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Rajshree
What are the tax implications of selling a property from which one is booking a profit
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Can you please elaborate on what do you mean by which one is booking a profit?
T&C applyP
Piyush Agrawal
Can I take online transfer of 6 lakh from my father in law for car purchase as a gift
Hey Piyush,
Yes you can do that and can show it as Gift in consideration of amount transferred and not car purchased.
Kindly contact us @ 9825330911 in case of any further query
Yes, you can but you should make gift deed for that. For more assistance call at 7667559772
CA Namita Agarwal 5 Nov 2020Yes, you can. For further assistance , please contact us
Mobile: +91 93545 62098
Email: namita@fincheff.com
Visit us at www.fincheff.com
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Ajit
The rent agreement for my Commercial building expired on April end of this year. The tenant has not paid rent from March. He has also not renewed the rent agreement. The rent in expired agreement was 146000 per month.
I don't know how much rent he will pay this year. How should I calculate the advance income tax to be paid? If he pays me no rent, should I still pay tax, since rent is legally due from the tenant. He is also not ready to renew the agreement or vacate.
Since rent income is taxed on accrual basis and not on cash accounting basis, is it not taxable, even if rent is not received in that financial year, especially if he does not vacate?
There's a concept called Unrealised Rent under Income Tax... which has few conditions as well to ensure it is not taxed.
CA Jaya Agarwal 4 Nov 2020If following conditions are satisfied, then unrealised rent pertaining to the previous year is to be deducted from actual rent of the previous year:
➣ The tenancy is bona fide.
➣ The defaulting tenant has vacated the property, or steps have been taken to compel him to vacate the property.
➣ The defaulting tenant is not in occupation of any other property of the assessee.
➣ The assessee has taken all steps to recover such amount, including legal proceedings or he satisfies the Assessing Officer that legal proceedings would be useless.
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Ashish
Hi, Recently, we have sold a residential plot and with that money I wanted to purchase an apartment, for which the builder is offering possession in Dec 2024, would want to know if I pay the builder the complete amount of net sale proceed then will there be a tax liability on me.
Request more insight.
Dear Ashish, You can book a Flat and pay amount as booking amount to get exemption.
CA Jaya Agarwal 4 Nov 2020For taking full benefit of tax liability, Within a period of one year before or two years after the date of transfer of old
house, the taxpayer should acquire another residential house
Hi Ashish,
As per Income tax Act, in order to claim exemption, you need to invest capital gains proceeds in purchasing another property within next two years. Thus, if you can substantiate the purchase and other conditions are met, exemption can be claimed.
It is advisable to discuss the case with additional facts and take advise thereon.
Regards
Namita Agarwal
FinCheff Advisors LLP| Partner
MSME Business Forum India| Strategic Advisor
Mobile: +91 93545 62098
Email: namita@fincheff.com
https://www.fincheff.com/
Since the period of possession would be beyond 3 years from sale this might cause trouble to you in future although you can claim exemption today.
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Jayesh
Can interest u/s 234D be levied if a refund is given in any other section than 143(3) eg. 143(3)
