If the loan is taken for a self-occupied property, a deduction of interest on the loan will be available up to Rs. 2,00,000/-. No, the assessee cannot claim a deduction of interest payments under section 80C of the Act. Section 80EE of the Act may be available subject to other conditions. (read more)

Yes, section 50CA of the Act is an anti-abusive provision which will determine the capital gains in the said transactions. However, the application of the Capital gains i.e., Income can be as per section 11(1A) of the Act. (read more)

No, as per section 112A of the Act, capital gains on the sale of long-term capital assets being listed shares after January 31, 2018 will be taxed at 10 per cent without indexation. (read more)

The stamp value has to be seen only at the time the project is approved by the Competent Authority. One may get support from Section 50C of the Act wherein the legislature has used the word assessed or assessable. (read more)

Section 131 (1A) empowers the Assessing Officer to issue summons for the purpose of making any enquiry or investigation under the Income-tax Act and to enforce the attendance of any person or for compelling the production of any books of account or other documents with powers which are vested in a Court under the Civil… (read more)

What is “collected for developer” is not clear. However, since the rate is 5% on principal supply of affordable scheme, it should be 5% on development and other charges also. (read more)

Since it is part of agreement for sale of flat, it will be composite supply and liable to tax as per tax of Principal Supply. Since the Principal supply is taxable at 1% or 5%, the development charges and infrastructure charges will also be liable to 1% or 5% as the case may be. However… (read more)

The assessee can make an application to rectify the mistake under section 154 of the Act . in case the rectification is rejected the assessee can file a revision application under section 264 of the Act . If an application under section 264 is rejected the assessee can file a writ before the High Court… (read more)

Once the Assessment Units have passed the order under section 147 r.w.s. 144, then its best judgment passed on the basis of data available with revenue in the form of Return of Income. However, due to some difficulties or technical issues, the Assesse was not in a position to submit the details as required by… (read more)

The Assessee can file their response to the Notice issued under section 133(6) of the Act before the Hon’ble CIT(A) in the form of additional evidence by making an application under Rule 46A of the Income-tax Rules, 1962. An addition cannot be made merely because of non-response to the Notice issued under section 133(6) of… (read more)