On literal reading it is possible to claim deduction of interest on loan taken for acquiring a residential house property whose stamp duty value does not exceed Rs. 45/- lakhs even though the cost of the residential property was Rs. 50/- lakhs On comparison with Section 80EE with this section, you will notice that section… (read more)

(a) From the query it is clear that annual turnover of ABC Pvt. Ltd is more than Rs. 60/- lakhs . Hence benefit of exemption u/s. 47(xiiib) is not available. So when ABC Pvt. Ltd converts into LLP, it would liable to tax under section 45 of the Act. (b) If there is any immovable… (read more)

While filing the tax return for F.Y. 2023-24 i.e. for A.Y 2024/25, and computing capital gains, total value of consideration should be taken at Rs. 25/- crores. As balance of Rs. 5 crores would be due and accrue only at the end of three year i.e. March 31, 2027. As the founders are eligible for… (read more)

Section 179 deals with the vicarious liability of the Directors of private company. It states as under:- “179(1) – Notwithstanding anything contained in the Companies Act 1956 where any tax due from a private company in respect of any income of any previous year or from any other company in respect of any income of… (read more)