hi
My brother sold his Residential house property on December 2018. He plan to buy a new residential hose property and plan to register his wife's name. All legal proceedings will complete before march 2019. His wife does not have any income and completely dependent on him.
question -
Can claim capital gain tax exemption u/s 54 on sale of residential house property, if he invested the sale proceeds in new house property which is on his wife's name?

Dear Experts,
Notice received as Tax payer has shown gross receipt or income under the head " profit and gains of business or profession " more than Rs.1 crore. However, Part A of the profit and loss account and/or balance sheet has not been filed and books of accounts has not been audited.
I have verified all the details of profit and loss account and Balance sheet. There is no mismatch of any details with the return filed. But still notice is received. Please guide how to response to particular notice.

Sir, in my 26AS of FY 2016-17, one of the deductor wrongly filed an income of 52 lacs under my PAN as professional fees and the same was reversed by filling rectification tds return. After filling of my itr of 2016-17, Income tax department raised query why income of 52 lacs under professional fees is not declared. I replied online stating the above error by deductor but they are agreeing. Please helpS. Agrawal

Dear Sirs, My father deceased on 30th March 2017. I have still have interest income from the fixed deposit still on the name of my father as still not matured. The interest income is after expire date of my father which is more than exemption limit. I have received message/ email to file the income tax return for year 2018-19.
Can I file the return as legal heir of my father ?
Do I need to pay any tax and penalty on any income tax liability ?
Can I claim any exemption from this interest income (if filed return as legal heir) ?

I appreciate your detailed anwer at earliest as I have to comply at earliest.

Thanks in anticiapation of your kind support.

Dear sir
my client sup lie buffalo to meet exporter , he purchased buffalo from farmer in cash they have no pan and without any purchase bill
what is the treatment in income tax of this kind cash purchase.
he receipt all amount from exporter in bank.
what is the limit of cash purchase

Hi,

I want to register under GST. I'm using my own place for my LLP Office. There is two partners in the LLP firm. Is property tax receipt in my name is allowed as address proof in GST registration ?

Pls suggest me. Thanks in advance.

Dear sir,
Can you Plz help me how to Do accounting for Imports and Exports of Goods.
Eg. I had Imported 10,000/- Value stock and I paid all Taxes like Customs and IGST and Other.

I am Treating
Purchase Value (Paid to Debtor) - Treating as Purchas i.e.,10,000/-
Bank Charges - Treating as Indirect Expenses
Customs and other I am - Treating as Indirect Expenditure. One to the Amount extant IGST is treating as Asset since we get ITC in gst .

IS that Treatment is Correct.


And also Say Exports of goods Entry.

Dear Sir/Madam,

we are 6 members of family as directors in our pvt ltd company, out of these 6 directors, 4 of us have a property jointly registered for which we have taken a mortgage loan from bank.

I would like to know can we bring that money taken from mortgage loan and invest in the pvt limited company in which we are directors. If we can in what ways and sections of the law, what shall be the implications of the same in income tax and GST.

Request your suggestion on the same.

Thanks in advance.

Regards
MKG

Hi,

Please help me out on following queries,

1. We prepare YTD P&L which includes all MTD P&L. We convert the same in USD with respective months USD rate. Is it the right way of doing the same ? please advice...

2. We prepare Balance sheet also in INR as well as in USD, however the profit/loss does not match with USD balance sheet because we convert the balance sheet in USD with current month rate. Please suggest the correct approach.

Sir,

i am builder and GST register dealer i construct building under process 3 flats booking and received advance Rs.900000.00 please tell me i payment GST on Advance or when agreement of customer

Please solver my query