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Arijit Sikdar
If I trasfer10 lac from my bank a/c to my son, will it be taxable in my son's hand
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If you are giving in form of gift it is not taxable since it falls under gift to relative.
CA Rahul Dwivedi 18 May 2021Ttaxability of transaction is depends on nature of transaction. You are transferring Rs. 10 Lacs to your son it may be loan, may be gift or for any other purpose.
You can transfer money to son as gift or loan it is not taxable at all. However don't depositing such huge CASH in cay account. Bank A/c transfer not a problem at all.
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Rohan Khandbhor
Need guidance while giving investment proof to company at the starting of financial year
You may contact us at 9811 896 771 or mail at camehulagg (at) gmail (dot) com to get guidance from us. Thank you!
CA Puja Sharma 17 May 2021In my opinion, at the starting of the Financial Year, the employer may not ask for investment proof because the investments will be made during the FY.
CA Rahul Dwivedi 18 May 2021At the begaining of the year company never ask for investment proof. employer ask investment declaration for the year, which you can easily gives. Always gives investment declaration at the year side as might be possible during the year you invest more than what you invested previous year to save the tax.
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Vishal Ved
I have sold one of my flats in mumbai for 42 lakhs. I bought it for 7.5 lakhs in 2009. With indexation cost comes to around 16 lakhs. So LTCG comes to 26 lakhs. If I invest in 54EC have I to inve t full 42 lakhs or 26 lakhs to get full long tem capital gain waiver.
Invest Rs. 26 Lakhs only in the bonds u/s 54EC.
CA Puja Sharma 17 May 2021You need to invest the gain amount in bonds u/s54EC to claim the exemption. For more information you can connect with us at ca.pujasharma@outlook.com
CA Rahul Dwivedi 18 May 2021No need to invest the entire consideration, can invest just 26 Lacs & get capital gain exemption.
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Mayank Chandna
Hi. I want to open a sole proprietorship to sell books on Amazon (which are GST free). To sell under a firm name, I need to register as a proprietorship. However, no bank is ready to open a current account under the firm name without a GST. They say you can bring an MSME certificate as that will do. But in the MSME registration form, they ask for the bank details of the firm.
It is circular. A non-GST proprietorship can't open a current account without an MSME certificate. And without a current account under the name of the firm you can't get an MSME certificate. What is to be done first? I don't understand.
there is no requirement of obtaining GSTIN for opening a current account, so you may proceed with opening of your bank account first.
CA Stuti Shah 11 May 2021Try other bank there is no such compulsion on gst number
CA Puja Sharma 17 May 2021Technically speaking, MSME is only applicable for service providers and manufacturers. Traders have been keep out of its ambit. For more information and consultancy purpose, please connect with us at ca.pujasharma@outlook.com or +91 94615 28592
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Krishna
How to submit tax declaration for joint home loan by both husband and wife individually.
Kindly contact at +91-9911744028. Will discuss your query and opine you accordingly.
CA Puja Sharma 17 May 2021You can take interest paid and home loan repayment certificate from the bank. The certificate will show the total mount of interest and principal paid. Attach your respective savings account statements from where repayment have been paid. This might help you in getting the deduction. For more information, you can connect with us at ca.pujasharma@outlook.com
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