ONE OF MY CLIENT DAUGHTER, CLAIMED HRA FROM SALARIES BY PAYING HOUSE RENT TO HIS LAND LORD MOTHER OF RS.6,54000/- NOW MY QUERY IN THIS SITUATION RENT PAID BY INDIVIDUAL ABOVE RS 50000/- SECTION 194IB IS APPLICABLE TDS @ 5%.
THE SUMS DISPLAYED IN AIS REPORT THE INDIVIDUAL HAS TO FILE INCOME TAX RETURNS
ONE OF MY CLIENT PURCHASED AN AGRICULTURAL LAND HE HAS DEVELOPED BY OWN, NOW HE IS SELLING THE SITES BUT PROBLEM IS ALMOST ADVANCE AMOUNT HAS BEEN COLLECTED BY CASH ONLY THAT CASH INVESTING DEVELPOING LAND.
IN THIS SITUATION HOW TO CALCULATE CAPITAL GAIN OF OUT OF HIS EXPENSES ON DEVELPOING LAND.
IN THIS SITUATION WHAT WILL BE THE SOLUTIONS SOME CUSTOMERS PAID HALF CASH AND HALF NEFT.
2. ANOTHER ONE CLIENT MADE MISTAKE LIKE THIS SIR, JEWELLERY SHOP OWNED BY HIS FATHER AND GST NO ALSO WHILE SELLING JEWELLS AMOUNTS LIKE UPI PAYMENTS RECEIVED BY HIS SON AFTER THAT HE WILL TRANSFERRED TO HIS FATHER ACCOUNT EVEN THAT FATHER HAVING BANK ACCOUNT.
WHAT WILL BE THE PROBLEM WILL ARISE THE SON ONLY MAINTAINING HIS FATHER BUSINESS BUT SALE AMOUNTS RECEIVED BY HIM THEN HOW TO ADJUST THIS DEBTORS BALANCES.
24 June 2024
The deals are not fair, need to streamline at earliest. Till then keep the records of funds received by son and the exact amount transferred to father's account. But cash transactions should totally avoided.
DEBTORS AMOUNT RECEIVED BY SOMEONE OTHER THAN DEALER IS HARMFUL, ONLY SINGLE ACCOUNT TRANSFERRING AMOUNTS IS THAT ANY PROBLEMS SIR, THE AMOUNTS CREDITED TO SON ACCOUNT IF HE HAS TO FILE IT RETURNS, ALMOST THE SALE AMOUNT RECEIVED BY THEM IS DIGITAL TRANSACTIONS IN SALE BILL THEY HAVE MENTIONED PARTY NAME AND ADDRESS WHILE TALLYING BALANCES ITS VERY DIFFICULT.
DEBTORS AMOUNT RECEIVED BY SOMEONE OTHER THAN DEALER IS HARMFUL, ONLY SINGLE ACCOUNT TRANSFERRING AMOUNTS IS THAT ANY PROBLEMS SIR, THE AMOUNTS CREDITED TO SON ACCOUNT IF HE HAS TO FILE IT RETURNS, ALMOST THE SALE AMOUNT RECEIVED BY THEM IS DIGITAL TRANSACTIONS IN SALE BILL THEY HAVE MENTIONED PARTY NAME AND ADDRESS WHILE TALLYING BALANCES ITS VERY DIFFICULT.
24 June 2024
For all the digital transactions you must keep the complete record, otherwise AO will consider it as income in the hands of receiver of the amount. What is the reason to collect the amount in some other person's account, when father has the account of his business? It will be difficult to convince AO, and chances of penalty arises.
CAclubindia
