Answers On Category: Income-Tax
Inherited Rural Agriculture land converted into Non agriculture land and sold within 6 months of converting. Whether tax implication is LTCG or STCG
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Hi I am Chetan Desai I have 250 soft 1 room kitchen in chawl since 1950 in 2021 my room is going under redevelopment . Now I get 440 sqft flat and my flat allotede on 18 April 2022 and get registered on this day Now I want sell my flat after oc recived how property capital gain calculat and how much I have to pay? Or nil I have to pay pls advice
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Sir, I was a tenant in Pagri system. In April,2022 I signed an agreement with a builder for redevelopment. I am expected to receive OC of my new flat in lieu of my old flat in August 2024 and would like to sell it off in the same month, what capital gain I will attract? Chetan Desai
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Sir I would like to know what happens to the huf when all coparceners expire
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Action Taken - 30 lacs invested from joint acct in Sr citizen saving scheme for wife in Jan 24 from PF recd by husband . - interest accruing reflected in wife’s AIS -- Question - Can the amount of 30 lacs be gifted to his house wife . - Is this in order ie interest reflected in wife’s acct is the interest - Should the interest accrued be reflected in wife’s return - If yes IT provision pl Thanks
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Can Partnership Deed provide in their deed as under: "The Partnership business shall be that of share Investment, Mutual Fund Investment and Other Investment." Is there any restriction of RBI / SEBI/NSDL for such type of investments which otherwise can be done by PVT LTD by proper NBFC License. As business clause suggest share investment the benefit of Long term or short term will not be available and firm will have to pay flat rate of 33% on such profit?
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Sir, I am holding commercial premises on tenancy basis. Developer is offering ownership and other benefits like corpus rent and extra area pursuant to redevelopment. Wanted to know tax implication pursuant to redevelopment and on sale of new premises.
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Dear Sir, I Sold my property in the year 2023 for a sale consideration and made a separate agreement for the sale of furniture & fixtures. So both the Building cost and Furniture & Fixtures cost credited to my account separately.. Building Sale Stamp duty paid and TDS Deucted 1 % For Furniture & Fixtures made an agreement in Rs.200 stamp paper but deducted 1 % TDS by the Buyer. Do I need to pay any capital gain or any tax on the sale of Furniture & Fixtures in this or totally exempted. Secondly in ITR 2 , where i…
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Is DTAA applicable to US citizen residing in India?
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Form 10IE for Assessment year 2022-23 was filed late i.e beyond the period allowed u/s 139(1), whether the said filed form no. 10IE can be availed for computing tax as per section 115BAC for Assessment year 2023-24. Just to mention that after filing Form 10IE even belatedly, CPC portal does not allow to file another Form 10IE to opt for taxation as per section 115BAC. Please share any judgement on this issue.
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Agriculture land converted in Non agriculture land