested in flat A and claimed LTCG exemption u/s 54 F I sold my flat ( Not flat A) and invested the proceeds in another flat B and claimed exemption u/s 54. Can I do both these tra
7 months ago
A. Dear Client,
Section 54 and Section 54F of the Income Tax Act provide exemptions on capital gains tax arising from the sale of residential properties. However, there are specific conditions and limitations associated with each section. Let's break down your scenario:
Section 54: This section provides an exemption for long-term capital gains arising from the sale of a residential property if the taxpayer purchases another residential property. The conditions for Section 54 include:
The new res ...ReadMore
Revert to old tax regime when switching from professional to salary income
I have professional income declared for FY 22-23. Opting for new tax regime is saving me significant amount of money for the current ITR. However, in the current financial year (FY 23-24), I will not
8 months ago
A. Dear client,
Individuals with business income will not be eligible to choose between the two regimes every year. Once they select new tax regime, they have only once in a lifetime option for switching back to the old regime. Once they switch back to the old regime, they won't be able to choose a new regime anytime in future
I am getting risk allowance
I am getting risk allowance as state police personnel and posted in LWE affected district shall I claim exemption u/s 10(14)(ii) rule of Income Tax under Highly active field area compensation
9 months ago
A. Dear client,
This is solely a matter regarding your finances. Please consult a relevant chartered accountant who may assist you better
Taxation in crypto and resell advertisment
1. In crypto Income tax = sale price - cost price. But what if I buy 1000 usdt (86 INR/usdt, for example), after that got in debt 100 usdt from foreigner and sold all this quantity - 1100 usdt (87 INR
9 months ago
A. Dear Sir,
Please consult any Auditor or Chartered Accountant as issue related to Tax matter and they are well versed with the said subject.
