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D Bilimoria

Category : Capital ..,
Solved
Hi,

Please review the link referring to share buybacks, which appeared in the Chartered Accountant Magazine December 2018.

http://www.sjassociates.online/wp-content/uploads/2018/12/cajournal-dec18-21.pdf

My question resulting from the above ( due to inadequate understanding)

I do not qualify '' as a sma...
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Amlan Dutta
Since securities transaction taxes have been paid, we will look at sections 112A and 111A for guidance.
For the case in point , company is listed on the Stock exchange and is doing buyback from recognized stock exchange implying...
Shriya

Category : INCOME S..,
Solved
Hello Sir,

One more question - The base year to calculate inflation index is shifted from 1981 to 2001.
So if any properties that were acquired before 2001 has to be sold now, we have to consider the 'Fair Market Value' in 2001 and calculate the adjusted acquisition price.

My question is - How can we ...
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Amlan Dutta
The same methods which were used to determine the fair value when the base value was 1981 is to be used even now when the base value has shifted to 2001 ......According to the Income-tax Act, 1961, Fair market value shall be the higher of

—cost of acquisition of the property, or
—the price that the pr...
Shriya

Category : Capital ..,
Solved
Dear Amlan,

My family facing a tricky scenario, request your help in understanding the tax implications of the situation.

We had bought a house in Bangalore in 2013, at that time we did not have funds and we had taken a loan to buy the property. The property is in the name of my dad and my 2 elder bro...
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AYUSH
Amlan sir in the above case assessse can also invest the receipt recieved from selling by available exemption 54h exemption by deposit the sum to NHAI or Govt specified bond within 6 months of selling of property
AYUSH
Thanks amlan sir
M S Banerjee

Category : Equity M..,
Solved
I want to know whether monthly dividend of HDFC Balanced Advantage Fund is taxable for a individual for FY 2018 19
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Amlan Dutta
No it should not be taxable , what was proposed was to introduce DDT in the hands of the fund itself i.e HDFC funds after computing profits will first have to pay taxes on it and then distribute dividends ....Note however, that the dividend in the hands of the investor stays tax free ... ( Earlier...
deepak

Category : STCG on ..,
Solved
Dear Mr Amlan Ji,
Good Afternoon
first a very thankful to u for guiding me to file a return since last five years,now a general question if i incurr a share loss short term and i do not wish to carry forward can i simply fill itr 4 instead of itr 3.
Sir i am sorry to post the question before in wrong s...
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   likes this.
Amlan Dutta
Please clarify whether losses are from 1.) Delivery based trading or 2.) Intraday /future and options...In case you have made losses in delivery based trading , you can show short term losses from capital gains and file ITR 2... ...
deepak
Sir thanks for the prompt answer shares are basically from delivery loss but i have bussiness income from shop and also show some income from other source also pls guide i donor wish to carry forward the loss its a small amount
RAVIKUMAR JENTIBHAI NAGAR

Hello sir,
In ITR 3 when I get short term capital gain which tax I pay 15% or as per slab ?
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Amlan Dutta
STCG (Short term capital gains on equity ) is specified income and shall be taxed at 15% ....It does not attract slab based taxation , though it gets adjusted for minimum threshold level and if total income falls below threshold level, there shall be no taxable liability ...example say one has on...
Nrupal Save

Category : STCG on ..,
Solved
Hello Amlan,

Thank you for your information on website and youtube videos. Using this I am easily able to fill in ITR1 as I have salary income.
Additionally, I had some LTCG (gain of 12,433) and STCG (Loss of 9,659) in FY 2017-18. All the transactions yielding the LTCG (gain) and STCG (loss) have ta...
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Amlan Dutta
Loss from short term equity delivery is a capital loss .....The income schedule representing capital gains/losses is not present in ITR 1 ... it is present in ITR 2 ......for showing gains or losses from capital gains( from stocks or otherwise) you will have to use ITR 2 ... ...
rupali

Category : INCOME S..,
Unsolved
where to show Capital Gains from sale of jwellery in ITR 3 ? i meant in which exact column.
because under the head Capital gain there are specific columns for CG from land building , shares etc but couldn't find the option for jwellery.
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NAWNIT KUMAR

Category : INCOME S..,
Solved
Hey! I bought some property few years back and sold that in last FY, and bought another property in my wife's name. Do I need to pay tax for the total amount of property?
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Amlan Dutta
It is preferable to buy property in your name ...anyways , if you have invested the capital gains in the new property , you can still benefit of capital gains exemption.......
ujjwal saveliya

Category : INCOME S..,
Solved
Sir, I am salaried person but i am doing trading and investment in share market and fill form -ITR-2. i loss in short term around -10704 rs. total value consideration 113878918 and cost of acquisition without indexation is 113859899 expenditure is 29723 rs. turnover is around 5096409 rs. my questio...
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Amlan Dutta
1.)Separate delivery based trading from F&O ....Delivery is treated as capital gains

In this case (of capital gains), there is no question of audit, whether be it for gains or losses since there are no books to be maintained (audit is just for books maintained under professional or business head)

F&O...
deepak
Amlan Jee Pls a video on shares showing losses and how it would be adjusted for delivery shares i had also requested you long time back
SUMAN CHATTERJEE

Category : LTCG on ..,
Unsolved
Hello Amlan - I understand LTCG upto 1L p.a is exempted. So if I have,
LTCG from stocks - 90k (Before 31/01/18)
LTCG from equity MF - 30k (Before 31/01/18)
How should I file this in ITR2? Only Fyi, My Residential status will be NRI.
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Amlan Dutta
All long term capital gains from equity stock as well as equity mutual oriented funds for residents as well as non residents shall be exempted from levy of tax for all gains before 31.01.2018 ....You can report this in exempt income schedule of the ITR 2 ( had it been FY 2016 17 this was possible to...
Rakesh

Category : STCG on ..,
Solved
Ok sir thanks a lot.but sir 1 querry is here.for example i have 4500 rs stcg and also some loss stcg loss in equity share.so it will auto matically setoff and remaining gain will be my gain.sir i have to show quartely breakup of original 4500 rs or the amount which is showing after setting up short ...
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Amlan Dutta
From my studies, i observe that you are required to show only the net gain in the corresponding quarter ...say, you had incurred loss of 10 rs and profit of 20 Rs , you will only show net gain of 10 Rs and the corresponding quarter in which it occurred .... You would like to take a second opinion ....