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Prasann Kumar
For a salaried Employees who are falling in 30% Bracket, having FD's earning interest >40K per annum, while filing IT do i need to pay 30% tax earned interest on FD'S or only 10%
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Hi Prasann, it will be 30%
CA Stuti Shah 21 Oct 2020Hey prasann,
Tax slab would be applicable in general way like your income i.e 30% and not 10%.
Kindly contact us at castutishah@gmail.com or 9825330911 for any professional advise
yes tax needs to be paid at slab rate. 10% is the TDS rate.
T&C applyP
Priyank Jain
Hi, I had several FDs on my father's name. He passed away recently, I transferred all his FDs to my mother's name and then later I withdrew the amount after FDs maturity. The bank got a letter from Income tax dept (on my name) to pay taxes on the money we had in FDs. What should i do next? Agriculture income should be tax free in India.
Hey Priyank,
Interest on fd is taxable. Fd transfered can be considered as gift but income earned in such gift is taxable.
Kindly contact us at castutishah@gmail.com or 9825330911 for any professional advise.
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Harsha
Hi Sir,
I want to transfer funds(TUTION FEE) online from my Father bank account in India to my college in CANADA, I need to transfer approximately​ 15 lacs , can I transfer entire amount from my father account directly or split and send some amount from my mother account, will there be any tax please advice, note: we didn't do any international transaction since last year
Hi Harsha, Good Question with regards to Income tax, If the amount is already shown to be part of income filed in ITR there is not going to be any problem, Money transfer process would be undertaken via FEMA by RBI, further according to latest budget 2020, TCS would be attracted if payment exceeds 7 lakhs from one person (TCS would be on Total amount-7lakhs)
Rate - 5%
Rate - 1.5% if amount transferred is taken from institution covered under 80E
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Kabir Agrawal
I sold a Agriculture Land in 2019 January, with that money I bought a Agriculture Land in Feb 2019 under Capital Gain Exemption Scheme. I now need to sell the purchased land. I can sell in after February 2021? Or The Land is jointly hold by me and my father, Can I leave the possession of land in order to sell it?
Rural Agricultural Land is not taxable under Capital Gains, so in 2019 whether you purchase land or not doesn't matter with regards to exemption
2.Agricultural land rebrought if it is under rural area again the above applies for the same.
I would suggest you to book a phone consultation with experts to discuss the same in detail: https://www.taxontips.com/tax-notice-personal-consultation/
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Jaison
The sole proprietor of a business died in July 2020. His son wants to take over the assets and liabilities of the business and to continue the business. So he started a new business and registered under GST showing the reason as ‘the death of sole proprietor’. With the consent of heirs he applied before the GST authorities to act as the authorised signatory of his deceased father. He was appointed as the Authorised Signatory by the GST authorities. All the pending returns were filed by the authorised signatory. No Input Tax is balance to reverse to government. There are some Stock-in-hand. He is planning to transfer the Stock, Capital goods, and all the other assets and liabilities to his new business. My question is that whether he is liable to reverse the Input Tax of the Stock and Capital goods to government ? Can he transfer the Stock and Capital goods without paying the Tax ?
Hi Jaison, Son would be inheriting it and hence there is no tax on it, further he would have to file ITC-02 stating transfer of credit from Father GSTIN to Son GSTIN, and hence it would be as similar as continuing the old business.
In case of inheritance there is no tax.
