Dear Sir/Mam, I sold a flat in Mar2019, and deposited Capital Gain in SBI capital gain account in Aug 2019, I am told that my LTCG Account A would expire on 31st Aug 2022, since I have not utilized the money and hence I need to pay 20% tax on unused money from this capital gain account. Need your guidance on how to pay Tax and on which segment of ITR I should file in returns. Also, I am unhappy that inspite of COVID no relaxation given by government to extend LTCG period for reinvestment, Pls guide if I missed…
► Read Answer
Assessee is LLP having 4 partners out of them 3 are individual and one is another LLP, engaged in the business of constructions. They started the residential project and entire project is complete and completion certificate is also received from APPROPRIATE Local Athority . They have decided to distribute 4 unsold units of equal size between themselves. Issues : 1. What are implication under stamp duty, GST and income tax 2. Whether it is okay , if they transfer these units at Ready reckoner rate? Even though last unit sold was much higher than ready reckoner rate? 3. Does it…
► Read Answer
now what's final rate of tds on videography & photography services
► Read Answer
Is immovable property gifted to a relative through a trust taxable or not, and is it payble by the donor? What if the trust has created a company on the immovable property. Will the income generated from the company be taxed as gift tax?
► Read Answer
Notice for AY 2010-11 dated 31.03.2017 was sent electronically at 01:02:38 hrs on 01/04/2017 and the one sent by post for which there's no evidence/proof is brought on record as claimed to have been posted on 31/03/2017 was never delivered to the assessee and got returned with a remark "LEFT". Sec. 148 has used the word "to serve" while sec. 149 has used the terminology of "to issue". Whether issue and serve have different connotations as far as income tax law is concerned even though the judgement of the Supreme Court in DDA vs. H C Khurana speaks otherwise. Similarly…
► Read Answer
As section 45(5A) talks of deferment of capital gains to the year in which Completion Certificate is issued, whether the analogy laid down by the hon'ble Bombay High Court in CIT v. Manjula J. Shah's case (2016) 355 ITR 474 (Bom) should be applicable . In case of section 45(5A), though the provision calls for deferment of tax from the date of actual transfer, still no such specific provision is provided to clarify how the period of holding is to be computed. In the scenario, Whether indexation is only up to the date of transfer or up to the date…
► Read Answer
Assessee is a Private limited co engaged in manufacturing of dairy products. In the year 2012-13, assessee co has received subsidy from the Govt of Maharashtra, in respect of investment in Plant at back ward area in the status of Mega Project under the Package Scheme of Incentives, 2007, (‘PSI’). As per the Eligibility Certificate, assessee co shall be entitled to: Electricity Duty exemption for the period of 7 years from the date of commencement of commercial production. 100% exemption from payment of stamp duty under relevant Government Resolution of Revenue and Forest Department. Industrial Promotion Subsidy (`IPS’) equivalent to the…
► Read Answer
will capital gains tax be levied on redeveloped flat if construction is delayed to 5 years by developer from date of surrender of tenancy rights for no fault of the assessee.? if so, how to avoid it? does the additional carpet area given by the developer free of cost in the redeveloped flat incur any kind of tax or stamp duty ?
► Read Answer
Assessee is an individual engaged in business of contract. In the year 2016-17 filed the ROI in time and claimed the TDS of Rs. 310000/-. During the course of assessment proceedings AO find that there is difference in the receipts disclosed in the profit and loss account and in statement 26AS of Rs. 62 lakhs . Assessee has given explanation that out of Rs 62 lakhs , 59 lakhs are receipts which are accounted in the year 2017_18 . AO made addition of Rs 3 lakhs and assessed income . In the year 2021, AO give notice U/Sec. 154 asking…
► Read Answer
Assessee is an individual and Hindu. He got married with another woman in the life time of first wife. He had two children from first wife and a daughter from second wife. First wife expired and thereafter almost 25 years assessee and his second wife are living together as husband and wife and also accepted by all family and society. Assessee was also assessed to tax in the capacity of HUF also. The family members consisting of the children of first wife and the second wife and her daughter has decided to settle their disputes about the property of the individual…
► Read Answer
Tax Liability on Long Term Tax