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Ritesh Gupta
Bought a property in company now selling it to an individual.. How to save tax?
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Assuming it is Long Term Capital Gain:
There are two sections for claiming exemptions under Section 54 and Section 54F
(1)Exemption under Section 54 is available on long-term Capital Gain on sale of a House Property.
(2)Exemption under Section 54F is available on long-term Capital Gain on sale of any asset other than a House Property.
There are certain requirements to be fulfilled for both the sections
as i said i have bought it under the company and i am treating it as stock and depreciating its value every year so i dont think so LTCG will come under existence
CA Rahul Khatuwala 16 Jan 2017Then it will be your business profit, You can claim expenses directly related to the property, Not sure of any way to save tax on business profits
CA Arvind Khemka 15 Feb 2017if the company does not have any other asset and you are not in need of this company anymore, you can sell out the company itself. The property will automatically be transferred
CA Arvind Khemka 15 Feb 2017if the company does not have any other asset and you are not in need of this company anymore, you can sell out the company itself. The property will automatically be transferred
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Shashi Ranjan
How can i search Article and Paid assistant requirement
In case you are CA/CA Article: You can login from your CA/CA Article profile and go to article section and post your requirement
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Ankita Agarwal
Hello. Wanted a clearer picture on the various Taxes & Rates Applicable (apart from income tax), for a registered Paying Guest on a commercial property.
Central Taxes: Income Tax & Service Tax
State Taxes: Municipal Taxes (Commercial Tax), In some states you need to have commercial water and power connections.
Income tax depends on your legal entity status e.g. Sole proprietor, Pvt ltd company, Partnership etc.
Service tax: It depends on the way you are charging rent. If it is only rent then service tax is applicable - if per day rent is more than rs 1000, otherwise exempt
If it is a case of bundled service where you are providing food and accommodation, then you have to bifurcate the charges and pay service tax on food as catering services if your total revenue from catering is more than 10 lakhs per year.
Could you kindly share the link (if any) for more detailed information on the same. Thank You.
CA Akash Agarwal 3 Jan 2017There is no link, Its on the basis of my understanding of Tax laws, In case you want understand further you can book an appointment with me on this website.
AnkitaAgarwal 27 Jan 2017Sure. Meanwhile, could you kindly elaborate in detail on the service tax / gst for the same. Thanks in Advance.
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Harsha Harsha
What is the meaning of dwelling house in service tax,mega exemptions and what is it"s treatment ?
Dwelling house is any residential accommodation but does not include hotel, motel, inn, guest house, camp site, lodge, house boat or like places meant for temporary stay
Renting out will be a case of bundled service and need to see the nature of transaction to decide the tax ability
The treatment depends upon the nature of the transaction, If any activity which is commercial is involved it will attract service tax, even if it is rented out for a small period of time
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Hemachandra Reddy
Iam looking for project report to submit in my bank for rs 3 crores
We can help you if you are in Mumbai contact 9224145115
CA Akash Agarwal 30 Dec 2016We can help you with your requirement, Location is not important, Contact me @ 8820563615
CA Abhishek Sinha 30 Dec 2016We specialise in project report work, please send in your requirement to sinha.todi@gmail.com
CA Nikhar Kesarwani 5 Jan 2017We Can help.. Please contact 9028469810
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