Ask Questions and get Answers Fast Free Online now

Normal Grid Pagination Scroll

Select a photo to attach.

Please select category!

EveryoneEveryone

Add Photo

Select Category

PARDEEP

Category : DTAA ( T..,

Solved

April 30, 2018 6:49 pm

Hello

i moved out of india on 8 oct 2018. I am getting 95% salary in sweden but 5% in india for the name of social benefit(PF). On salary slip it is 100% but mentioned 95+5 in india. Now my employer has shown 100% in sweden in form 16 type form - KU10 as total income is taxable in sweden and also ...

Recommended

User

Hide Placeholder
Hide Discussion

View remaining earlier 2 answers

Amlan Dutta

Since you are a resident indian , your Global income is taxable in India ...so for you everything is taxable ...only thing is that you will get relief on doubly taxed income as per DTAA agreement between India and Sweden ....Typically it is the resident country i.e India( for your case ) in which ...

May 1, 2018

LikeLike Unlike

manoj

Hey Amlan, thanks for your valuable response.
I too have similiar case. so when filing IT return this year is the TRC document mandatory ? if yes, then will the Residency registration letter (also referred as Anmeldung in germany) suffice for this purpose or is there a specific document one should r...

July 12, 2018

LikeLike Unlike

Raju

Category : Refund R..,

Solved

April 30, 2018 5:16 pm

Shall I get form 16 online? I ve tried to register in traces Site but not successful is there any way to get form 16

Recommended

User

Hide Placeholder
Hide Discussion

Amlan Dutta

Deductee (assessee) cannot get form 16 online , only deductor can log into TDS trace website with his login credentials and generate form 16 which shall be then given to you....

April 30, 2018

LikeLike Unlike

Raju

Category : Refund R..,

Solved

April 30, 2018 5:14 pm

Hi
I ve recieved order 143/1 on 23/3/18 fy 2017 but Tax Refund has not issued till now what might be the Reason

Recommended

User

Hide Placeholder
Hide Discussion

Amlan Dutta

You are required to take up with the department for the same......

April 30, 2018

LikeLike Unlike

Paritosh Jain

Category : TDS ON N..,

Solved

April 30, 2018 11:52 am

Hi Amlan,

I have a few questions regarding purchase of a second hand flat (built during 1990) at Mohali from an NRI (US based) for Rs. 95 Lakhs (all in white) in my wife's name. The transaction will happen in June 2018.
1. What is the rate at which TDS has to be deducted in FY 2018-19 in the case o...

Recommended

User

Hide Placeholder
Hide Discussion

Admin Typed:

Amlan Dutta

Pointwise solutions as follows ,
1. What is the rate at which TDS has to be deducted in FY 2018-19 in the case of an NRI seller.
TDS on NRI purchases is to be deducted irrespective o...

Pointwise solutions as follows ,
1. What is the rate at which TDS has to be deducted in FY 2018-19 in the case of an NRI seller.
TDS on NRI purchases is to be deducted irrespective of the transaction value of the property( unolike domestic transfers where only TDS has to be deducted if the sale value exceeds 50 lakhs ) ......Section 195 clearly stipulates that the buyer is to deduct 20 % TDS on capital gains after obtaining a certificate from seller the capital gains arising from the sale. The seller has to contact his income tax officer to get the details of capital gain. The seller has to give this certificate of gains to the buyer who has to obtain a TAN number compulsorily before deducting 20 % TDS on capital gains . In case this certificate is not given by the seller to the buyer , then the buyer shall deduct 20 % TDS on whole sale value. It is on the onus of the buyer to deduct and deposit TDS , file TDS return 27 Q and issue TDS certificate to buyer . If buyer fails /forgets to deduct TDS , then he shall alone be held liable and not the seller
You will need to apply for TAN number first . Unlike domestic purchases where buyer can deduct TDS using PAN directly , such is not possible in case of NRI sales

2. What are all the forms to be filled - Form 15CA, Form 15CB
Form 15CA (declaration of remitter and is used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident. This form helps Income Tax Department in tracking foreign remittances & their taxability) needs to be filled only if the remittance is chargeable to tax in India. If remittance/payment is not chargeable to NRI then Form 15CA is not required

Even if the remittance is not chargeable to tax, the Form 15CB ( Tax determination certificate) . In fact, the CA issuing the Form 15CB examines the remittance having regard to chargeability provisions under section 5 and 9 of Income Tax Act along with provisions of Double Tax Avoidance Agreements with the Recipient’s Residence Country.
Therefore even in cases where form 15 CA is not required it is prudent to obtain form 15 CB

3. Do I also need to deposit TDS at the time of signing the agreement (in May-June 2018) and payment of earnest money around 9.5 lakhs.
Answer - Basically from all payments made to the seller , 20 % TDS needs to happen ….you can do it right at the start . ask the seller for the capital gains certificate and do the TDS deduction and deposit right away...if he does not give you the certificate, you can do 20 % TDS on the sale value

4.) My wife is an Income Tax assesse in the 20% bracket. I am an income tax assesse in the 30% bracket. I will support her in buying the flat with around 56 lakhs by breaking my FDs. I will be buying the flat in my wife's name only as I already have a self-occupied flat nearby in my name and do not want to own one more property for the reason of avoiding tax on notional rent. Wish to know,

1. should I provide her this amount as interest free loan or as gift.
2. For contributing to her this amount either as interest free loan or gift, what is the documentation I am required to do. What is the appropriate time for this documentation?
Answer -This won’t be possible. If husband gifts wife any sum in absence of any consideration like in this case, then clubbing provision under section 61 would take over and any income from such asset would be considered husband’s income. In this case, you will remain co owner of house and will have to pay proportionate tax on notional rent as per co ownership.

You can give her a gift of 56 lakhs by executing a gift deed …since spouse falls under definition of relative under section 56(2) , the money received will be exempt in her hands and your hands as well , but any income investment of this asset ( in this case house ) will be clubbed to your income only since clubbing section under section 61 would take over

View Less

April 30, 2018

Like Unlike
0 people

Amlan Dutta

Pointwise solutions as follows ,
1. What is the rate at which TDS has to be deducted in FY 2018-19 in the case of an NRI seller.
TDS on NRI purchases is to be deducted irrespective o...

View Less

April 30, 2018

LikeLike Unlike