yes, section 50C of the Act will apply, it is advisable to show part of the house transferred as a gift and another part as sales. This is subject to the provisions of the Transfer of Property Act. (read more)

Registration as a legal heir is mandatory on behalf of the deceased person. The PAN of both the deceased person and legal heir should be registered, however, if the deceased person’s PAN is not registered, then the legal heir can register on behalf of the deceased. The Applicant who is a Legal heir has to… (read more)

On the facts and circumstances of the case, the Appellant can file an appeal against the intimation passed u/s.143(1) with the application for condonation of delay as the assessee was pursuing rectification proceedings or alternatively the assessee can file a revision application before the Commissioner. (read more)

In case you have missed disclosing it in Schedule FA, there is a chance that they may initiate penalty proceedings under section 43 of the Black Money Act, 2015. Make an effective response to the penalty notice. The penalty is not automatic and it can be dropped if the assessee demonstrates a reasonable cause, bona… (read more)

Trust can make an application under Form 9A (Rule 17 of Income-tax Rules, 1962) stating that the income is not received as per section 11(1)(2) (i) of the Act and the same will be treated as applied income. (read more)

With the limited facts provided in the query a holistic answer is not possible. The assessee would have also received a notice under section 148 of the Act asking the assessee to file the return of income. The assessee should file its return of income and participate in the reassessment proceedings. (read more)

As per section 92E of the Act, the accountant who prepares the TP report should sign the same. Yes, it is mandatory compliance. Not preparing the same can attract penal consequences. (read more)

This answer is prepared on the basis of the limited facts provided in the query. Firstly, if incriminating evidence is found in the course of a search conducted after April 01, 2021, the Notice issued under section 148A(b) of the Act is bad in law, as the Officer should directly issue a notice under section… (read more)

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)