We own a 4Bhk flat under two names Mine and my father's HUF, Building is to go into Redevelopment and 79 A will be signed, Wanted to understand is it possible, advisable, Tax efficient to split the flat into two 3Bhk flats One in each name , what will be the tax implications for the same ?
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WE HAVE A PARTNERSHIP FIRM WITH 9 PARTNERS AND 6 WANT TO RETIRE , WE HAVE VERY LOW CAPITAL ACCOUNT BUT FIRMS HAS THE ASSET WHICH HAS HIGH FMV AND GRV HOW CAN WE RETIRE THE PARTNERS ,HOW MUCH SHARE VALUE CAN BE CONSIDERED AND ON WHAT GROUNDS
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OURS IS A ESTATE OF A DECEASED INDIVIDUAL. ITAT HAS PASSED ORDERS TO RESTORE THE APPEAL TO CIT (A) IN 2022. WE HAVE STILL NOT RECEIVED ANY COMMUNICATION FOR HEARING OR REPLY. SIMILAR APPEAL WAS PASSED IN OUR FAVOUR BY ITAT FOR OTHER YEAR ALSO. CIT(A) ALSO PASSED ORDERS IN OUR FAVOUR. ALL THE YEARS HAD SIMILAR GROUNDS OF APPEAL HOW DO WE FOLLOW UP FOR THE APPEAL AS ITS WAS UNDER NFAC PLEASE ADVICE AND GUIDE THANKS AND BEST REGARDS
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I retired from Bank on Jan 31, 2021. As per then IT rules, tax was paid on leave encashment over and above 3 lakhs for the amount being 20 lakhs. I tried for full exemption but in online form it was not accepted stating that I am not a government employee. In 2023, the exemption limit was enhanced to 25 lakhs from 3 lakhs. I felt cheated. As I observe, a person retired in FY 2020-21 like me, claiming such exemption through ITAT, succeeded in getting exemption. I also want to avail this exemption. How it will be done.
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ASSESSEE HAS GIFTED 4 RESIDENTIAL HOUSE TO HIS WIFE DID HE ELIGIBLE FOR DEDUCTION U/S54f
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Assessee is a Company. Initially Income returned furnishing LTCG- (3,01,10,469) Later on return revised and LTCG furnished- (3,09,91,066) Scrutiny assessment made and Income Computed-8,80,600 i,e difference amount of above 2 figures. Details of Scrutiny assessment: Assessees Submission- Sale of Property Rs. 7,07,72,924 Cost Price Rs. 3,40,56,800 Cost of Improvement Rs. 6,77,07,191 Indexed cost of Acq & Imprv. Rs. 10,17,63,991 Long Term Capital Loss Rs. 3,09,91,067 AO Reply - Cost of Improvements were disallowed citing non submission of proof of expenditure although proof submitted(except few). Total…
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Sir, One of the female non business itr returns non filed person purchase of agriculture land value rs:25 lacs f.y.25-26 Question; Assessess ITR returns filed compulsory and purchase of assets any limit above it returns compulsory in it act
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I pitched a flat in a society in 2006 for 50 lacs. In May 2023 , development agreement was signed with developer declaring total society consideration as 9 crores for 10 members. The redeveloper gave possession of flat in Nov 2025 with 30% extra area. I purchased a flat I Under construction in june 2025 which I will get possession in oct 2027. I want to sale the preset flat now. What are CGT implications for me.
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sir, An individual taxpayer has been regularly filing ITR every year, and tax audit reports have also been filed. Recently, the assessee received a notice from the Income Tax Department under Section 131(1A) asking for submission of books of accounts and documents for the past four years. Now assessee want to know: What is the purpose of issuing a notice under Section 131(1A)? Is this notice related to scrutiny assessment, survey, or some other proceeding? What is the procedure after such a notice is issued and received by the assessee?
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If accounts are maintained on net basis (excluding GST ) and if any gst is outstanding on year end , can there be any disallowance under section 43B considering the provision of ICDS II, Section 145A. Can a view be taken that since such expenses are not claimed , there can be no disallowance. Can department take a view that GST is part of trading receipt and accordingly outstanding GST is to be disallowed.
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Thakkar