Yes, surrender of tenancy will be liable to Capital Gains. If tenancy rights come to an end upon executing the PAA Agreement then the date of Agreement will be the Year of transfer. If tenancy continues till the handing-over of redeveloped flat then year of receipt of new Flat will be the date of transfer.… (read more)

Kindly Refer to Section 68 to 70 of the Companies Act, 2013 and Rule 17 of the Companies (Share Capital and Debentures) Rules, 2014. A company can buy back securities at market value of the securities. Also, the company in its explanatory statement to the notice of general meeting for passing of a resolution and… (read more)

As per the section 54F, DLC (District Level Committee) price for calculation of exemption is not used. The Actual net sale consideration value of the assets has to considered Refer, Gouli Mahadevappa v. ITO (2013) 356 ITR 90 (Karn.)(HC) (read more)

Is this reopening notice valid as it is beyond 6 years? Ans : Issue of notice on the dead person is void ab initio . The legal heirs can send the copy of death certificate to the concerned Authority and request them to drop the proceedings . If not, how to comply the notice as… (read more)

Surrender of tenancy will be taxable as Capital Gains u/s 45 and not as Income from Other sources. Kindly refer Amol C. Shah (HUF) vs. Income Tax Officer [2020] 120 taxmann.com 263 (Bom) (HC) Note: The recipients can claim the benefit under section 54F (Investment in residential house) subject to other conditions or any specified… (read more)

As per the provisions of Section 54F, the Assessee can get exemption for remaining sale proceeds which are invested in new capital assets, if the said investments are in the stipulated period as mentioned in section 54F. In Meher R. Surti v. ITO (2014) 61 SOT 5 (URO) / 27 ITR 340 (Mum.)(Trib.) expenditure on… (read more)

The Hon’ble ITAT Mumbai Bench in the case of B.N. Gamadia Parsi Hunnarshala v. Asstt. DIT (E) [2002] 77 TTJ 274 (Mum) (Trib) observed that under section 11 of the Act, exemption is available only on the income within the meaning of section 11 and not on the ‘deemed income’ under section 11(3) of the… (read more)

In State of West Bengal v Calcutta Club Ltd [2019] 110 taxmann.com 47 (SC) it is held that there can be no trading amongst members and club on account of mutual concern. Read more ; refer : Mutuality under the Income tax Act -origin & Development (read more)

Notification No.12/2017-Central Tax (Rate) dated 28th June 2017 exempts services provided by entity registered under Section 12AA of the Income-tax Act, 1961 by way of charitable activities from whole of GST vide entry No. 1 of the notification. With respect to the Goods, the Specified Relief Material including Oxygen Concentrators can be received by an… (read more)

Rate of tax on sale of Funds If sold after 3 years from purchase date, long term capital gain tax will be applicable. Current tax rate is the lower of (a) 10 per cent of profit or (b) 20 per cent of profit adjusted after indexation benefits. Any cess/surcharge is not included. One has to… (read more)