There is no straight-jacket answer to this question. It is possible for a member/non-member of the HUF to receive gifts from the HUF without attracting section 56(2) of the Income-tax Act, 1961, However, the constitution, nature of the gift and facts of the case have to be examined. A reasonable amount paid for the education… (read more)

There are certain assets like intangible assets or any sort of right for which no consideration has been paid for the acquisition. The cost of acquisition of such assets is not clearly defined as ‘nil’ in the present provision. This has led to many legal disputes and the courts have held that for taxability under… (read more)

It is required to be cancelled from date of death of the proprietor i.e.27.3.2022. Issues: 1. How closing stock of Goods of proprietary concern of late husband can be transfer to proprietary concern of widow , who has continued the said business by obtaining fresh registration under GST. Reply: On death of proprietor, wife becomes… (read more)

Yes, section 64 of the Income-tax Act, 1961 (Act) will apply to income generated on assets transferred for inadequate considerations to relatives mentioned in section 64 of the Act. (read more)

: Transfer of Tenancy right is not a transfer of a residential house property. Therefore, section 54 of the Income-tax Act, 1961 (Act) cannot be applied. Section 54F of the Act will apply provided other conditions are satisfied. The Hon'ble Income-tax Appellate Tribunal - Mumbai Bench in the case of Meher R. Surti v. ITO… (read more)

As per CBDT Notification No. 9 of 2021 dated February 26, 2021( 2021) 437 ITR 13 ( St) , the last date for making an application under the Vivad Se Vishwas Act was March 31, 2021. Therefore, the assessee cannot opt for Vivad Se Vishwas Scheme. (read more)

(a).Addition cannot be made in both the hands . When the employer owns the ownership . The Department can made addition in the hands of employer if the explanation is not satisfactorily . If it is found in the locker of the employee , what statement the employee has given is very relevant . The… (read more)

The amount received will be taxable under the head Capital Gains. As the property is heritage it is assumed that it was purchased 50 -100 years ago or inherited by the Father. Then the FMV of the heritage property as of 2001 is to be considered and indexed accordingly for the purpose of computing Long… (read more)

Where the cash receipts have been included in the turnover of the assessee and tax has been paid on it. No addition can be made as unexplained income and section 115 BBE of the Income-tax Act, 1961 (Act). Once there is no addition, no penalty can be levied. The Hon’ble Income-tax Appellate Tribunal – Gauhati… (read more)

This may be for verification of third party transactions . The assessment year need not be mentioned in the notice . If Din no is there it is a genuine notice . Visit your portal and find out . For more details you may consult your chartered Accountant . (read more)