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Nirupam Kaushik
I have sold shares of Reliance communication after holding for more than 8 years, at loss (Long term capital loss)
At the same time, I am making long term capital gains in the same financial year, by redeeming units of a debt mutual fund after holding for 8 years.
Can I set off the gains from the Debt mutual fund by adjusting against the long term loss from shares of Reliance communications.
Thank you,
Nirupam
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Yes, you can adjust long term capital loss from logn term capital gain. For more info. call 9587334442
CA Naman Maloo 15 Jan 2020Since both are long term you can adjust them.
For professional assistance you can mail me at canamanmaloo@gmail.com
you can adjust the same
NirupamKaushik 8 Feb 2020Thank you all for your kind assitsance
NirupamKaushik 8 Feb 2020Can I book long term capital loss for shares which are either barred from trading or delisted from any recognized stock exchange or company has gone bankrupt, I,e in cases whwere my investment is reduced to zero.
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Vincent
I want to divide the rent amount between me and my wife to my parent who has been retired and have no income, wherein she will file half the amount for tax submissions and I will file the remaining (eg : If the rent is 10000, my wife will show 5000 in her tax documents and I will show 5000 in mine) Is this acceptable?
the rent amount is the income of the original owner of the property. You cannot devide the income as per your own wish. For any further query contact on 9587334442
Vincent 15 Jan 2020Thank you for your quick reply. One query i have is if the amount that we divide exceeds 8333 rs, do we have to show the rent agreement. Basically i want to divide 30,000 between me and my wife. Could you guide me on this
CA Naman Maloo 15 Jan 2020You are paying rent to your parents and both of you are earning salary income?
You can divide it half if you prepare proper rent agreement.
For more info you can contact me at canamanmaloo@gmail.com
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Aastha Deswal
Our rent agreement has husband's name but I am paying half the rent, @40,000 per month, mumbai. Can I submit rent receipts @20,000 per month or 40,000 alternate month as HRA to save income tax. Or is it mandatory to have one's name in rent agreement?
It would be better if you amend the rent agreement.
CA Rakshit Jain 15 Jan 2020i would suggest you to first amend the rent agreement to claim HRA benefit. if your HR is satisfied with only the rent receipt then it is ok. For more query call on 9587334442
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Abhijeet Jain
I am opening a new shop retail of dryfruits is itnnecessary to take gst number
It depends on your turnover. If your turnover is below 20Lacs then it is not advisable to take registration. otherwise it is compulsory to take registration. For more discussion call @ 9587334442
CA Naman Maloo 13 Jan 2020If your turnover is above 40 lakh or if you are going to sell online or in another state then you need registration.
If you need any further assistance feel free to contact me at canamanmaloo@gmail.com
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Saurabh
At petrolpump business how much cash can i take in a day from a custmer in advance for further giving him oil...and how much cash can i pay him back in a day at last if his balance stands with me
So, as per Income Tax act if you make a sales for cash of more than 2Lac rupees then there is a penalty provision for the same. So i would suggest that you should not take cash for more than 2 lac rupees in a day. the remaining amount can be repaid at the day end. But instead of cash try to take payment through electronic payment. that way you can resist any unwanted problem form the income tax departments.
CA Naman Maloo 12 Jan 2020You can accept 2 lakh in a day from a person.
As far as repaying the same is concerned you can repay the same but remember to have a confirmation signed from such person as return of advance or it can be misconstrued as loan and which cannot be accepted or repaid in cash above 20000.
For professional consultancy feel free to contact me at canamanmaloo@gmail.com
