How much money father living in India send / gift to his daughter living in UK. What is the amount limit per Financial Year and what are the rules under Income Tax Act / RBI permission / intimation and under FERA etc A person is resident in India but living in London. As on date, he does not have any income in India. Whether he has to file his return in India mentioning Nil income or exempted from filing ITR as he does not have any income. Secondly, whether he has to give the details of assets in India and…
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After judgement of SC in 143 TAxmann.com 178 , can one rely upon order in case of ITA 2376/Mum/2022 ? Any MA decided on the basis of above 2 cases in favour of Assessee ?
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A firm has 3 partners A,B and C. Partner B is retiring and his credit balance of capital/current account is taken over by partner A. Partner A is issuing "memorandum of debt" to retiring partner C. The debt instrument is proposed to be registered with registration department of immovable properties paying requisite stamp duty for registration of debt instrument. The firm has immovable property and machineries and is a manufacturing concern.What are the tax implication for the firm, partner A and retiring partner C ?.
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Assessee is Charitable trust registered under SEc. 12A since 1998 running educational institution . Search action U/Sec.132 was carried out at the premises of the trust , where in certain documents regarding acceptance of capitation fees were found. on the basis of those documents in the year Registration U/sec.12A was cancelled as per order passed in the month of may 2018 retrospectively w.e.f.A.Y. 2007-08. whehther the action of PCIT of cancellation of registration U/SEc.12A retrospectively is valid?
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If appeal is allowed based on remand report containing no- negative remarks, is it possible for AO to file second appeal inspite of the same?
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After amendment to the above sections, is it still permissible to buy 2 adjoining flats with a common entrance/kitchen etc because each flat is too small for a person ? any case law after amendment ?
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I am a farmar in village owning 5 acres of agricultural land in Jind district of Haryana, which is being cultivated by me and my husband. My husband is a state government employee. We also having 2 cows and 4 buffaloes along with 4 youngers of them. Totally 10 cattles. Income from sale of milk in village (neighborhood) is approximately 10,000/month and some times Ghee is also sold which comes to average of 3000/month. Total income from wheat and rice crop is approximately 6 lakhs and from sale of milk and ghee is 1.5 lakhs. When a cow or buffalo…
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Assessee is private limited co engaged in the manufacturing of steel plates. during the course of assessment proceedings for A.Y. 20-21, AO has asked to submit the details of purchases. on the basis of details furnished by the assessee co, AO has issued summons U/Sec. 131 to the one of the supplier, who has appeared and given all the documents which have been asked by the AO and also submits the details of the party from whom he had effected purchases the material which has sold to the assessee co. On verification of the details A.O found that the parties…
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An assessee is owning old residential house and also plot of land. Both the assets are long term capital assets. Assesseee wants to sell plot of land and from the sale proceeds, assessee will demolish old residential house and wants to construct new house. Can assessee claim Long term capital gains exemption u/s. 54F arisen from sale of plot against the construction of new house in place of old demolished house . Also As the construction of new house will require handsome amount, Assessee's Daughter in law which she is also having Plot of land will sell said plot and…
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Assessee is LLp having 8 partners, engaged in business of construction. Is having 4 diffrent housing project . One project which is eligible for deduction u/sec.80IBA of which profits are shared equally. Remaining 3 projects which are not eligible for deduction u/sec.80IBA , they have decided to share profit sharing ratio in diffrent ration as per their mutual understanding due to involvement of partners, capital contribution by the partners . Issues : 1. Whether this arrangement is permissible under LLP act as well as Income Tax Act 2. Whether credit of AMT paid on project can be use against tax…
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Clarification about money sending from India and filing of ITR by a Resident but living outside India.