CA PARAS BAFNA's Expert Profile

Queries Replied : 9397

I am a practising CA from Surat

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Favourite field of activity is Income-tax .

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vidya says : Pan Card Number Misuse
I recently shared my pan card number with a close family friend whom I do not trust any more. The person knows details like my date of birth and father's name, address etc. What is the possible misuse? He only has my pan number. Thanks

Swarup Dutta says : Deduction u/s. 80G
Dear Bafna Sir, Would you please advise taxability of donation made in cash in excess of rs. 20000/- in the hands of assessee making such donation? Thanks

Gupta says : Cost of Aquisition and Income Tax on STCG
1. Can the tax paid towards housing loan for an under construction property be added to cost of aquisition for calculating STCG. The benefit of Loan Interest Rebate or section 80c have not been claimed. 2. Further if the property is still under construction and part payment is yet to go to the builder, what amount is considered as my cost amount will it be Margin Money + Bank Loan + Interest or Agreement Value+ Interest Paid Example: Margin Paid= 20 Lac Bank Loan= 40 Lac Payment Yet to Go to Builder= 15 Lac Interest Paid to Bank= 6 Lacs Total Money Paid till date= 66 Lacs Total Money paid by self finance= 26 Lacs Suppose it is sold for 85 Lacs, the sale proceeds would go as follows: To Builder= 15 Lac To Bank= 40 Lac To Me= 30 Lac What will be STCG in this case??

santosh shrivastava says : income Tax- Cash Payment Exceeding Limit
Dear Sir, I m working in Pvt Ltd co. and i have paid 2.5lac cash to Margin money to Finance company can this amt disallowed?

Astaf Mansuri says : require your help
Dear sir, my query is that assessee got his books of accounts audited u/s 44AD. (i.e. profit is less than 8% of its turnover) Now in e filing audit utility clause 10 should i mention section 44 AD and such profit amount?? Please do needful help soon as possible.

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