It is advisable to purchase the property in your own name with the second of your daughter to avoid any unpleasant scenarios. (read more)

The matter has to be referred to the DVO for the valuation of the property and the assessee is also at liberty to file a valuation report. (read more)

It is pertinent to note that the levy of penalty under section 43 of the Black Money Act is not mandatory in nature. The Hon'ble ITAT - Mumbai in the case of Leena Gandhi has concurred with this view. Even the Budget speeches while introducing the Black Money Act have clarified the intention of the… (read more)

Yes, the taxpayer can index the cost of acquisition for the purpose of computing long-term capital gains or losses on the sale of listed equity shares. (read more)

The form ITR 5 is to be used by a person being a firm, LLPs, AOP, BOI, an artificial juridical person referred to in section 2(31)(vii), the estate of deceased, the estate of insolvent, business trust and investment fund, cooperative society and local authority. The form ITR -5 is applicable to FIRM as well as… (read more)

Yes, 50C is applicable on sale of a flat between relatives below SDV. The transfer document can be drafted in a manner which shows a part of the flat is transferred as a gift i.e., without consideration and the other part at/above SDV. (read more)

Section 194R of the Act is not applicable as a cash discount on the final bill is not a prerequisite or a benefit. (read more)

Both sections 9B and section 45(4) of the Act will operate. Section 9B will be applied first and then section 45(4) of the Act. CBDT has issued guidelines vide Circular No. 14 of 2021 dated July 02, 2021, for a better understanding of the computation. (read more)

As we understand, a minimum of 7 days have to be provided to the assessee to respond to a Notice issued under section 148A(b) of the Act. The action of the Assessing Officer is ultra vires section 148A of the Act and contrary to the principles of Natural Justice. (read more)

Yes, section 45(3) of the Act is applicable. The amount recorded in the books of account will be the full value of consideration. In the case of Network Construction Company v. ACIT [2020] 185 ITD 318/119 taxmann.com186 (Mum. - Trib.) it was held that provisions of section 50C of the Income-tax Act, 1961 will not… (read more)