Answers to queries on legal issues
allotment letter vs possession section 54/54F | |
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Subject: | allotment letter vs possession section 54/54F |
Category: | Income-Tax |
Asked by: | bks |
Answered by: | Law Intern |
Tags: | allotment letter is date of purchase, Section 54F deduction |
Date: | September 14, 2025 |
Excerpt of answer: |
One way to reconcile may be that Vembu Vaidyanathan was a case of construction where substantial payments had been made. CBDT Circular No. 471 dated 15.10.1986 and Circular No. 672 dated 16.12.1993 help this interpretation. Otherwise, if it is a ready-made flat fit for occupation, possession may be insisted upon. (read more)
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Can GST and Interest on Loan eligible for consider cost of acquisition at the time of sale of residential flat | |
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Subject: | Can GST and Interest on Loan eligible for consider cost of acquisition at the time of sale of residential flat |
Category: | Income-Tax |
Asked by: | Abhijit Garai |
Answered by: | Law Intern |
Tags: | cost of acquisition, cost of flat, GST |
Date: | September 13, 2025 |
Excerpt of answer: |
GST paid as part of the purchase price can be included in the cost of acquisition for LTCG calculation. However, GST paid for services related to the flat may or may not be allowable depending on the nature of the services. Interest paid before the property was acquired/possessed may be allowable as a deduction. (read more)
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DTVSV Form 4 received | |
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Subject: | DTVSV Form 4 received |
Category: | Income-Tax |
Asked by: | Rahul Desai |
Answered by: | Law Intern |
Tags: | Viwad Se Vishwas Form 4 |
Date: | September 12, 2025 |
Excerpt of answer: |
Unfortunately, there is no fixed period specified in the DTVSV Scheme 2024 or CBDT circulars for issuing the refund after Form 4 is received. Normally it takes 1-3 months. I suggest you contact the jurisdictional Assessing Officer or Principal Commissioner by email and request for expedited issue of refund. Alternatively, you may raise a grievance… (read more)
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Cost of acquistion in case of conversion of Company to LLP | |
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Subject: | Cost of acquistion in case of conversion of Company to LLP |
Category: | Income-Tax |
Asked by: | Pawan Singla |
Answered by: | Law Intern |
Tags: | Company converted in to LLP, Conversion of company into LLP |
Date: | September 12, 2025 |
Excerpt of answer: |
Two views are possible. One argument is that s. 49. (1) refers to "Where the capital asset became the property of the assessee ... (iii).. (e) under any such transfer as is referred to in ... clause (xiiib) ... of section 47". Section 47(xiiib) refers to "any transfer of a capital asset or intangible asset… (read more)
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section 9B | |
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Subject: | section 9B |
Category: | Income-Tax |
Asked by: | bks |
Answered by: | Law Intern |
Tags: | Partnership, Section 9B |
Date: | September 12, 2025 |
Excerpt of answer: |
(1) The assets will have to be revalued in case the book values of the assets are different from their FMVs. (Assets A/c .... Dr; Revaluation Reserve A/c .... Cr). Thereafter, the Retiring Partner's capital account will have to be debited and the asset (flat) account credited. (2) GST will not apply because the transaction… (read more)
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Refund under Vivad se Vishwas DTVSV 2024 | |
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Subject: | Refund under Vivad se Vishwas DTVSV 2024 |
Category: | Income-Tax |
Asked by: | Rahul |
Answered by: | Law Intern |
Tags: | Refund, Viwad Se Vishwas Form 4 |
Date: | September 12, 2025 |
Excerpt of answer: |
There is no fixed period specified in the DTVSV Scheme 2024 or CBDT circulars for issuing the refund after Form 4 is received. Normally it takes 1-3 months. I suggest you contact the jurisdictional Assessing Officer or Principal Commissioner by email and request for expedited issue of refund. Alternatively, you may raise a grievance in… (read more)
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Confusing status regarding Form 10-IEA for ‘Opting Out of New Tax Regime’ | |
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Subject: | Confusing status regarding Form 10-IEA for ‘Opting Out of New Tax Regime’ |
Category: | Income-Tax |
Asked by: | Sanjay Mohan |
Answered by: | Law Intern |
Tags: | Form 10-IEA, Old Regime to New Regime switchover |
Date: | September 12, 2025 |
Excerpt of answer: |
We acknowledge your grievance. A number of other taxpayers have raised the same grievance earlier. Unfortunately, under current rules, you cannot withdraw Form 10-IEA for AY 2025-26 within the same year. I suggest you consult a CA to see if you can refile the return under the old regime before the due date of 15th… (read more)
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section 9B vs GST | |
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Subject: | section 9B vs GST |
Category: | GST |
Asked by: | BKS |
Answered by: | Law Intern |
Tags: | CGST |
Date: | September 11, 2025 |
Excerpt of answer: |
If stock is allotted to a partner as part of profit distribution (e.g in lieu of cash), it could be treated as a supply of goods under Schedule I if it involves business assets on which ITC was claimed. GST would apply on the market value of the stock. (read more)
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capital asset given to partner | |
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Subject: | capital asset given to partner |
Category: | Income-Tax |
Asked by: | BKS |
Answered by: | Law Intern |
Tags: | Partnership, Section 9B |
Date: | September 11, 2025 |
Excerpt of answer: |
U/s 9B, the capital asset given to a partner is taxable in the hands of the firm during reconstitution and dissolution. U/s 45(4), the excess benefit i.e. money or FMV of capital asset over capital account balance) during reconstitution is taxable. The distinction between s. 9B and s. 45(4) is that s. 9B applies to… (read more)
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stock vs section 9B | |
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Subject: | stock vs section 9B |
Category: | Income-Tax |
Asked by: | BKS |
Answered by: | Law Intern |
Tags: | partnership firm, Section 9B |
Date: | September 11, 2025 |
Excerpt of answer: |
As the flat is held as stock-in-trade, it will be taxable as profits and gains u/s 9B in the firm’s hands based on FMV. In the books of the firm, the Partner’s Capital A/c will have to be debited and Stock-in-Trade A/c credited. The difference of profit will be shown in the P& A/c. In… (read more)
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