One has to read the terms of the agreement . Expenditure incurred in connection with transfer of asset is allowable as deduction. In ACIT v. Ijyaraj Singh (2020) 183 ITD 237 / 207 TTJ 953 (Jaipur) (Trib.) held that development expenses incurred on land before its sale was required to put property in saleable condition… (read more)

The assessee may write to the CBDT for clarification . According to us the asseesseee should get the credit for the self assessment tax paid . In case the credit is not given the assessee may have to file writ before the High Court . In Balmukund Acharya v. Dy. CIT ( 2009) 310 ITR… (read more)

A Private Ltd can make initial issue to promoters at face value. Later on, when company create genuine reserve out of profit, it can issue share to promotes as well as members to its Net Asset Value (NAV) method. Net Asset Value method has ben prescribed by Rule 11UA of the Income tax Rules 1962..… (read more)

: W.e.f. 1st June 2015, S. 269SS has been amended by the Finance Act, 2015 . As per the section no person shall take or accept from any other person, any loan or deposit or any specified sum, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing… (read more)

Amount received on surrender of the tenancy rights is liable to capital gains tax as the cost of tenancy is considered as nil. It will be taxable as long term capital gains . If the amount is invested in a residential property the assessee will get the benefit under section 54F of the Act ,… (read more)

Section 115BAA applied to tax on income of certain domestic companies. While section 115BCA applies to tax on income of individuals and Hindu Undivided Family Sub section (5) of section 115BCA reads as under: “Nothing contained in this section shall apply unless option is exercised .in the prescribed manner by the person – (i) having… (read more)

Section 17(5)(a) of CGST Act reads as under: “(5) Notwithstanding anything contained in sub-section (1) of section 16 and sub-section (1) of section 18, input tax credit shall not be available in respect of the following, namely:- 2[(a) motor vehicles for transportation of persons having approved seating capacity of not more than thirteen persons (including… (read more)

Parking charges are paid for acquiring for allotment of parking place ,it is a cost attached to the flat hence to be added as cost of acquisition. However the generator charges is not for acquiring the flat hence may not be allowed as cost of acquisition . (read more)