Answers to queries on legal issues

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Formation of Trust for ring fencing and retirement income
Subject: Formation of Trust for ring fencing and retirement income
Category: 
Asked by: Akshay
Answered by: Reply of the Expert is awaited;
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Date: October 22, 2024
Excerpt of answer: Reply of the Expert is awaited. Please check back later
131 (1A) Summons to NRI
Subject: 131 (1A) Summons to NRI
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Asked by: Adarsh Jain
Answered by: Reply of the Expert is awaited;
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Date: October 22, 2024
Excerpt of answer: Reply of the Expert is awaited. Please check back later
easementary right on agriculture properties
Subject: easementary right on agriculture properties
Category: 
Asked by: Seema Singh
Answered by: Reply of the Expert is awaited;
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Date: October 22, 2024
Excerpt of answer: Reply of the Expert is awaited. Please check back later
imposition of penalty u/s 271(1)(C)
Subject: imposition of penalty u/s 271(1)(C)
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Asked by: vijay rastogi
Answered by: Reply of the Expert is awaited;
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Date: October 14, 2024
Excerpt of answer: Reply of the Expert is awaited. Please check back later
Subsidy , Capital or Revenue , Whether income chargeable to tax
Subject: Subsidy , Capital or Revenue , Whether income chargeable to tax
Category: 
Asked by: rao Srinivas
Answered by:
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Date: October 14, 2024
Excerpt of answer:
There is an amendment in Section 2(24) of the Income Tax Act by way of Finance Act 2015 w.e.f. 01.04.2014, whereby sub-clause (xviii) is inserted to include various subsidies and concessions in the definition of income. It states as under:- “2(24) – Income includes: (xviii) assistance in the form of a subsidy or grant or… (read more)
(No TDS on hardship and other sums)
Subject: (No TDS on hardship and other sums)
Category: 
Asked by: chauwan
Answered by:
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Date: October 14, 2024
Excerpt of answer:
Recently, on April 15, 2024 in Writ Petition No. 4958 of 2024 the Bombay High Court in Sarafraz S. Furniturewalla v. Afsan Sharfali Ashok Kumar & Ors, has held that no TDS is required to be deducted on the amount payable as compensation for hardhip, rehabilitation and shifting as the same are not taxable in… (read more)
(Capital gain on Slump sale)
Subject: (Capital gain on Slump sale)
Category: 
Asked by: swetha
Answered by:
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Date: October 14, 2024
Excerpt of answer:
If A wants to transfer its business without transfer of its immovable property, then, he should withdraw immovable property from his business by debiting to his capital account. Thereafter, he can transfer his business with all remaining assets and liabilities as slum sale. Section 50B of the Act, provides for computation of capital gains in… (read more)
Rent payment by Resident to NRI
Subject: Rent payment by Resident to NRI
Category: 
Asked by: Parikh
Answered by:
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Date: October 14, 2024
Excerpt of answer:
Section 206AA requires that PAN is to be given to deductor by deductee otherwise, he shall deduct the tax at higher rate. Sub section (1) of section 206 AA reads as under: “Notwithstanding anything contained in any other provisions of this Act, any person entitled to receive any sum or income or amount on which… (read more)
Section 45 (5A)- Applicable in case of Land Transfer/ Sold Against Consideration in Monetary and Non Monetary
Subject: Section 45 (5A)- Applicable in case of Land Transfer/ Sold Against Consideration in Monetary and Non Monetary
Category: 
Asked by: Anket Bhutada
Answered by:
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Date: September 28, 2024
Excerpt of answer:
: As stated in the question itself, this is a case of transfer simplicitor by the land owner to the developers. Hence, section 45(1) would apply and not section 45(5A) of the Income Tax Act. Section 45 ( 5 A) is applicable, when the capital asset being land or building or both is transferred under… (read more)
Gift of residential property on which LTCG exemption was claimed under Section 54F
Subject: Gift of residential property on which LTCG exemption was claimed under Section 54F
Category: 
Asked by: Mohan Krishna
Answered by:
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Date: September 28, 2024
Excerpt of answer:
Deduction u/s 54 is available where any long term capital asset is sold by the assessee and purchased a new asset being a residential property within 01 year before or two years after the date on which transfer took place or had constructed a residential house within a period of 03 years after the date… (read more)