THE CO-OPERATIVE SOCIETY ENTERED INTO DEVELOPMENT AGREEMENT WITH THE DEVLOPER IN FY 2014-15. THE SAID AGREEMENT REGISTERED IN FY 2014-15 AND STAMP DUTY DETERMINED VALUE AT RS.6.17 CR. BASED ON COST OF NEW CONSTRUCTION AND LEVIED STAMP DUTY. SOCIETY DID NOT RECEIVED ANYTHING FROM DEVELOPER. BUILDING MEMBERS VACATED IN 2017. DEVLOPER PAID HARDSHIP COMPENSATION TO EXISTING MEMBERS AND GAVE PERMANENT ACCOMODATION TO MEMBERS IN THE YEAR 2021. CAAN ITO TAX 6.17 CR. STAMP DUTY VALUE IHE HANDS OF SOCIETY IN FY 2014-15? IN FACT EXISTING MEMBERS HAVE OFFERED CAPITAL GAIN TAX ON ACQUIRING OF NEW FLAT AND CLAIM EXEMPTION U/S.54.…
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Sir, my assessee has sold a depreciable asset which was held for more than 3 years, the resultant gain has to be assessed as LTCG as held in Smita Conducters Ltd v. Dy. CIT (2015) 152 ITD 417 (Mum.)(Trib.) and other judgements. However, it appears that the Form prescribed for filing the Income Tax Return does not permit the gain to be offered as a LTCG. If the gain is not shown as STCG, the Form will not validate and the return cannot be filed. What is the remedy ? How to fil the return form ?
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Respected Sir, Recently we have sold a land by dividing into small plots which is part of capital asset in partnership firm.We filed the Income Tax Returns by showing this transaction as the long term capital gain and in this long term capital gain we show the cost of improvement as the amount to equal to 30 cents of land value as the road formation expenditure for road formation. Is this type of cost of improvement is allowable under cost of improvement or not. Please clarify
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ITR could not be filed for Ay 2023-24 u/s 139(1) or (4) But self assessment tax was deposited fully in September 2023. Now assessee is filing ITR-U . My queries is:- ITR utility not accepting challan deposited under self assessment tax in Schedule Part B-ATI saying that 'challan should not be prior to 01.01.2024'. If we are showing this challan in Schedule IT then additional tax liability is not generating. My question is that in ITR-U will we get credit of this challan deposited u/s 140A, if we fill in schedule IT ? If demand is raised in processing, can…
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Dear Experts, The Assessment Unit of the Income Tax Department made an assessment for the Assessment Year 2018-19 under section 147 read with section 144B on 14.02.2024 and a Demand of Rs 1,62,256 is raised. The demand is raised without giving credit of the self assessment tax paid on 07.04.2023 at the time of Filing Return of Income U/s 148 i.e. Rs. 60,917. Rectification petition for credit of Rs. 60,917 has been filed with the Jurisdictional Assessing Officer and is pending for processing. Balance Demand Rs. 1,01,339 (1,62,256 – 60,917) paid within 30 days of demand raised. Now, I am…
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Can a private limited company issue shares to a founder at NAV method or at facevalue if the company has already raised substantial amount of money and has a 250 times valuation compared to the NAV? Can the company do rights issue and allot shares to promoter? Such shares are given as a compensation to her committment.
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Sir, A Rural agricultural land has been sold in AY 2016-17 for 60lakhs for which consideration received in cash and the same is deposited into seller bank ac. Now received a notice from IT regarding the above cash deposit. in reply to IT : If i mention, the cash deposit of 60L pertains to receipt of cash for sale consideration, do it attract any negative impact or any disallowance or u/s 269s/st ? I request you to please give me any suggestion. thanks, Shravan
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I am a tenant in a cessed building in Matunga East - Mumbai. If I surrender my tenancy & get a payment from the landlord - is that subject to taxes? If yes - what would be the tax %? What would be the implication if I invest the money in a residential property? Will i get exempted from taxes on account of the same?
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The original return was filed under old regime within the timeline of Sec 139(1). The revised return was filed with substantial increase in income under new regime. The intimation was processed under old regime with consequential demand. Is there any way out please.
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Whether cost of Acquistion of Flat includes charges such as Generator charges, Parking charges, etc.
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capital gain, development agreement , society