Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: form 3cd :: VAT Audit :: ACCOUNTING STANDARD :: cpt :: VAT RATES :: due date for vat payment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: TDS :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company
 
 
General »
 DHFL loan to Manpreet Estates under tax scan
 Council acts to ease cascading tax impact on petroproducts
 Income Tax comes a cropper tracking shell firms
 Income Tax returns: Is rental income from property taxable in hands of homeowners?
 Tax department to engage with corporates to spur receipts
 Furnish Form 67 to claim foreign tax credit in India tax return
 GST: Commerce ministry to write to finance ministry over trademark rule
 GST: Govt issues clarification to address service tax issues, misses key concerns
 How to file LUT/Bond for SEZ units under GST
 Exemption From Capital Gains On Sale Of Agricultural Land
 FinMin wants RBI to lower rates, boost domestic demand

Tax queries answered by Dilip Lakhani, Senior Chartered Accountant
September, 22nd 2016

I am a housewife and never filed income tax (I-T) return in the past as I did not have any income. Two months back, I received some money from my mother-in-law and invested the amount in equity mutual funds. I am not planning to sell the units before 3 years. Do I need to file the I-T return next year as I have invested in mutual funds even though I have no other income? If I have to, how do I file the return?
Nupur Biswas

If your income is nil or below the basic exemption limit, you are not required to file I-T return. Just because you have invested in mutual funds, you are not required to file return of income.

I am currently living and working in Haryana but I come from Kerala. I have my own house in Haryana and recently started constructing a house in Kerala with a home loan. I want to sell the property in Haryana and complete my house in Kerala and also clear the bank loan.What will b ..

You will be liable to pay capital gains tax arising on sale of house in Haryana. If the house in Haryana is held for 3 years or more, the capital gains will be long-term capital gains with indexation benefit. You will be eligible to claim exemption under section 54 of I-T Act, 1961 in respect of the amount invested for constructing the house in Kerala, subject to fulfillment of conditions laid down in the said section. The construction of the house has to be completed in 3 years from the date of ..

You will have to invest at least the amount of capital gains for the construction of the house in Kerala. The net long-term capital gains will be chargeable to tax at 20%. If the house in Haryana is held for less than 3 years, exemption under section 54 will not be available and the capital gains will be short-term capital gains chargeable to tax at 30% without indexation benefit.

I have an income tax HUF file, which I would like to close. In what proportion should I distribute the assets and liabilities of the HUF to members/Karta?
Rameshwar Jajoo

All the members of Hindu Undivided Family (HUF) have equal rights in the property of HUF. However, on total partition of the HUF, the assets and liabilities of the HUF may be distributed in the mutually agreeable manner between the Karta and the members. Any sum received by an individual as a member of HUF on the complete partition of the HUF will be exempted in the hands of the individual. Unequal distribution will not trigger any tax incidence in the hands of the members.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions