Fire your tax related queries and i would get it solved!!!

[headstrong007]

Mr Nikhil..
If I give(gift) a home to my own brother and he get income from rent on part of it.. other part is used for stay..
then is that income of my brother taxable with me? as I am on higher tax slab 10L+..

 

[Kabira 21]

Kabir. Follow a simple principle:

C. If the profit is in excess of 8%, then no audit is applicable.

That means,if the profit is 16 lakhs(8% of 2Crs),then no audit is required.
hmm,but making 16 lakhs profit ona capital of 3-5Lakhs is very tough.


Thanks for the prompt Reply Sir.

 

[mudraatrader]

Please let me know
Is there any provision of LTCG or STCG on the sale of US stocks (listed at NASDAQ) for Indian individuals.
Though I understand it is not, but phir bhi shayad ho gaya ho

BTW, is there a legal way to save tax on sale of such stocks.
Thanks

 

[canikhil]

That means,if the profit is 16 lakhs(8% of 2Crs),then no audit is required.
hmm,but making 16 lakhs profit ona capital of 3-5Lakhs is very tough.




Thanks for the prompt Reply Sir.

again two unrelated things. if you are trading right, then I have seen people making 30-40% gains on turnover of 70-80 lakhs with just 5-7 lakhs capital...

net profit ratio and return on capital are two different things...

 

[canikhil]

Please let me know
Is there any provision of LTCG or STCG on the sale of US stocks (listed at NASDAQ) for Indian individuals.
Though I understand it is not, but phir bhi shayad ho gaya ho


BTW, is there a legal way to save tax on sale of such stocks.
Thanks

no exemption...also STCG is taxed at slab rates instead of 15%..

 

[amitagg]

Mr Nikhil..
If I give(gift) a home to my own brother and he get income from rent on part of it.. other part is used for stay..
then is that income of my brother taxable with me? as I am on higher tax slab 10L+..

Yes it is under clubbing provisions
Gift if not a "transfer" for tax

 

[vagar11]

If my father transfer some stocks to my demat account.
Do I need to pay income tax on that ?

 

[canikhil]

If my father transfer some stocks to my demat account.
Do I need to pay income tax on that ?

not on the receipt of shares.

 

[mudraatrader]

Mr Nikhil..
If I give(gift) a home to my own brother and he get income from rent on part of it.. other part is used for stay..
then is that income of my brother taxable with me? as I am on higher tax slab 10L+..

Yes it is under clubbing provisions
Gift if not a "transfer" for tax

Nikhil bro, please clarify.
Will it attract clubbing provision.
IMO, it should not, provided the name of ownership of the property also changes hands in the municipal records.
What IT rules says, with change of name and with out change of name
Please clarify
Thanks

 

[stoch_guy]

Please look into this my doubt,

http://www.traderji.com/taxation-matters/101989-options-save-tax-full-time-option-trader.html