Answers On Category: Income-Tax
Does the failure of the CIT(A) to consider binding jurisdictional High Court decisions constitute a mistake apparent from the record, eligible for rectification under Section 154 of the Income Tax Act?
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Penalty u/s 271DA was imposed against the assessee but details of the transaction have not been given in the SCN issued before imposing penalty. Even the amount of penalty to be imposed not mentioned in the SCN. Is the penalty is valid.
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One assessee has purchase new residential property for section 54F benefit. Whether GST and Stamp Duty Paid on New Flat is allowed as deduction ?
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Facts of the Case The Taxpayer holds unlisted shares and optionally convertible debentures (OCD) in one of the Private Limited Company (say “ABC Private Limited”). The Debentures and Shares both are held by the Taxpayer for more than 5 years. Now the ABC Pvt Ltd incurred heavy losses and became debt ridden and the company was taken into liquidation under the IBC by one of the financial creditors. The liquidation order was passed by NCLT in February 2024 dissolving the company with immediate effect. The taxpayer received nothing on liquidation since company did not have any funds for distribution to…
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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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CIT(A) order can rectified