U/s 45(5A) capital gains is taxable in the year the certificate of completion is issued by the competent authority and not at the time of signing the DA or handing over possession of the land. This applies for individuals and HUFs. (read more)

Yes. A tax evasion petition, whether filed with or without identity, can serve as a trigger for a Section 148 or section 263 notice if it provides credible information or documentary evidence indicating tax evasion. E.g. if a TEP includes bank statements, invoices, or records showing unreported income, it can constitute “reason to believe”. (read more)

If the amount was not utilized within the specified period (2 or 3 years), the tax exemption is considered revoked, and you should have paid LTCG tax in the year the period expired. If this was not done, you may need to file a revised ITR for the relevant year (if within the permissible time… (read more)

You may file an application u/s 273A(1) stating that you claimed the income as agricultural in good faith and have made a full and true disclosure of the income in your return before any detection by the AO. You may also explain how the penalty would cause genuine hardship (e.g., financial constraints, impact on family,… (read more)

Yes. Stamp duty and registration fees are mandatory costs for transferring ownership of immovable property and are explicitly includible in the cost of acquisition for Section 54F purposes. In C.Aryama Sundaram Vs.The Commissioner of Income Tax-3, (2018) 407 ITR 1/ 258 the Madras High Court held as follows: "20. What has to be adjusted and/or… (read more)

Option 1 is the correct option. As the sale occurred in 2024-25, after the wife’s death in 2022-23, the LTCG must be reported in the legal heirs’ individual returns based on their respective shares in the sale proceeds. You have to use the original cost to the previous owner as your the cost of acquisition… (read more)

The additional interest u/s 244A(1A) is to be calculated on the excess tax and not the interest u/s 244A(1). The provision uses "in addition to the interest payable under sub-section (1)", indicating that the additional interest under (1A) is computed on the principal and not on the interest referred to in ss (1) itself. (read more)

Date of possession will be regarded as the date of purchase for s. 54 & 54F. (read more)

No. There is no direct linking. It will have to be argued that the principle applies on parity of reasoning. (read more)

The time limit for completion of search assessment u/s 153A & 153B is over and so those proceedings cannot be initiated. Even the s. 148 time limit is over. You will have to apply to the AO u/s 132B for release of the seized amount. If the Dept does not respond or if they refuse,… (read more)