Answers to queries on legal issues
Sec 54F, capital gain, investment in residential house | |
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Subject: | Sec 54F, capital gain, investment in residential house |
Category: | Income-Tax |
Asked by: | Rajendra P Shah |
Answered by: | Mr . H. N. Motiwalla |
Tags: | 54F, capital gain, investment in residential house, Section 54F deduction |
Date: | September 28, 2024 |
Excerpt of answer: | Reply of the Expert is awaited. Please check back later |
271(1)(b) – can penalty us 271(1)(b) levied for incomplete reply ? | |
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Subject: | 271(1)(b) – can penalty us 271(1)(b) levied for incomplete reply ? |
Category: | Income-Tax |
Asked by: | sohini |
Answered by: | Mr .Ganesh Purohit, Sr. Advocate |
Tags: | 271(1)(b) |
Date: | August 15, 2024 |
Excerpt of answer: |
The querist has not mentioned the assessment year; from assessment year 2017-18 no penalty can be imposed under this section. Refer clause (7) of section 271. In the case of [2022] 139 taxmann.com 54 (Delhi)HIGH COURT OF DELHI in the case of Mrs. Jayanti Dalmia v. Deputy Commissioner of Income-tax has confirmed the penalty under… (read more)
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Applicability of Sec.270A | |
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Subject: | Applicability of Sec.270A |
Category: | Income-Tax |
Asked by: | Raghuramaiah K |
Answered by: | Reply of the Expert is awaited; |
Tags: | Section 270A |
Date: | August 10, 2024 |
Excerpt of answer: | Reply of the Expert is awaited. Please check back later |
An AOP assessed to MMR of tax – liable to partial integration of agricultural income | |
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Subject: | An AOP assessed to MMR of tax – liable to partial integration of agricultural income |
Category: | Income-Tax |
Asked by: | Rajesh G Dhakappa |
Answered by: | Mr . H. N. Motiwalla |
Tags: | Agricultural Income, AOP, Association of persons (AOP), MMR tax |
Date: | August 8, 2024 |
Excerpt of answer: |
The contention of AO is correct, however, he has to calculate tax as per paragraph A of Part 1 of the First Schedule : Then tax payable on non agricultural income and agricultural income will not exceed the non agricultural income. (read more)
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Cash paid to builder for acquiring residential flat | |
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Subject: | Cash paid to builder for acquiring residential flat |
Category: | Income-Tax |
Asked by: | Sunil Dalal |
Answered by: | Mr .Ganesh Purohit, Senior Advocate |
Tags: | cash paid to builder, Residential flat, unexplained investment |
Date: | August 8, 2024 |
Excerpt of answer: |
The cash payment more then Rs20000/- is not permissible under section 269SS explanation (iv) either as advance or payment for purchase of property. This provision is applicable from 01-06-2015. The contravention entails penalty under section 271D equal to the amount. This case is to be contested on facts by filing chart of withdrawal from the… (read more)
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CIT(A) order can rectified | |
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Subject: | CIT(A) order can rectified |
Category: | Income-Tax |
Asked by: | CA Amol Madiwal |
Answered by: | Mr .Ganesh Purohit, Senior Advocate |
Tags: | CIT(A) order can rectifiedCIT(A) order can rectified, Rectification of Mistake apparent from the record, Section 154 of the Income Tax Act |
Date: | August 8, 2024 |
Excerpt of answer: |
If the judgement of the jurisdictional High Court is brought to the notice of the bench and not followed it certainly is a mistake apparent from the record rectifiable under section 154 of the IT Act. (i) COMMISSIONER OF INCOME TAX vs. MALI RAM VERMA (2003) 185 CTR (Raj) 539 : (2003) 131 TAXMAN 518… (read more)
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Penalty u/s 271DA, failure to comply with provisions of section 269ST(Mode of undertaking transactions ) | |
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Subject: | Penalty u/s 271DA, failure to comply with provisions of section 269ST(Mode of undertaking transactions ) |
Category: | Income-Tax |
Asked by: | Suresh Goyal |
Answered by: | Mr . H. N. Motiwalla |
Tags: | 269ST, 271DA, Mode of undertaking transactions, penalty, Penalty u/s 271DA |
Date: | August 8, 2024 |
Excerpt of answer: |
Section 271DA reads as under: “(1) If a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt: Provided that no penalty shall be imposable if such person proves that there were good and… (read more)
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GST and Stamp Duty cost whether allowed in section 54F Deduction, investment in residential house | |
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Subject: | GST and Stamp Duty cost whether allowed in section 54F Deduction, investment in residential house |
Category: | Income-Tax |
Asked by: | Manish Jain |
Answered by: | Mr . H. N. Motiwalla |
Tags: | GST, investment in residential house, s.54F, Section 54F deduction, Stamp Duty |
Date: | July 28, 2024 |
Excerpt of answer: |
The Madras High Court in C. Aryama Sundaram vs. CIT [407 ITR 1] has observed that: “The cost of new residential house would necessarily include the cost of land, materials used in the construction, labour and any other cost relatable to the acquisition or construction of the residential house” Thus GST and Stamp Duty paid… (read more)
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Death of an employee | |
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Subject: | Death of an employee |
Category: | Allied Law |
Asked by: | Anthony Thomas Job |
Answered by: | Research Team |
Tags: | Death of an employee |
Date: | July 28, 2024 |
Excerpt of answer: |
It may be desirable to consult the Labour lawyer practicing in your area . One may consider making a police complaint explain the facts . The police may take cognisance and may file criminal case against the person responsible . One can also consider making a claim for compensation in an appropriate forum . (read more)
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Query regarding Long Term Capital Loss on Unlisted Shares and Debentures (Financial Year 2023-24) | |
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Subject: | Query regarding Long Term Capital Loss on Unlisted Shares and Debentures (Financial Year 2023-24) |
Category: | Income-Tax |
Asked by: | Ronak |
Answered by: | Reply of the Expert is awaited; |
Tags: | Capital Gains |
Date: | July 28, 2024 |
Excerpt of answer: | Reply of the Expert is awaited. Please check back later |