Mrs. R, being owner of the building, enters into an agreement of joint development with Mr. E, and Mrs. R will receive one flat and Rs.15,00,000 as consideration. She will also receive Rs.50,000/month towards rental compensation. Mr. E deducted TDS on all the payments made. Is rental compensation received under joint development agreement taxable? TDS deduction made by Mr. E on payments of Rs. 50,000. Is it valid deduction?
► Read Answer
No capital gain to be charged on profit from sale of rural agricultural land
► Read Answer
Respected Sir, I have followng query: As per Finance (No.2) Act, 2024, as passed by Parliament, newly inserted Section 194T has been made effective from 01/04/2025. Whether it means it is effective from AY 2025-26 or it means requireemnt of TDS are applicable in respect of amount paid or creidted on and from 01/04/2025, i.e. from AY 2026-27? Thanking you.
► Read Answer
If house property is purchase in name of my mother(100% owner) and loan for purchase consideration is borrowed by me(son) , the sole borrower, how can i claim deduction of home loan interest u/s 24(b) of income tax act? And if stamp duty is also paid by me(son) , how can i claim deduction u/s 80C ?
► Read Answer
Assessee deposited capital gain in CGAS. But while purchasing the new property utilized amount from personal saving account. Are the unutiled amount CGAS is taxable
► Read Answer
Sir, It assessess own commercial property trading for cloth business maintained and assessess business part place government occupied for road extension purpose.if assessess business part place registered to government after some amount received. Question: Assessess received amount from government capital gain tax implications for it act.
► Read Answer
Respected Sir / Madam Request you to kindly guide on the following matter. The learned AO disallowed the deduction claimed by the appellant u/s 80IBA of the Act on the ground that the appellant had not fulfilled the conditions stipulated under section 80IBA of maintaining separate books of accounts for all the activities undertaken by it during the year under consideration and drawn the inference that appellant is maintaining common books of accounts for the entire plot only on the basis of perusal of Financial Statements .
► Read Answer
Sir, One of the it person new residential house construction estimate Value rs:1.50 crores Funds from bank loans rs:1 crores. Different persons each one @19,000/- total amount rs:50 lacs received for construction purpose Question: Assessess un secured loans huge rs:50 lacs amount received from different persons sec 68,69 provision applicable for it act.
► Read Answer
Whether non consideration of arguments submitted during hearing of the case amounts to mistake apparent from record and is amenable for filing MA before ITAT ?
► Read Answer
Rental compensation received under joint development agreement