The HUF will not automatically dissolve on death of the Karta because the son will become the new Karta. The "family" will continue even with only one coparcener. The son's own HUF will continue independently. Alternatively, the son can opt for a full partition and dissolve the HUF. Even if the HUF continues, the deceased's… (read more)

I suggest you file a s. 154 application even though the CPC may block it or reject it. This will give you a handle to file a writ petition on the ground that a clerical mistake was made while filing the return which ought to be rectified as per the law. You can also file… (read more)

STCG on the sale of Gold ETFs is taxed at normal income tax slab rates. Section 111A will not apply. Section 115AD is also not relevant. It applies to FIIs on certain securities. (read more)

Tenancy rights are like any other capital asset and are eligible for the exemptions conferred by s. 54E, 54F and 54EC. (read more)

In my view, Form 15CA requirement applies because it is a payment to a non-resident though not sent abroad. The trigger is the recipient's residential status as a NRI. Whether funds are sent outside or not is not relevant. 15CB is also required as the annual payment exceeds ₹5 lakh. (read more)

You may consider relying on the Supreme Court judgement in Mavilayi Service Co-operative Bank Ltd. v. CIT (2021) 431 ITR 1 (SC) where the Court emphasized a liberal, beneficial interpretation of Section 80P. It was held that the exemption for marketing agricultural produce grown by members under 80P(2)(a)(iii) covers cases where the society engages in… (read more)

Section 44ADA applies to persons engaged in specified professions listed under Section 44AA(1). The specified professions u/s 44AA(1) include legal, medical etc. The "legal" profession refers to the practice of law by qualified advocates/lawyers (enrolled with a Bar Council). Para-legal services by a student does not constitute carrying on the "legal profession". (read more)

You will have to submit the agreement dated 2011-12 which mentions the total consideration as ₹24 lakh. Also provide any other evidence (affidavit, bank statements showing source of cash if available, witness statements, etc.) to prove that the payment was genuinely made in 2011-12 and that the registered deed was only for the same agreed… (read more)

There is no statutory requirement under the Income Tax Act for prior approval from the Director of Exemptions (or any other authority) for the sale of immovable property by a charitable trust registered u/s 12A/12AB. However, if such a clause is there in the trust deed, the trustees are bound by it and will have… (read more)

If the land is being assessed to house tax, it implies it is not "agricultural" land and is not entitled to tax exemption. You may check the land records with the Panchayat for a definite answer whether the land is classified as agricultural or not. Income from dairy farming (sale of milk, etc.) is assessable… (read more)