Solved Queries

Ques: Can I Appoint an authorized signatory in GST Registration of a Proprietorship firm who can do Biometric Aadhar Authentication at Facilitation Center.

Ans: As per the FAQ of Goods and Services Tax both the Proprietor and Primary Authorized Signatory are required to go to designated GST Suvidha Kendra for Biometric Aadhaar Authentication. The relevant question is shown below:

Link: https://tutorial.gst.gov.in/userguide/registration/General.htm

Ques: Sir, I have a house property (apartment 1950 Sft in a gated community) in Chennai purchased in 2010 for Rs.70 Lacs as sole buyer with my own earnings. This property has not appreciated in value for variety of reasons since 2010 and there are many owners of similar size apartment in this community selling off their unit at Rs. 55 Lacs and moving on due to exigencies.
I am also contemplating on selling this property. The indexed value of the Property as per Indexation rules shall be roughly Rs.130 Lacs today. Suppose I sell this apartment today at Rs.55 Lacs today, will it translate to Long Term Capital LOSS (LTCL) of Rs.75 Lacs (Indexed Cost Rs.130 Lacs Less Selling Price Rs.55 lacs) ? Some of my friends are of the opinion that LTCG rules of Indexation is applied to GAINS only and NOT Loss – Is that correct??
I further have gains in Sale of Equities / MFs and would like to to set it off with this House Property LOSS. Is this allowed as per IT rules? Can LOSS be carried forward? 

Ans: Though we are not dealing in income tax matters but your friends are correct that loss will be 15 lakh only rather you suggested.

Ques: I am seeking clarification regarding a notice received by one of our clients to pay late fees as per Section 47 of the GST Act for the delayed filing of GSTR-1 from July 2020

Ans: The courts are reluctant to give any relief for late fee and as such no judgement is there except for very rare exceptions reasons.

Caution: The above opinion is framed based on the limited information available and merely a personal opinion. We will not be responsible for any damage or loss in whatever manner consequent to any action taken on the basis of any content of this opinion. We suggest you take a detailed opinion for better clarity based on extensive information and research thereof.

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