Hi Team,

We have a client who is a Professional claiming exemption under Section 44ADA for his Professional Income. He also owns a house in his home town of Lucknow for which he has taken Home Loan and claiming deduction under Section 24 for Interest Paid on Home Loan and for Principal under Section 80-C.

Since he is living away from his home town in Delhi on rent of Rs 10000, we want to claim Home Rent Paid of Rs 5000/0 Per Month under Section 80GG apart from Interest of home loan which he is paying as above.

We need to know whether he can claim both deduction in respect of Home Loan and Sec 80GG simultaneously in his ITR or will the system stop us from claiming one of them.

An urgent help in this regard will be highly appreciated.

With Regards,
Manik

As I understand, If I gift some money, e.g. Rs 1,00,000 to my major son, any income generated on this money will be taxed in the hands of my son.

As my son has his other sources of income, namely, salary and income from investments, he might gift some money e.g. Rs 50,000 to his mother, i.e. my wife.

My question is whether these two transactions together might be seen as indirect gift from me to my wife and will these attract the clubbing of income provisions?

Are there any suggestions on how to safely carry out such gifting transactions so that we are not inadvertently violating any income tax rules.

Suppose house property (jointly owned by husband and wife) is let out with one time lease amount for 10 years instead of monthly rental, how to calculate the income from house property for FY 2023-24 under new tax regime.
There is also loan taken for the house property in the name of joint owners. What are the tax implications for both?

Sir,

My query is what is the SAC OR HSN CODE OF BOOK FAIR EXPENSE

Dear Sir,

We are manufacturing and Export oriented Unit for Gherkins.
We are using HSN Code- 07114000- (VEGETABLES PROVISIONALLY PRESERVED(FOR EXAMPLE, BY SULPHUR DIOXIDE GAS,IN BRINE, IN SULPHUR WATER OR IN OTHERPRESERVATIVE SOLUTIONS), BUT UNSUITABLEIN THAT STATE FOR IMMEDIATE CONSUMPTIONCUCUMBERS AND GHERKINS)
In Invoice mention description " Gherkins in Acetic Acid"
We received notice for the financial year 2017-18, the department office is telling actual HSN Code is 20011000.
our Product is not for ready to eat for human consumption.
Kindly give the any solutions for this.
Regards,
Raghu S

When computing capital gains, the interest under section 24(b) from which the interest solely related to loan on acquisition or construction is deducted from cost of acquisition. Similarly, interests under sections 80EE and 80EEA are deducted.

My question is- Do they all have to be in the same previous year or can the deductions availed under these sections in any previous year be deducted from cost of acquisition in the year of transfer? That is, should all deductions of interest availed till year of transfer be deducted from cost of acquisition while computing capital gains?

Thank you.

Can we take credit of IGST amount paid to custom department on goods imported through "Courier bill of Entry XIV for home consumption"? it is imported for resale business purpose only.

We deliver goods from our suppliers godown to our client ex delivery from our suppliers godown. Our client gives us vehicle no and on that basis I and my supplier prepares e-way bill. If my client gives wrong vehicle no then who will suffer for this? One of my client gave two times wrong vehicle no and on my clients information e-way bill and invoices was prepared. What will be our liabilities?

It is not possible for me and my supplier to go and check the vehicle physically since goods are loaded by buyer by own labours .we prepare e-way bill and invoices and enter vehicle no on basis of our buyers information.please clarify?

DEAR SIR,

ONE OF MY CLIENT DOING VIDEO AND PHOTOGRAPHY BUSINESS ITS HIS FULL TIME BUSINESS WORK AND ALSO HE PURCHASED 16 WHEEL TRUCK BY BANK LOAN.

HE RECEIVED RENT FROM THROUGH BANK ACCOUNT SO CAN I CONSIDER THIS INCOME AS FROM OTHER SOURCE OR BUSINESS INCOME IF OTHER SOURCES CAN WE DEDUCT EXPENSES LIKE DEPRECIATION, DRIVER SALARY, DIESEL EXPENSES, TOLL, PARKING EXPENSES, VEHICLE MAINTANANCE. WHERE TO DISCLOSE THIS EXPENSES IN WHILE FILING ITR.

WAITING FOR YOUR GUIDENCE

THANK YOU

Sir,

We have received a order for Roll griding Jobwork. Actually we are mfrs of MS Pipes. We would like to know what SAC code we should use while prepairing the invoice. We hope the applicable GST will be 12%

Please Advise.

Thanks in Advance.

Regards