It will be treated as Gift and stamp duty will be charged accordingly. (read more)

The following are some of the precautions that need to be taken: Direct tax: 1. The stamp duty value of the property is in consonance with the Sale price for the purpose of section 50C and section 56(2)(x) of the Act. 2. Get an undertaking from the partners that there is no tax liability on… (read more)

A release deed for consideration will attract stamp duty as per Article 52 of the Maharashtra Stamp Act, 1958. (read more)

As far as section 41(1)(a) is refers to any amount in respect of such loss or expenditure or some benefit in respect of such trading liability by way of remission or cessation thereof, the amount obtained by such person or the value of benefit accruing to him shall be deemed to be profits and gains… (read more)

The right to be heard is a fundamental right of any party to a legal proceedings. The right to the heard is an important The Supreme Court in the case of Rajesh Kumar v. DCIT [2006] 287 ITR 91 (SC) has re-iterated based on Section 136 of the Income-tax Act, 1961, that proceedings before Income-tax… (read more)

Rule 11UA(2) pertains to valuation of unquoted equity share. The said provision begins with a Non-Obstante Clause, therefore it overrides sub-clause (b) and (c) of Rule 11UA(1). Rule 11UA(2) provides 2 methods which the assessee can avail at its option. Therefore, the assessee at its option can either values shares as per Net Asset Value… (read more)

If wife has a pre-existing right in the property then she can be part of family settlement. Transfer during the life time of the owner of non-ancestral property will be construed as Gift. (read more)

No., The Assessee cannot suo moto approached to the District Valuation Officer. The AO, for the purposes of assessment or reassessment, make a reference to a Valuation Officer to estimate the value, including fair market value, of any asset, property or investment and submit a copy of report to him. And as per sub section… (read more)

The payment of 20% of the tax in dispute by itself would not entitle the Assessee to ask the Income-tax Department to lift the attachment of the bank Account. The Assessee would be entitled to such a relief only if, along with the Appeal, an application is made for the stay of demand. If such… (read more)

A Memorandum of Family Arrangement recording the oral arrangement made does not require to be executed on a Stamp paper. The Supreme Court in Kale and Ors. v. Deputy Director of Consolidation and Ors. (1976) 3 SCC 119 has held as under: “It is well-settled that registration would be necessary only if the terms of… (read more)