Under Sections 54 & 54F, if the amount deposited in the CGAS remains unutilized within the prescribed period, it becomes taxable in that year. No, another flat cannot be claimed against the unutilized amount in the 4th year. For the unutilized amount, the exemption is forfeited and it becomes taxable. (read more)

In my view, the additional interest u/s 244A(1A) is applicable only in cases where refund arises due to appellate/revisional orders specified in Sec. 244A(1A). Section 244A(1A) "(1A) In a case where a refund arises as a result of giving effect to an order under section 250 or section 254 or section 260 or section 262… (read more)

The order is uploaded on the website of the ITAT immediately after the order is pronounced in Court. A certified copy takes about 4 to 6 weeks to be dispatched and may require some follow up with the clerk if there is some urgency. (read more)

If you have bank statements showing the payments and the contractor is willing to confirm that he did the structural improvements, it would help in the absence of bills. If any municipal approvals were obtained, that would also help. An architect's certificate and/ or the valuer's certificate would also help. (read more)

The appeal is maintainable under Article 132 only if the case involves a substantial question of law as to the interpretation of the Constitution and the High Court issues a certificate to that effect. An acquittal on insanity grounds is unlikely to meet this threshold unless it involves a constitutional issue. The appeal is not… (read more)

(i) Yes. The exemption of ₹1,25,000 under Section 112A can be claimed even if the GTI is zero or negative. The exemption applies specifically to LTCG from specified securities, and it is not contingent on the GTI being positive. (ii) Only the excess LTCG over ₹1,25,000 is taxable under Section 112A. (read more)

This is a procedural lapse by the Dept. You can re-agitate the matter in CPGRAMS with the JAO's response. You may also write to the VSV helpdesk at vsv.helpdesk@incometax.gov.in & to the CPC at cpc.support@incometax.gov.in. In the last alternative, you may file a writ petition asking the HC for directions to the AO to quash… (read more)

There is no difficulty in doing so. Section 194A requirements are fulfilled if the TDS is paid out of the SB A/c. (read more)

(i) We can also index the cost of the additional property acquired in FY 2021-22. If so, the total ICA will be ₹85.90 lakh. (ii) Yes. All components (original, allotted, and purchased areas) have a holding period exceeding 24 months by FY 2025-26. So, the gain will be assessable as LTCG. (iii) Yes. Section 54… (read more)

A hospital run by a non-medico person will be taxable as business income and not professional income, and is eligible for the presumptive taxation scheme under Section 44AD. There is no compulsion to choose Section 44ADA (if gross receipts are within ₹3 crore). Please check your software. You can choose business code 18001 for hospital… (read more)