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

[Northie]

Dear,

All the answers depend on one question what is the relationship of this maternal uncle...is he your mothers brother or brothers brother or what....everything would depend on this relationship...

Respected Sir, I have already mentioned that he is my maternal uncle i.e. My mothers' brother. Now what do you suggest?

 

[diosys]

i am in 5lac+ bracket and working for a pvt organisation. I have recently started indulging in day-trading in equity through one of the online brokerage firms--- made profits and losses.
I also indulged in delivery based trading in equity- again there are profits as well as losses . Now when i file the taxes, i am confused - i have read the forum and i get an understanding abt auditing but can u help to clarify for non-audited account.Also, there are brokerage and STT charges, thus bringing down my Net Profit everywhere,, do i have tax liablities on brokerage+STT in addition to net profit
gross profit=Net profit+STT+brokerage charges

will there be any special ITR form, or can i continue using the same ones as i have done till now

Dear Mast,

Such trading is classified as Business income and you would require to file ITR-4....For auditing purposes your turover should in excess of 40 lacs in one financial year....

And STT and other charges are deductible from the income earned....these are allowed as deductions...

 

[diosys]

Respected Sir, I have already mentioned that he is my maternal uncle i.e. My mothers' brother. Now what do you suggest?

The only tax free method of transferring the money to your uncle is that you gift such money to your mother and your mother gifts this money to his brother....Then there would be no tax liability on your brother.

Please be sure to do this vide account payee cheques...

 

[Northie]

The only tax free method of transferring the money to your uncle is that you gift such money to your mother and your mother gifts this money to his brother....Then there would be no tax liability on your brother.

Please be sure to do this vide account payee cheques...

sir one more question, Has me or my mother to prepare some deed on stamp paper indicating that we are gifting this money or we should simply pay through account payee cheques. I mean what proof, my maternal uncle should have to show that the money has been gifted to him? Please show me the light.

thankyou sir.

 

[diosys]

sir one more question, Has me or my mother to prepare some deed on stamp paper indicating that we are gifting this money or we should simply pay through account payee cheques. I mean what proof, my maternal uncle should have to show that the money has been gifted to him? Please show me the light.

thankyou sir.

An account payee cheque and with an accompanying letter from your side stating that this money is being transferred out of natural love and affection.

 

[Northie]

thankyou sir for your kind reply.

 

[dplakhani]

Hi all....

I thought a lot of our traderji members would be having taxing issues...Hence i am launching this thread for people who wish to seek some advice on issues pertaining to Income Tax or Service Tax....

I would try to solve them to the best of my ability and knowledge....

See Ya all....

Dear all,

i am salaried person working in privet company. rightnow i am living in company provided accomodation moreover company charges perk to salary slip for this accommodation.

now i want to know that as my parents (depenteds on me) live in other city, can i claim house rent exemption for my parent's accomodation?

However company deduct the House rent from salary but not mention in salary slip

 

[diosys]

Dear all,

i am salaried person working in privet company. rightnow i am living in company provided accomodation moreover company charges perk to salary slip for this accommodation.

now i want to know that as my parents (depenteds on me) live in other city, can i claim house rent exemption for my parent's accomodation?

However company deduct the House rent from salary but not mention in salary slip

No dear, this is not allowed. You have to be paying rent yourself to claim HRA. Plus you need to be staying in the same house and not your parents.

 

[magnet]

diosys sir...my querry is related to tax and have already shared here......can u please share a light on it

http://www.traderji.com/insurance/26635-did-i-mess-up-ulip.html#post278196

 

[pipshower]

Hello Diosys,
I would like to know all the details about forex trading taxation in India?
Basically would like to know the rules and regulations in India regarding forex trading by individual and taxes levied on it.
If you can enlighten me on this would be really of help as i havent recieved an appropriate answer for this yet.
Thank you