As per explanation 3 to section Section 2(1)(h) of FCRA, 2010, any amount received, by any person from any foreign source in India, by way of fee (including fees charged by an educational institution in India from foreign student) or towards cost in lieu of goods or services rendered by such person in the ordinary… (read more)

Yes! If the wife has earned long term capital gain on sale of shares and same is invested in purchase of property which is in the name of the Husband and purchase consideration for property is paid by the wife from the sale proceeds of shares, she is eligible to claim benefit u/s.54F, subject to… (read more)

In this case, if the Assessee is only having agricultural income as only source of his income and he has shown same in the return of income, then in the assessment proceeding, if the Assessing Officer raised question about the quantity, quality, manpower, productions of agricultural produce, sale, transportation. Then Assessee has to produce all… (read more)

As we understand, The Settlor is the sole beneficiary of the Trust. Therefore, the doctrine of self to self will apply. The Hon’ble High Court of Gujrat in the case of Bhavna Nalinkant Nanavati v. CGT [2002] 255 ITR 529 (Guj) (HC) in a case where settlor was the sole beneficiary held that though there… (read more)

Amendments in section 43B and Section 36(1)(va) takes effect from 1st April, 2021 and will accordingly apply to the AY. 2021-22 and subsequent assessment years. Note : Memorandum explaining the provision states that this amendment will take effect from Ist April , 2021 and will , accordingly , apply in relation to the assessment year… (read more)

Since there is a gap between the date of execution of sale agreement and sale deed and if the guideline value changes, the guideline value as on the date of agreement has to be considered as the full value of the consideration of the capital gains. Since enforceable agreement was entered in the financial years… (read more)

i. The Assessee is paying Mediclaim premium for his Family as well as his parents who are senior citizens, then Assessee can claim deduction under section 80D(2)(a) for family amount restricted to Rs.25,000/- and under section 80D(2)(b) for parents amount restricted to Rs.25,000/-. ii. In this situation, the Father of the Assessee who is a… (read more)

Yes, An SLP numbered SLP(C) No. 011498 - 011498/2018 was filed before the Hon’ble Supreme Court on April 23, 2018. The same was Dismissed as withdrawn vide Order dated November 22, 2019. (read more)

In this specific case, given the scant details that have been provided, the Judgement of the Third Member of the Mumbai Bench of the ITAT in the case of Perfect Thread Mills Ltd. v. DCIT [2020] 181 ITD 1 (Mum)(Trib) is relevant. The Tribunal held that the bank receives consideration from the sale of such… (read more)

Section 47A(3) deals with the consequence of the provisio to Section 47(xiii) not being complied with. The said proviso to Section 47(xiii) does not impose any conditions upon the future event post conversion upon the company. Therefore a view can be taken that this merger may not come under the mischief of Section 47A as… (read more)