[binand]

Had sold a flat during the FY 2018-19. Now that it is time to file returns, I have a few questions.

The flat had me and my wife had joint holders (50-50), and that is how we have been showing it in our respective IT returns for the past several years. Suppose the sale price of the flat is 60L.

Q1. What should each of us fill in B(1)(1)(a)(i) of Schedule CG? I think it should be 30L each, but can someone please confirm?

The buyers are also a husband-wife pair with a 50-50 structure. To make things easier, the buyer husband used my PAN to remit 0.5% of the TDS and the buyer wife used my wife's PAN to remit the balance 0.5%. So in my 26AS there is only the buyer husband's name and in my wife's, only the buyer wife's.

Q2. Should both of us show both buyers in B(1)(1)(f)? Or I should only show buyer husband's, and my wife, only buyer wife's?

The flat's original purchase has the following cost components:

per sft flat cost + car park + services connection deposit + corpus fund + advance maintenance + clubhouse membership + infrastructure charges + service tax + stamp duty + registration + documentation charges.

Q3. Which of these are disallowed in calculating acquisition cost? Which are allowed, but not indexed? Which are allowed and indexed? My guess is:

advance maintenance: disallowed
documentation charges: disallowed

clubhouse membership: not indexed
infrastructure charges: not indexed

Rest everything is indexed. Can someone confirm?

[psynaps3]

Does anyone know under which section of Schedule FA of ITR-2 form for FY 2018-19 do we report RSU's of a US based MNC? I am getting conflicting answers from different people I talk to.

A3 - Details of Foreign Equity and Debt Interest held (including any beneficial interest) in any entity
B - Details of Financial Interest in any Entity held(including any beneficial interest)
D - Details of any other Capital Asset held(including any beneficial interest)

Any references for an experienced CA that can assist with tax filing if we have capital gains and foreign assets (RSU) to report.

[hothatchaway]

Originally Posted by psynaps3

Does anyone know under which section of Schedule FA of ITR-2 form for FY 2018-19 do we report RSU's of a US based MNC? I am getting conflicting answers from different people I talk to.

A3 - Details of Foreign Equity and Debt Interest held (including any beneficial interest) in any entity
B - Details of Financial Interest in any Entity held(including any beneficial interest)
D - Details of any other Capital Asset held(including any beneficial interest)

Any references for an experienced CA that can assist with tax filing if we have capital gains and foreign assets (RSU) to report.

RSUs are captured under perquisites and added to your taxable income. Its straightforward and any CA firm should be able to assist.

[S_U_N]

My FY 2017-18 return is still under processing with the AO.
The same is the case with a few other colleagues of mine. We all had foreign income during that year and a big-4 consulting firm was engaged to file the return.

The consulting firm says that we should just be patient and not do any follow-ups, but now it has been a year.

We are not sure why the AO is taking so much time.

Does anyone have any such experience where the return gets stuck with AO for a long time?

[hothatchaway]

Originally Posted by hothatchaway

I switched my holdings in a couple of large cap equity mutual funds earlier this year from 'regular' to 'direct' plans. Such switches are treated as redemptions and I took advantage of the 'grandfathering' clause offered with Jan 31, 2018 as the NAV cutoff to calculate capital gains, which are zero since the NAV on the switch date on Feb 2019 was lower than the Jan 31 2018 NAV. Questions are
1) Will these be treated as capital losses to be carried forward? The account statements from the AMC are showing zero under CG even though the NAV is lower.

2) If the CG is treated as zero, does it need to be reflected in my IT return?

Reposting. Any thoughts on this? The statements I received from the AMCs show 0 capital gains/losses even though the redemption date NAV is lower than the Jan 31 2018 NAV. Should I not be eligible to book losses?

[praveen789]

Originally Posted by S_U_N

My FY 2017-18 return is still under processing with the AO.
The same is the case with a few other colleagues of mine. We all had foreign income during that year and a big-4 consulting firm was engaged to file the return.

The consulting firm says that we should just be patient and not do any follow-ups, but now it has been a year.

We are not sure why the AO is taking so much time.

Does anyone have any such experience where the return gets stuck with AO for a long time?

My returns for FY 2016-17 are still in the stage of transferred to AO. I think that this is standard and we cant do anything but wait. One of my CA friends suggested to visit the AO and ask them if anything is pending and they will close it promptly but I would rather have them contact me instead of kicking the beehive and creating an issue.

[LonelyPlanet]

Can I claim 10000₹ as a waiver on interest earned even though I belong to the 30% tax bracket ?

[hothatchaway]

Originally Posted by LonelyPlanet

Can I claim 10000₹ as a waiver on interest earned even though I belong to the 30% tax bracket ?

If you mean the exemption of upto Rs 10,000 u/s 80TTA on interest earned on savings bank account then yes. Does not apply to interest earned on FD however.

[sudev]

Guru's what is the time limit for assessment to be completed by the department? My refund for financial year 2016-17 is still pending. When i filed grievance they replied that assessment is being done please wait.

[shashank.nk]

Originally Posted by sudev

Guru's what is the time limit for assessment to be completed by the department?

Department has time till 31.12.2019 to finish the assessment.

[sudev]

As per https://taxguru.in/income-tax/faqs-a...metax-law.html

Under 143(1) it should have been done by 31st March 2018 and even under 143(3) assessment should have been completed within 21 months for FY 2016-17.

Am I missing something?

[Kulin_Shah]

Filed my ITR on 24th June 19, assessed on 24th July, refund received on 1st August, and to top it up received a Certificate of Appreciation.

[hserus]

Originally Posted by Kulin_Shah

Filed my ITR on 24th June 19, assessed on 24th July, refund received on 1st August, and to top it up received a Certificate of Appreciation.

The quick response is more a function of the IT department outsourcing large parts of their process and increasing computerisation than due to any current or previous governmental corruption.

In fact the returns processing speed has only increased over the past decade

[bluevolt]

My ITR got processed last week but refund is not initiated. IIRC, refund and ITR processing go parallelly?

[pramodkumar]

Originally Posted by Kulin_Shah

Filed my ITR on 24th June 19, assessed on 24th July, refund received on 1st August, and to top it up received a Certificate of Appreciation.

You are lucky, My refunds have always been between Aug and Sep, last year being an exception when it was done end of month Jan 2019.

Pramod