Answers On Category: Income-Tax
Leave encashment limit raised to 25 lakh for others on retirement wef 1.4.23. It is not date of retirement, it part amount recd in 2022 got exemption 3 lakh.now part amount recd in 2025 can avail remaining exemption limit?
► Read Answer
My client has recd Notice u/s 148A on 31/03/2026 for A Y 22-23 calling information before 15/04/2026. I have filed detail submission on 14/04/2026 along with all the supporting documents.But till the date no any further notice or order issued by the AO I want to know the time limit provided to AO to pass an order Thanks
► Read Answer
PLEASE GIVE THE FULL TEXT OF THE DECISION OF A KOLKATA BENCH OF ITAT STATING THAT A CLERICAL MISTAKE IN FORM 3CD CANNOT BY ITSELF JUSTIFY AN ADDITION WITHOUT GIVING THE ASSESSEE OPPORTUNITY TO EXPLAIN AND CORRECT THE ERROR
► Read Answer
Dear sir , old 50 years rented property purchased @ Rs 5000 /= and paying rent Rs 100/= per month area 120 sqft --received from my father which has redeveloped in year 2015 with ownership bases new flats given to us . now after 10 years stay we wish to sold at Rs 50 lakhs . In redevelopment i have paid Rs 5.0 lakhs for parking space at ground level. NOW WHAT WILL BE TAX ? As already i have one flat on ownership bases available . any tax saving scheme is available ? or i can gift to my…
► Read Answer
The appellant has requested an adjournment. How can one find out the next scheduled date?
► Read Answer
A company is owner of a shop on which depreciation is claimed and allowed. The market value of the said shop is say 10 lacs. The building where the shop is located goes for redevelopment and the developer builder enters into an exchange agreement wherein he allots a shop worth Rs.20 lacs on the adjoining plot where he is constructed shops in exchange of the old shop. Possession of the old shop will have to be given on receiving possession of new shop. Whether the company has to deduct 20 lacs from block of assets as the old shop is…
► Read Answer
We are three brothers and inherited a house and 200gms gold jewellery from our father who died intestate. We have registered the house in PUDA in the name of the three brothers equally. Now one of the brothers wants to transfer the share to other two for money, who is NRI. Please give your valuable opinion as to whether this is transfer liable for capital gain tax, as one brother is relinquishing his right in favour of other FOR CONSIDERATION. THANKS
► Read Answer
Sir, If I give my son or my daughter-in-law the mutual fund as a gift, will they or I be liable for capital gain tax? -
► Read Answer
Dear sir can you please provide landmark Supreme Court and high court judgements for section 273 B in favour of assessee thanks in advance
► Read Answer
Leave encashment exemption 25 lakh