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How to calculate Capital Gains on Sale of Inherited Property
HOW TO CALCULATE CAPITAL GAINS ON SALE OF INHERITED PROPERTY : When a property is received on inheritance or as a gift, it is not taxable for the receiver. When the inheritor or the receiver of this gift of property sells it, capital gains on the sale are taxable for the inheritor. The procedure to calculate the capital gains of inherited property is given below: Step 1: You must know the cost of acquisition and indexation in order to calculate the capital gains. Step 2: Cost of the property – The property did not cost anything to the inheritor, but for calculation of capital gain the cost to the previous owner is considered as the cost of acquisition of the property. Step 3: Indexation of cost – The year of acquisition of the previous owner is considered for the purpose of indexation of the cost of acquisition along with the year of sale of the property. Step 4: The base year for such calculations has been updated from 1981 to 2001. Step 5: Calculate the cost of capital gai...
How to pay taxes on foreign income gained for technical services
Question :- - I work remotely in india for a technical company in singapore. I received payment for my services in SGD remittance in my account. - My total receipts would be around 38 lakhs in current financial year (2021-2022). - Do i need to get a GST number (As i read somewhere that gst registration is mandatory for foreign exports irrespective of income limit). Also gst is zero rated for foreign exports? - If i will get gst registered now so can i issue backdated invoices to my client (service taker). Is it something legal and financial feasible, since gst is zero so gst penalty will be zero for late gst registration. - Can i avail section 44ADA for this case to pay tax on 50 percent of income? - Also do i need to have actual 50 percent expenses to use section 44ADA, what if i don't have 50 percent expenses, can i still avail presumptive tax scheme? - Please clarify the process of filing and saving tax for above scenario.
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