Advocate Patrika Gupta

Questions Answered by Advocate Patrika Gupta

Q: How much income tax do I have to pay if I sell property worth Rs 1cr

Actually i'm selling my ancestral property worth crore but here the problem is that i've heard that you need to pay 30% income tax on that amount that means 30 lakhs rupees that's really a big amount of tax and i can't really afford to pay that amount of tax so my question is that is it true? do i really need to 30 lakhs on sale of 1 crore of property please clear my confusion and help me.

Advocate Patrika Gupta answered
Dear, income earned through property comes under other head. Which follow other rule of calculation. There is no slab of 30% tax in that matter. So need to worry about that. if you need any assistance regarding this query you can contact me for that.

Q: Want to purchase a car by paying 50% amount in cash to avoid tax

Please advice how much money we can pay in cash while purchasing a new car to avoid income tax queries?? My brother is in merchant navy and does not pay tax as he is a NRI.... The car price is 38 lakhs and we are thinking to pay nearby 20 lakh in cash,remaining via car loan. Will it be ok?

Advocate Patrika Gupta answered
In case of NRI there is no issues in terms of income tax if you are purchasing any property or asset. But in that case you have to be very sure that you have already filed your returns where you have declared your income as a NRI. I hope it will help you. Please feel free to contact for any tax assistance.

Q: Income Tax on salary income

Hi, I am an employer. I have hired one employee in the month of June 16 and I am paying him salary of Rs.7.7 Lacs p.a. I am also deducting TDS based on his investment declaration. During April to May 16 he was employed in other company and he has not declared me any income from his previous employment. My first question is that if incase he had earned some income around Rs.4.5 Lacs from previous employer & not declared to me who is responsible to pay tax on that assuming previous employer deducted nothing on that Rs.4.5 Lacs? Second question is that how income tax department can know that he (my employee) is evading income tax if he don't file his income tax return? If department come to know on this what will be amount of interest/penalty etc. & who is liable for that?

Advocate Patrika Gupta answered
Hello sir, no need to worry if your employee dsnt declare any other salary details.No any employer liable to pay tax if he dsnt disclosed about that. Secondly if you have deducted the tds then its a compulsion for the employee to file his return, because his pan no. Is registered with the department. So department will take care the issue by their end. I hope you're quite satisfied with the reply. If you have any queries feel free to contact.

Q: PAN and TAN of a defunct private limited company

Hello,We had a private limited company which we have now closed under the FTE mode of the ministry of corporate affairs. There was absolutely no business done under the name of the company, however, we have a PAN Number and Card and a TAN Number that is issued in the name of the company. Can someone tell me if we need to surrender the PAN and TAN for the defunct company or just ignore it as the company no more exists? If we do need to surrender, please suggest the procedure. If not, can we just let them be without any worries?Thanks for the help.

Advocate Patrika Gupta answered
In case of windup u need to surrender all the certificates as well as all registered documents. In that case you have to be surrender the PAN & TAN. otherwise it will consider as activated. You can contact me for any assistance and for the surrender procedure too.

Q: Regarding stay on Service tax and VAT collection by Government

As per data pulled thru RTI , found that Government has NO tracking mechanism or Auditing method to audit ST/VAT collected from public by Retailers /service providers/ shop keepers. Means, all the collected service tax and VAT from public are not credited to government so is it possible to file a case and get stay on collect the tax untill we get a clear clarification from Government

Advocate Patrika Gupta answered
Government have all such record of any tax collection & deduction. Indirect tax also correlated with the Direct tax. There is no any such provision for clarification from the government as of now. If you don't want to deposit ST/VAT then no issues don't do it when you'll receive the notice from the Government for not depositing of tax then you'll get the clarification of the records of government with the proof of penalty notices as well. I hope your doubt has been clear now.