As we understand, a brother has paid a developer on behalf of his sister a sum of Rs. 5 lakhs. It is advisable to execute a gift deed of Rs. 5 lakhs. Even if it is termed as "gift", gift from a relative is exempted under section 56(2)(x) of the Act. (read more)

The assessee has to file the return in response to notice . The Assessing Officer must have recorded the satisfaction before the issue of the notices . However on merit no addition can be made in the assessment of the assessee , merely relying on the statement u/s 132(4) of the Act of the CFO… (read more)

Finance Act No.2 , 2014 provided to allow other valid modes like “ use of electronic clearing system through a bank account e.ef -1-4 – 2015 extending the scope w.e.f Assessment year 2015 16 limits the purpose of the amendment . The amendment being clarificatory RTGS payments/repayments for the years prior to amendments of 269SS/269T… (read more)

: Joint representation is needed. It may be desirable to take up the issue the Bombay Chartered Accountant’s Society or the Chamber of Tax consultants Mumbai. (read more)

The Hon'ble Bombay High Court in the case of CIT v. Chhaya Parekh ITXA(L)1583 of 2012 dated January 24, 2013 (Bom)(HC) held that demolishing of a structure is not a transfer. Without prejudice, assuming there is a transfer, there is an immediate application of deduction under section 54 of the Act. Therefore, there will be… (read more)

Depends upon the scheme approved by the Competent Authority and the negotiation with developer . (read more)

The income is taxable and should be offered to tax as Business Income. The Assessee is at liberty to offer the net profits from the Business or avail the deeming provision to determine business income. (read more)

One has to read the terms of the LLP agreement . (read more)

For the purpose of valuing the shares of an unquoted company where there is an immovable property held by a company, the immovable property has to be valued at stamp duty value according to Rule 11UA(c)(b) of the Income-tax Rules, 1962. (read more)

It is advisable for the JV to claim the deduction under section 80IBA of the Act. However, if all the other conditions are satisfied, the individual assessee who claims a share in revenue should be allowed a deduction under section 80IBA of the Act (read more)