ASK FREE GOODS & SERVICE TAX(GST)/ INCOME TAX ADVISE FROM AJAY GULATI , CA

Ajay Gulati Chartered Accountant( CA) Ajay Gulati & Co C-66 Shivalik, First Floor New Delhi-110017 Mobile     :9811079215 Land-Line : 011-49539335 E Mail :   ajaygulati.ca@gmail.com GOOGLE MAP LOCATION LINK https://www.google.co.in/maps/place/Ajay+Gulati+%26+Co.+Chartered+Accountants/@28.539851,77.212274,15z/data=!4m5!3m4!1s0x0:0x1713678e51acff4a!8m2!3d28.539851!4d77.212274 Query asked on  Hi, I have a credit card with 3L limit and its generally used by my friend on an average of 2L per month. Then he pays it directly to my card. I don't prefer that same to get transfer into my bank accounts. Roughly it gets to 18-20L per year. I am a salaried person working with a private company. My salary is 18L per annum. Does the transaction by my friend from my card will be considered as mine. How to show that while filing tax that the spends done by my friend and not mine. Please ADVICE. Reply Principally you should not allow this as this co...

http://ajaygulaticamalviyanagardelhiindia.blogspot.in Ajay Gulati & Co C-66 Shivalik, First Floor New Delhi-110017 Mobile     :9811079215 Land-Line : 011-49539335 E Mail :   ajaygulati.ca@gmail.com GOOGLE MAP LOCATION LINK https://www.google.co.in/maps/place/Ajay+Gulati+%26+Co.+Chartered+Accountants/@28.539851,77.212274,15z/data=!4m5!3m4!1s0x0:0x1713678e51acff4a!8m2!3d28.539851!4d77.212274 QUERY posted on www.charteredclub.com My mother who is 70 years and files return, sold her ancestral gold this financial year for Rs 4.5 lacs and received payment by cheque. We don't have purchase bills, how will the tax be calculated? Hi The Tax on the Gold sold shall be calculated as Long Term Capital Gains tax. For this purpose the fair value as on 1-4-81 has to be taken ( which is Rs 1670 per 10 gm) as its Cost of Acquisition The cost shall be further adjusted up by Indexation as per income tax act. From this cost , the sales value shal...