Advocate Himanshu Singhal

Questions Answered by Advocate Himanshu Singhal

Q: I had sold my residential property & earned capital gain, as per IT rules to save tax on this capita

I had sold my residential property & earned capital gain, as per IT rules to save tax on this capital gain I have to construct or purchase property in my name, my mother having a property in her name in lucknow ( purchased long back by parents by their own earnings) , I want to construct house on my mothers property, but as per IT rules it should be in my name. I have a sister & she is married & setteled with her husband. Now my query is . 1- can I construct house on mother's property without any changes in title. 2- if required changed in title then what is the cheapest way & how to calculate charges?

Advocate Himanshu Singhal answered
your name then you can house then you have the exemption of the capital gain in the name of your mother the property transfer in your name then you can make your own house and take capital gain exemption thank you

Q: How to pay income tax from part time job.

I'm a government teacher in primary schools. I want to teach in a coaching during evening (after school session). I'm sure that it will not affect my productivity in the main job. Am I allowed to do that. If yes then how should I pay tax for both jobs.

Advocate Himanshu Singhal answered
when you filed your income tax return for the assessment year then you can show you are all income in your income tax return there is your tax liability shown by the Income Tax Department can pay your income tax thank you

Q: Income tax issue relating to TDS on Rent

Dear Sir, I receive a rent of Rs 25000 per month for a commercial property from a Tenant. As it is more than 2.40 lacs p.a. , thus, tenant should deduct TDS. But Tenant will not deduct TDS as it is a monthly responsibility to do & he is not able to deposit regularly . Query- Pls tell way WHAT TO DO & how to manage it ??

Advocate Himanshu Singhal answered
aapko pareshan hone ki jarurat Nahin Hai liability tennant Ki Hai Aap Ki Nahin aap apne khate Mein pura rent receive kijiye aapko Koi pareshani Nahin Hogi pahle limit kam Thi lekin ab Badha Di gai hai isliye aapko iske liye Pareshan ki bilkul bhi jarurat Nahin Hai Koi pareshani vaise bhi nahin Hogi Kyunki yah jimmedari tenant ki hai aapke pass mein Puri rent receive ki thank you

Q: Whether 100% benefit of home loan be shown in wife's wife's account

Co owned & Co borrowed property with spouse. spouse is not working but this year have income from real estate consultation and rental income from property as rent deed agreement on her name and rent received in her sole account. whether i can take 100% benifit of home loan in sec 24 & 80c and show rental income on wife name or 50:50 basis

Advocate Himanshu Singhal answered
YES YOU CAN TAKE EXEMPTION IN THE WIFES ITR ON SHARE BASIS 50:50 BUT ONE THING IS REMBER THAT HOME LOAN PAID BY BOTH OF YOU NOT ONLY ONE ACCOUNT IF BOTH ARE PAID THEN TAKE EXEMPTION U/S 80 AND 24 EASILY THANKYOU

Q: How can circle rate be calculated as per income tax laws

As per sec.50 c of income tax act, if we sold land for rs.1000000. date of registry of land is 17/10/17. in sale deed, it is written that date of cheque is 17/10/17. as on 17/10/17 , circle rate of land is also 1000000. but the cheque was cleared on 26/10/17. query- for the purpose of calculating capital gains as per sec.50 c, circle rate of first cheque date is to be considered for sale consideration . so, in my case , circle rate on 26/10/17 will be taken because cheque cleared on this date or circle rate on 17/10/17 will be taken . What will be the income tax provision?

Advocate Himanshu Singhal answered
Dear Sir,As per sec.50 c of income tax act , you sale your land 17.10.2017 Which Is Registry Date So You Will Take Date For Considration 17.10.2017 . As Per Income Tax rule. There Is No Required To Take Cheque Clear Date .