The developer received an amount of Rs.30,00,000/- as an installment from customer against sale of flat which is in under construction. How to calculate taxable value and GST on it ? Please suggest .

Hello sir,
I filled out the ITR before making the payment. There is no option for updating the chalan in the portal. the intimation demand is for 198000 and I have paid 213879 as tax. What I have to do.

A demand for 30 lakhs raised to customer by developer where the customer agreed to buy a flat from developer. The flat is under construction and it's total value will be more than 50 lakhs. My query is which of the following will be the correct treatment of this transaction for GST

Situation 1
Taxable value - Rs. 30,00,000/-
CGST @ 2.5% - Rs. 75,000/-
SGST @ 2.5% - Rs. 75,000/-

Situation 2
Taxable value - Rs. 20,00,000/-
CGST @ 3.75% - Rs. 75,000/-
SGST @ 3.75% - Rs. 75,000/-

If situation 2 is correct then where balance Rs.10,00,000/- to be shown in GST Return
Please suggest, thank you

Dear Sir,
Person A has booked a property with builder for 82 L but did not register post possession. Now A wants to sell it to B for 1.6Cr. Since the property was not register there will be a tri-party agreement (between A, B and Builder) to transfer the property from A to B.

Builder will only register it to B for 82 L which is original price equal to circle rate.

A will get 1.6Cr all in white (less TDS 23.33 % since A is NRI) from B.

is it legal? will there be aby scrutiny by IT dept on the balance 1.6cr-82L for loss of revenue?

Please confirm.

in which sec of IT act the exemption can be availed. how to include in IT return

1).Assesses has files his return of income u/s 44AD for the A.Y. 2017-18 to A.Y.21-22 and for A.Y. 22-23 his turnover was 2.12 crore (cash payment and receipt are within 5% limit) so has filed return of income without audit (normal return filed without audit and maintain the books of account also for A.Y.22-23) and now for the A.Y. 23-24 has turnover of Rs. 1.5 crore so he can file his return of income u/s 44AD for AY 23-24. by showing 6%/8% profit?? or it will be treated as a violation of 44AD?

Fy 22-23 (old tax regime)
Income
Ltcg under 112 a-400000
Exemptions
Standard deduction-50000
What is the tax liability ? Will the tax liability change if the ltcg of 400000 is
a) for ltcg charged under 10%
b) for ltcg charged 20%

Hi,

My income source is salary, Interest on saving bank account, and dream 11.

which ITR is applicable for me ?

ITR 1 or ITR 2 ?

Respected Sir/Madam, I have filed ITR-4 for AY 2022-23, For My business income and income from other sources like interest from banks, post office and NBFC. Since Oct. 2022, I have started to invest in Equity shares of listed companies. How I will show equity investment in my ITR-4 for AY 2023-24? Is it necessary to show equity investment in ITR? Or only Dividend Income have to shown in ITR? Kindly give your expert advise.
With Regards,
Prem Moolwani

Dear sir
I am filing presumptive income u/s 44ADA. No accounts case.
I am not supposed to maintain books.
But unable to upload and following message continues to show
"Income under business and profession is claimed but gross receipts are not mentioned in profit and loss account. OR Profit shown is less than 50% of gross receipts but details of maintenance of the books of accounts and audit report u/s 44AB in Part A-General are not filled up."
I have shown gross receipts in presumptive income section 61 onwards and shown income more than 50%.
Any one has any idea. Thanks