H
Hardik
Query
Hi, my brother-in-law is doing share market trading in his account for last 4 years since 2017 using capital from family. During these 4 years, my wife invested 2lacs at the start in 2017 and 6 lacs after a year in Jan 2019. At the same time, in Jan 2019, her relative (maternal uncle of both wife and brother in law) invested 2 lacs as well. In Jan 2021, their father invested 2 lacs into this account.
For all the years, taxes have been paid appropriately after CA audit till March 2021 that assumed all profits incurred were taxed under my brother-in-law's business income. No payout has been made from this account till date to any of these contributors.
Now, I plan to open my own account where I would like to transfer this amount and start trading in that. What is the best way possible to get this money from my brother-in-law's account to my account ? There is no dispute in the money, so it will be easy to distribute the amount without any litigation. I am more concerned from any tax related dispute that may arise in this scenario if my brother in law transfers the entire amount into my bank account? He has zero contribution, hence, does not have any share in these gains.
H
Hiren Narsi Momaya
In ITR 3 , Sl.no 65iv of Schedule
P&L is for no account case. Then where to show speculative income, when books of accounts are maintain ?
G
Ganesh
User account withdrawals are frozen via Directions under Section 35 A of the Banking Regulation Act, 1949 (AACS) in Sri Gururaghavendra Sahakara Bank Niyamitha, Bengaluru. However, TDS is still cut on interest paid and the customer has to further pay Income tax based on his income level, which can be 20 more percent as well. Is it mandatory to pay income tax for such freezed income, given that there is no guarantee that 100% of the proceeds will finally be received by customers once bank reopens? Is there any clause under which we customer can postpone income tax payment for this particular income?
N
Nirmal Sethia
Can section 148 notice be served by AO of diffrent jurisdiction than the assessee,s jurisdiction. If assessee,s jurisdiction falls in some area of madhya pradesh but notice served by AO of area falls in rajasthan because one address of assessee has in rajasthan.
Facebook
Twitter
Linkedin
It must be because that person might have purchased property in Rajasthan and the notice must be without PAN.
For more discussion you can book consultation with expert at: https://www.taxontips.com/faceless-assessment/
N
Nithin Aadithya
I am a professional and filling tax under professional charges head. I bought an apartment in 2014 at 65 lakhs and I am paying EMI for the same as on date. Nearly 40 lakhs principal outstanding is there in bank. My mother expired nearly 13 years back and she had a self earned property at native for which me and my father are legal heirs. This property is worth 68 lakhs now and we are planning to sell it. Me and my father will be getting 34 lakhs each subject to longterm capital gain taxation. In the meantime, I am planning to buy a villa worth 1.75 crores inclusive of registration for which 1.32 loan sanction is ready. The issue I want to know is, the sale of inherited property may get over either before or mostly after villa buying. If i can sell the native property before to avoid CGT, I am planning to invest my share of 34 lakhs in villa in my name along with 132 bank loan and rest from personal funds. My dad will be left with 34 lakhs with him and as an measure to reduce my EMI, I am planning to ask my dad to close my outstanding 39 to 40 lakh principal loan amount of previous apartment and register that apartment in his name so i close my loan and stop further EMI and he also invest in another property to avoid capital gain tax. By doing this, it seems like i am selling my 70 lakh worth apartment at 40 lakhs to my dad which later on I may inherit being a single child. But still i want to enquire are there any other ways to do it. In scenario two, if the native property sale happens after buying this villa, I am planning to get a loan of 40 from dad and meet out villa expenses which i will repay him after native sale share come to me. If by doing so, will i get capital gain tax exemption. in such a scenario, if dad is ready to pay 40 lakhs and close my home loan in addition, can I transfer apartment to his name or is there any other way to reduce registration tax like combined holding.
Your query is very layered and need more discussion I would suggest to book consultation with an expert to discuss same over call at: https://www.taxontips.com/tax-notice-personal-consultation/
T&C apply
