If unspent amount of LTCG is not deposited in Capital Gains scheme before date of filing return , whether any chance of claiming exemption u/s 54 etc ?
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I have paid interest on personal loan taken for acquisition of a capital asset . i want to claim the interest paid by adding to the cost of the asset . can I have case laws allowing the same as my Ao has disallowed the same
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An Assessee invested Rs.25 Lacs in Penny Stock in Oct 2015 & sold the same for Rs 65 Lakhs in Jan 2016. He showed STCG of Rs 40 Lacs in his ROI in A.Y 2016 -17 paid 15 % tax on STCG alongwith other income. Case was reopened, the AO made the addition Rs. 65 Lacs u/s 68 which he received from sale of shares. My question is whether the escaped income will be treated Rs.25 Lacs as assessee has already disclosed Rs.40 Lacs under STCG or Rs.65 Lacs as assessed by the AO. If it is Rs.25 Lacs then…
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Hello Sir, HUF possesses a flat in a co.op.hsg.society of total 21 flat owners. With the consent of 20 owners, society is going for a redeployment. KARTA of HUF has neither signed Irrevocable Consent Letter nor the M.O.U. Shockingly, without the consent of KARTA of HUF, the society had given the possession of the premises to the redeveloper and it had demolished all the flats. What actions should be taken by KARTA and on whom? Please urge you to treat it as most urgent and guide me? Thanks & Regards, Deepak
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Leave encashment benefits received by the salaried class at retirement, whose limit has been hiked from ₹3 lakh to ₹25 lakh in the Budget, will be tax-free in their hands under the new income tax regime even if they switch to it in the year of retirement, Revenue Secretary Sanjay Malhotra told. IS THIS FACILITIES ARE AVAILABLE ON ACCURAL BASIS OR PAYMENT BASIS, SUPPOSE A PERSON HAS BEEN RETAIRED FROM PSU SERVICE ON 31.10.2022 BUT HIS FINAL SETTLEMENT IS NOT YET DONE TILL TO DAY i.e. GRATUITY , LEAVE ENCASHMENT IS NOT YET PAID, MY QUESTION IS CAN HE AVAIL…
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For assessment year 2023-24, a resident assessee, an individual, has capital gains on sale of shares of companies registered in Singapore. All investments were made by him when he was in Singapore in Singapore Dollars in 2014. These shares were sold in financial year 2022-23 and proceeds were received in Singapore dollars in Singapore and were deposited in bank account in Singapore. Since for A Y 2023-24 he is a resident and ordinarily resident under Income tax Act, he is required to show capital gain/loss arising from the sale of those shares. Queries are (a) whether the gains/losses can be…
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As per the amendment brought in by the Finance Act 2023 with effect from 1.4.2023 in Section 148 of the Income tax Act, notice for reassessment is required to be issued by the AO requiring the assessee to furnish within "a period of three months from the end of the month in which such notice is issued or such further period as may be allowed by the Assessing Officer on the basis of an application made in this regard by the assessee". This means that the assessee is to be given not less than 3 months' time to file return in…
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when second asset enters a block of asset, is it necessary that both should be put to use for claiming deprecation ? how far it contradicts basic criterion for claim of depreciation ?
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Is mutuality a right or duty for any club formed u/s 8 of Companies act? can any club say that we don't follow mutuality and simply doing business ?
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Hi, can you please let us know the timelinmit by which assessee can file a MA before the ITAT?
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