Answers On Category: Income-Tax
Dear Sir, my query is on redevelopment of commercial property, whether capital tax is applicable or not to receiver of the new owner
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ADDITION U/S 69A WHILE THE RETURN FILED U/S 44AD VALIDITY OF ADDITION
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I am planning to sell my self acquired agricultural land. The total Market value is 3.6 Cr. But the person who want to buy the land is ready to register for 50% of Market value remaining amount be is telling that, he will give the remaining 50% through cash. Is it acceptable? What is the impact of IT Dept of I accept remaining amount in cash?
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Sir, 1 a person rs:15 lacs cash deposit fd in two banks 2.a partnership firm remuneration and interest paid to two partners Question; 1.a person form 15g, 15h or new form 121 applicable TDS not deducted purpose 2.partners remuneration and interest TDS option applicable f.y.25-26
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AO has sent my client a demand notice considering the capital as income escaped from assessment. Actually client had taken loans from friend and relatives in his saving account and then transferred the same to current account. Same was not treated in books as loan and treated as capital because client took the loan in savings account and then transferred to his proprietor firm. Client has provided the PAN and Confirmations from all such lenders to AO but did not considered anything and gave order of paying tax. Is AO justified in treating such loans as income just because same…
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An Trust having Form 10AC Order for registration under section 12A and 80G of the Income Tax Act, 1961 valid from Assessment years 2022-23 to A.Y-2026-27, as assessee trust had already filed Form 10AB "Application for registration or approval " for the F.Y-2025-26 dated 07.12.2025 with condonation in respect of approval u/s 12A of the Income Tax Act, 1961. Help me in understanding the procedure further to obtain the approval as of today there is no update on the same. Also, what are further implication if the approval is not granted to the assesse trust.
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what's the position of capital gain up to the date of conversion
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We bought flat in 1980. The same has gone for redevelopment in 2018. Possession given in 2025 with 35% extra area in lieu of old area. Now i want to sell this redeveloped flat. What will be taxability?
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Mr. A has received notice from income tax department u/s. 148 , citing reasons of search at some other party and finding of incriminating material regarding repayment of cash loan of Rs. 10.00 lacs and payment of interest of Rs. 5.10 lacs. AO has made addition u/s. 69A in respect of alleged repayment of loan of Rs. 10.00 lacs and u/s. 69C in respect of alleged payment of interest of Rs. 5.10 lacs. Now AO wants to levy penalty both u/s. 271AAC and Rs. 271D . Your expert opinion is sought
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Applicability of Capital gain on redevelopment of commercial property