Advocate Brajesh Kumar

Questions Answered by Advocate Brajesh Kumar

Q: When and to whom is the gift tax payable

I wish to gift a flat valued at Rs. 43 lakh to my elder brother. How much would be the gift tax on it and who is liable to pay it and when should it be deposited with the Income Tax deptt. ? Plz guide.

Advocate Brajesh Kumar answered
Prepare a gift deed , there are no any liability of taxes in your cases. A real brother comes under relatives category under income tax and gifts from relatives are exempted under income tax ( Gift tax )

Q: Clarification regarding TDS Deduction over property over 50lacs.

I have purchased an under construction property almost nearing possession at the time of sale in Noida for 60 lacs. 50% payment made to builder on behalf of seller and remaining 50% to seller. My question is whether now I deduct entire TDS for my seller or partly on builder and partly on seller.

Advocate Brajesh Kumar answered
Consideration value declared at the time of sale deed/ conveyance deed showing that how much amount you have paid against purchase of this property either directly or through their agent, The TDS will be deducted on the total consideration value declared as above. In the second part- if total value actual paid to the seller or to the agent/builder higher than consideration value excess amount paid treated as commission and no any TDS applicable on that excess amount considered as commission.

Q: How is capital gain tax calculated ?

AS NOMINEE UNDER WILL WE HAVE SOLD OUR PROPERTY IN APRIL 2017 PURCHASED BY OUR FATHER IN 1969 ...AS PER NEW LAW THE INDEXING COST IS TO BE DONE WITH BASE OF 2001 PRICING. SO IN 2001 THE VALUE OF OUR HOUSE WAS AROUND 15 LAKH AND WE HAVE SOLD IT FOR 1.65 CRORE IN APRIL 2017. WHAT WOULD BE OUR CAPITAL GAIN AND HOW TO SAVE IT ? i MAY ADD THAT WE HAVE PURCHASED A FLAT IN 8/2017 FOR 65 LAKH OUT OF THE SALE PROCEED. THANKS

Advocate Brajesh Kumar answered
Yes, you can take the benefit of the flat which is purchased in 08/2017 for rs 65 lakhs. in flat calculation your capital gain is Rs. 85 lakhs but you may reduce this gain by sharing natur of sold property in details.

Q: When to file an ITR for a business

I have a family wear showroom and i have started this 3 months ago i.e in october .can u pls tell me when i have to file my first itr?

Advocate Brajesh Kumar answered
It is depending on your tournover and net profit, if your net profit is taxable you have to file your ITR for the assesment year 2018-19 ( FY. 2017-18 ). In the case of non taxable income it is upto you , you may file ITR voluntarily.

Q: Is alimony paid in mutual divorce taxable?

is one time settlement amount ( lumsum) is taxable for wife in divorce by mutual consent

Advocate Brajesh Kumar answered
No it is not taxable in any condition because it is given by husband to wife. it will be computed as tax free receipt as gift. It is already taxed on husband income, it will be double taxation if tax charge on it.