As the payment is in INR and to a NRE/NRO account, there is no "foreign remittance". However, Banks do insist upon the Forms 15CA and 15CB as there is potential for future repatriation. As a practical measure, you can specify INR as the currency in both forms and indicate "0" or "Not Applicable" in the… (read more)

If the rural agricultural land is developed into plots, it is no longer agricultural land. No agriculture activity is carried out. The gains will be assessable either as capital gain or as business gains. (read more)

I suppose the house will be registered in the name of one family member and the contributions by the other family members will be an interest-free loan. If so, no asset is transferred without consideration and the clubbing provisions under Section 64(1)(iv) or (vi) will not apply. (read more)

1) In Maharashtra and Gujarat, there is a time limit of six months for use of the stamp paper. The stamp paper is invalid after that period. 2) There is no time limit for stamping the deed after execution. However, if the deed requires registration, there is a time limit of 4 months after execution… (read more)

In order to follow the mercantile basis of accounting, the income from the services will have to be accounted in the month of rendering the services i.e. in March itself. You can pass a JV as follows: Client A/c (or Services Rendered A/c) ....Dr To Income from Services A/c ..............Cr If the Bills have been… (read more)

There is no requirement to surrender the PAN though you may choose to do it to prevent misuse. You will have to write to the jurisdictional AO along with a copy of the Death Certificate and proof that you are the legal heir and request cancellation of the PAN. If the deceased had any taxable… (read more)

You have to log into the TRACES website (https://www.tdscpc.gov.in/), go to the “Statements/Forms” > “Request for Correction” tab and make the appropriate entries. The payment can be made at the TIN-NSDL website (https://www.tin-nsdl.com/) under “Services” > “e-payment: Pay Tax Online” > “TDS on Sale of Property” > “Form 26QB.” The detailed procedure is explained here:… (read more)

I assume the TDS is reflecting in the seller's 26AS. If not, you will have to amend Form 26B and/or write to the TDS CPC to grant the seller credit. There is no justification for the default demand on the buyer as the TDS could not be deposited due to a default of the seller.… (read more)

The transfer can be by way of a partition deed. This attracts stamp duty at 2% of the market value of the property being partitioned, subject to a maximum cap of Rs. 30,000 per share of the coparcener. The Karta may also affect a transfer by way of a gift deed or a family arrangement.… (read more)

As per CBDT Circular No. 739, the method for determination of remuneration to partners under Section 40(b) should be clear and not vague. So, if there is an objective method specified in the partnership deed for computing the remuneration and the total remuneration is within the limits prescribed under Section 40(b), it will pass muster… (read more)