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Tax on online purchase of stamp paper

sir, i am purchasing stamp paper online using net banking etc, for other person those who want to purchase or sale any property, now my bank transaction is so much, and income is taxable. will u suggest me what i should do to avoid this income tax.because i am taking cash from that people, those...

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sir, i am purchasing stamp paper online using net banking etc, for other person those who want to purchase or sale any property, now my bank transaction is so much, and income is taxable. will u suggest me what i should do to avoid this income tax.because i am taking cash from that people, those who want to sale or purchase any property.

  • 1 Answer
  • 362 Views
782fdcdfcb12128bf7acf28289e8be5968bf2274 Kishan Dutt Retd Judge
last answered about 4 years ago
Procedure for gift deed to transfer money to mother and brother

Hi, I'm planning to gift money Rs. 5 lakh each to my mother and brother through online transfer. Both the donor and donee are residents of Jharkhand. I'm aware that this is tax-exempt but to avoid any issues in future, particularly from Income Tax Dept, is it advisable to get a gift-deed...

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Hi, I'm planning to gift money Rs. 5 lakh each to my mother and brother through online transfer. Both the donor and donee are residents of Jharkhand. I'm aware that this is tax-exempt but to avoid any issues in future, particularly from Income Tax Dept, is it advisable to get a gift-deed registered? What should be the value of the stamp paper? Any other charges also involved in getting this document registered? Any other things that I should know about this transaction? Thank you

  • 0 Answers
  • 540 Views
Asked at November 23, 2017
Permission required to start home delivery for liquor

Can we start online liquor home delivery in hyderabad? what are the legal permissions required?

  • 2 Answers
  • 325 Views
Asked at October 27, 2017
782fdcdfcb12128bf7acf28289e8be5968bf2274 Kishan Dutt Retd Judge
last answered about 4 years ago
One person company and proprietorship concern separately run

Dear sir,I am an owner of a proprietorship concern in my own name and PAN and got GSTIN. I am proposing to start aOne Person Company. Now the OPC should get separate PAN and GST because it is a separate legal entity, my question is after incorporation of OPC can I run the proprietorship concern...

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Dear sir, I am an owner of a proprietorship concern in my own name and PAN and got GSTIN. I am proposing to start a One Person Company. Now the OPC should get separate PAN and GST because it is a separate legal entity, my question is after incorporation of OPC can I run the proprietorship concern separately? or surrender the GSTIN. and close the business?

  • 1 Answer
  • 359 Views
Asked at October 04, 2017
Default avatar Lawfarm Team
last answered over 4 years ago
LTPG Tax exemption

(1) Sir, I know about section 54 and 54F so please do not repeat in reply. Kindly see my case deeply. (2) I do not own any house till now. I booked a flat in Nov 2013 for costing 34 lakh + service tax. Agreement was done in Nov 2014. Appox 35 lakh(incl 17 lakh loan of bank) has been made in...

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(1) Sir, I know about section 54 and 54F so please do not repeat in reply. Kindly see my case deeply. (2) I do not own any house till now. I booked a flat in Nov 2013 for costing 34 lakh + service tax. Agreement was done in Nov 2014. Appox 35 lakh(incl 17 lakh loan of bank) has been made in installments upto Apr 2017 (last payments of 3lakh, 6lakh and 4.25 lakh were done in Feb, Mar and Apr 2017 respectively). Possession was due in May 2017 but project is late so it may take one or two years more. Meanwhile (3) Keeping in view to arrange fund I sold a residential land for 16 lakh in Apr 2017 which was purchased for 1.25 lakh in Apr 2004 which is attracting appox 13 lakh as LTPG. I don't have any money to invest in Bonds or to keep in Banks in property gain accounts as I have made payments to builder for flat. (4) Now my question is, Can I get exemption on LTPG Tax arised due to sell of land if I got possession of flat within one or two years or before Apr 2019. As per 54 or 54F construction is being done within 03 years of selling a Long term asset. OR what do do kindly suggest. (5) I am bearing a big loss due to flat and if I have to pay LPTG Tax on sell of land it will be a great loss to me. Please Help !

  • 2 Answers
  • 305 Views
Asked at October 02, 2017
Default avatar Munanshu Koshti
last answered over 4 years ago
Payment of toll tax by army personnel

Sub: Clarification regarding Indian Tolls Act (Army and AF) 1901 As per Indian Tolls Act (Army and AF) 1901 and Indian Tolls (Army and AF) Rules 1942, Indian Army personnel are exempted from paying tolls at any of the Highway toll booths. Also, as per subject section 3(h) of Indian Tolls Act...

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Sub: Clarification regarding Indian Tolls Act (Army and AF) 1901 As per Indian Tolls Act (Army and AF) 1901 and Indian Tolls (Army and AF) Rules 1942, Indian Army personnel are exempted from paying tolls at any of the Highway toll booths. Also, as per subject section 3(h) of Indian Tolls Act 1901, all carriages accompanying an officer of army is also exempted from such tolls. It doesn't mention private or public carriage and hence both must be eligible for exemption. Also as per para 2 of Indian Tolls Rules 1942, pass is required only for those who are not mentioned in para 3 (para 3 mentions Officers, soldiers and Airmen). Hence no pass shall be required as per Indian Tolls Rules 1942 for any Officer of the army. The same has been clearly brought out by department of road transport and Highways letter no NO.NH- 11065/12/2003 -P&M dated 05 Sep 2004. However, in recent times a letter has been disseminated to all toll booths by ministry of road transport and Highways which states that the exemption is not applicable to personal vehicles if it is not used for any official purpose or duty. Also, to avail an exemption it "Clarifies the requirement of a pass from all concerned". I need clarification for the following: 1. The Indian Tolls Act does not say the requirement for any person mentioned in sub para 3 (a) to be on duty. However it does mention so specifically for those mentioned in sub para 3 (B). Hence doesn't it imply that those mentioned in sub para 3 (a) are exempted tolls all the time? 2. How does one 'Prove' that he is on duty. As per Army service rules, even Casual Leave is considered as "On Duty". Also, a person can be asked to perform a "temporary duty" even when he is on " annual leave". 3. What shall be the next course of action against the said letter which by itself goes against both Army Tolls Act and Rules. Thank you Kiruthi Murugan B 7598512100

  • 1 Answer
  • 3307 Views
Asked at October 02, 2017
Default avatar Lawfarm Team
last answered over 4 years ago
Application of GST on a sole proprietorship for online services

Hi ! recently i have started a online shopping store which sell clothes, accessories, footwear of both men and women. So, basically what i am doing here is I am sourcing my product from outside of india. My supplier/wholesaler are located in different part of globe i.e. australia, new zealand,...

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Hi ! recently i have started a online shopping store which sell clothes, accessories, footwear of both men and women. So, basically what i am doing here is I am sourcing my product from outside of india. My supplier/wholesaler are located in different part of globe i.e. australia, new zealand, us, uk, spain, china what i am doing here is. 1. I display there product on my site using there website data feed. ok? 2. now what customer do customer order on my site.ok? 3. then i forward order of customer product to one of the supplier site. ok? 4. supplier ships the product to customer directly. 5. I keep my commission. to be more clear My working is a supply chain management method in which I will not keep goods in stock but instead transfers customer orders and shipment details to either the manufacturer, another retailer, or a wholesaler, located in different part of globe ,who then ships the goods directly to the customer. So, my concern here is do i need to charge GST to customer at the checkout? as i need to pay GST on my commission right? how will my taxation work? how GST thing will work around?. I did some research and i found that I don't need to have any import export licence. I have registered under sole proprietorship hope this will do for this kind of business!.. if not then please guide me in the forming entity. Custom duties are responsibility of customer and i have mentioned it clearly on my site.

  • 1 Answer
  • 254 Views
Asked at September 29, 2017
Default avatar Aman Gupta
last answered over 4 years ago
Calculation of Long Term Capital Gain

How is Long Term Capital gains calculated while selling a flat purchased in 1993 ? Say the purchase value in 1993 was Rs.10 lacs and current sales value Rs.1,60 crores ? what are the formalities involved ?

  • 1 Answer
  • 225 Views
Asked at September 23, 2017
Default avatar Asmita Rakhecha
last answered over 4 years ago
Wrong tax filed

Hello sir/madam I filed ITR 2016-17 in place of 2017-18 by mistake. An intimation has been sent by CPC with demand. Unfortunately that assessment year my income is zero. So I have no document for rectify. What I do? Thanking u

  • 1 Answer
  • 622 Views
Asked at September 19, 2017
Default avatar Lawfarm Team
last answered about 4 years ago
TIN numbered bill not provided

Fasttrack collected GST tax as part of car rental charges for my trip. However they are refusing to bay proper bill for LTA claim which as per Govt rule should possess TIN number. They are providing a slip with hand written amount. How to claim proper bill with TIN number?

  • 1 Answer
  • 247 Views
Asked at August 30, 2017
Default avatar Lawfarm Team
last answered over 4 years ago
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