Yes, you and your wife can claim exemption under Section 54F individually for your respective LTCG, proportional to the amount invested in the flat (₹30,00,000 each) relative to your net sale consideration. Stamp duty and registration charges (₹4,45,236) can generally be included in the cost of the flat for exemption purposes, but brokerage (₹1,20,000) may… (read more)

Property rental income has to be offered in the hands of the legal owner. The legal owner can show that he gifted the property to his son and that the son is the beneficial owner of the property and rightly offered the rental income in his hands. However, the "gift" will have stamp duty implications.… (read more)

If the land is indeed "agricultural land" as defined in section 2(14) of the Income-tax Act, it is not taxable. Non-disclosure will not make it taxable. Is there any other income which was required to be reported? If yes, then non-filing of the return will attract penalty u/s 271DA. (read more)

1) Technically, there is a contract because the client accepted money from the new buyer for delivery of the 20000T and probably also issued a receipt in the name of the new buyer. 2) If there is deemed to be a contract between the client and the new buyer, then the client is responsible for… (read more)

All judgements reported under https://itatonline.org/digest/all-judgements/ have a pdf copy of the judgement which can be downloaded by clicking the link Click here to download the file in pdf format. For judgements referred under https://itatonline.org/digest/, only a gist is available. One will have to go to the website of the concerned Court or Tribunal to find… (read more)

The married sisters have no right to claim a share in the HUF as the HUF was partitioned and the assets distributed before the enactment of the Hindu Succession (Amendment) Act, 2005 with effect from September 9, 2005. For the same reason they are non-members and cannot demand details of the HUF. (read more)

We can't overrule the Department asking for proof that the interiors are worth the sum allocated to it in the agreement. If possible, mention all items or at least the major items which cost more than ₹50000. (read more)

It appears Form 4 has not been fully issued yet, as the "awaiting signed Form 4 from CIT" status indicates that the CIT has not finalized or signed the form. The issuance of Form 4 is only considered complete when the signed copy is available on the portal or communicated to you, confirming the full… (read more)

This will be considered to be "misreporting of income" under Section 270A because the AO has made a specific reference to "misreporting" in the operating paragraph. (read more)

It depends on why the AO is making the disallowance of the political donation. If the disallowance is due to missing documentation, mistaken belief in eligibility or for bona fide errors, it is likely to be treated as under-reporting attracting 50% penalty. If the disallowance results from deliberate misrepresentation (e.g., falsified receipt, claiming a non-existent… (read more)