Answers On Category: Income-Tax
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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Pagdi flat in which me and my husband were residing since before year 1984. Redevelopment agreement made in year 2023 in which market value and stamp duty mentioned of alternate accommodation (which is the same address of the pagdi flat but reconstructed) after redevelopment was very less. Capital gain tax will be calculated on this amount in case the flat will be sold once we get the possession or as per fair market value of the flat at the time of redevelopment agreement?
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Survey was conducted under the GST. Taxpayer has declared unrecorded sale during the survey proceedings and has paid GST as well as Penalty under the GST Act. In addition to above, Taxpayer has also declared excess stock found during survey. Regular purchases has already been recorded in books of accounts. Whether the taxpayer should account for total undisclosed sales in Trading a/c and pay income tax accordingly or should account for only the gross profit on unrecorded sales in Profit and loss a/c.
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HUF INCOME TAX AND BANK ACCOUNT . KARTA DIED .==== NOW WIFE AND ONE MARRIED DAUGHTER IS SURVIVING ===== HOW TO DISTRIBUTE PROPERTY ==== OR DISSOLVE THE HUF OR ANY OTHER AVENUE AVAILABLE FOR THIS . ITR UP TO F Y 24-25 == 31=3=25 FILED . HUSBAND EXPIRED IN AUG 25. SO NOW WHAT SHOULD BE DONE . KINDLY GUIDE == REGARDS . 2-3-26
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Is TDS applicable under Section 194IC on monthly compensation, shifting charges and Corpus fund payable by the developers to tenants under the redevelopment project.
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ITR 6 ALONG WITH AUDIT REPORT U/S 44AB IS FILED FOR STARTUP ENGAGED IN MANUFACTURING ACTIVITY. 80IAC WAS CLAIMED AND TOTAL INCOME WAS OFFERED AT NIL AND MAT WAS PAID. CPC SENT DEFECT NOTICE SAYING FILING OF FORM 10CCB IS MANDATORY FOR CLAIMING 80IAC DEDUCTION. ON THE PORTAL THERE IS NO SUCH FORM 10CCB AVAILABLE.
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what’s the position of capital gain up to the date of conversion