Dear Experts,

My query is regarding, Purchase of Immovable Property.

Mr. Ramesh (Buyer) purchased Immovable Property from Mr. Mahesh (Seller).
Details of Property : Market Value = 651000/- , Consideration Value = 437000/- (As per Sale Agreement)

Mr. Ramesh made Cash Payment of Rs. 220000/- and 437000/- by Cheque to Mahesh. BUT

Mr. Mahesh mentioned only 437000/- to sale agreement. (consideration Value) remaining 220000/- not consider in consideration value.

Situation is, Under valued property is purchased by Mr. Ramesh.

I want to know the taxbility in hand of Mr. Ramesh (Buyer) and Mr. Mahesh (Seller).

If Mr. Ramesh will pay tax NOW on 214000/- ie. ( 651000/- Minus 437000/-) by considering it "Income from Other Sources" ,than what will be effect of capital gain when Mr. Ramesh will sell the property.

Please help me expert to understand this situations.

I want to surrender my gst no .what is the process of surrendering.

Hello experts,

Assessee is having turnover of rs. 10400000.
I have filled return u/s 44ad .
I have mentioned GST number in return but forgot to mention turnover as per GST.
Should I revise the return and show turnover as per GST???

1. I have mentioned sum of income under other sources ( FD interest ) and tuition fees, in ITR1 form.
Is this right ?
2. Also, this additional tuition income is not matched against TDS-2. Is that fine


Thanks
Sunil

As you are aware that from FY 2017-18, New return forms are launched by the IT Department. Previously we used to file ITR-2 for Partners having no other business income except income from Firm. However from this year ITR-3 is applicable for Partners. While filing ITR-3 we have to input four figure balance sheet and profit and loss account otherwise department issues notice for defective return.

My query is how shall return of partners having no balance sheet maintained be filed ?

Hello,
While filing ITR I come to know that Date of Birth of my husband is mentioned wrong in IT portal, however PAN details and DOB on PAN is correct, we can login with it.. ITR of earlier years were filed by company representative. Is there any way to correct this ? please guide.

Good evening sir, my friend invested in amount marketing , they returned his investment with adding some profits . but they deducted 10% tds on profits under section 194j . please tell me sir how can he show this income under which accounting head sir and in income tax filling return ,can he show in income from other sources
please explain sir

Dear Experts,

I am a salary person as well as a small insurance agents with commission brokerage. In FY 2015-16 I have filed ITR-4.My turnover is under declared limit & also I have not maintain any kind of accounts. Now I am going to file my ITR for FY 2017-18. In this,which ITR will applicable for me ? Is it ITR-3 or ITR-1.

Note- I have not filed my ITR for FY 2016-17.

Please suggest.

Regards

Pradeep

old Air Conditioners used as business assets in a mfg unit sold to scrap dealer along with ducting and piping. Would like to know what percentage should be levied on such scrap sale amount.

Dear sir,

I have sold the flat & long term capital gains have been deposited in Capital Gains Account Scheme (CGAS) in last week
of 6th month from the date of transfer since I was planning to buy the property.

After 3 months I have changed my mind & planned not to buy the property & I would like to invest amount of CGAS in REC bonds (54 EC) for next 5 years.

My query is that can I close CGAS & invest in REC bonds in order to continue availing exemption.

Regards