K
Kushal C
I live in the US. My brother in India is the sole beneficiary of an inherited house (per my parents' last will) that he is selling and intends to remit some of the proceeds to me in the US. What is the best way to transfer the funds and how can both of us minimize taxes from the sale? Do I need a NRO account to receive the funds?
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The only way to save capital gain tax is to invest in new house or bonds and he can include you in this by giving you a share in this.
If you need professional assistance feel free to contact me at canamanmaloo@gmail.com
The taxability of the capital gains would be in the hands of the owner which in the case is your brother. Further, since it is an inherited property the original cost of purchase can be reduced from the sale proceeds to compute the gains. Further, if the property has been owned by your brother and your father together for more than 2 years then the indexed cost can be taken (i.e., the cost can be adjusted with the inflation index rolled out by the Income Tax Authorities).
Even after the same if there is any gains then your brother can think about investing the gains in the prescribed bonds to reduce/ remove any gains.
With respect to remittance of funds, the funds can be remitted to you in your foreign bank account after completion of certain formalities.
For detailed discussion/ professional help, please connect at +91 9830375894
H
Harjot Singh
I want to trade binary options. Is it illegal in india?. If yes then in which country could i trade. Which visa i have to get?
R
Rajarshi Biswas
New LLP. 10K Capital. Turnover will be below 40L. Do we need an auditor for GST filing and ITR (form 11, 8) filing?
What is the business of LLP?
Its always better to hire a CA even if auditing is not done.
If you need any professional assistance feel free to contact me at canamanmaloo@gmail.com
Developing apps and games for mobile, pc, web. Both service and sale.
CA Rishabh Garg 18 Mar 2020GST Audit is not applicable as the Turnover is Not exceeding Rs. 2 Cr (Now increased to Rs. 5 Cr.) - Refer Sec 35 (5) of CGST Act.
Statutory Audit of Books of account is also not mandatory as Turnover of LLP is less than 40 lacs and Contribution is Less than Rs. 25 lacs - Refer Rule 24 of LLP Rules.
Feel free to contact at rishabhgarg916@gmail.com
Dear Rajarshi,
From the statutory point of view, you don't mandatory require an auditor as per LLP Act.
But, you may require auditor under income tax if your profit is less than the threshold limit. Thank You!
Ankit Chaudhary - 7604033340
A
Abhishek Basu
Can I take personal loans from Different banks to the tune of 20 lacs then, lend the same to my uncle as business loan. To get tax benefits.
Interest rates in Personal loans are higher than loans taken for business purpose. there is no point of saving Tax via this mode. For more info feel free to contact at rishabhgarg916@gmail.com
T&C applyS
Sandeep
Hi, I am an Indian citizen. I am planning to borrow some money from A foreign national. What are the rules, regulations and tax position. Thank you. Sandeep
You are borrowing for business or personal ?
Sandeep 16 Mar 2020Business. But I do not have a registered entity. I do not know how its treated as.
CA Ankit Chaudhary 26 Mar 2020Is the foreign national your relative?
CA Kantha Manjegowda 31 Mar 2020under FEMA borrowing regulations , you can borrow only from blood relative..
T&C apply
