Dear Team, My building went in re-development in 2013 and the flat was given back to us in 2016 within 3 years. I received a letter from income tax under sec 148 that i need to pay tax on the construction cost which is around 35 lacs as per the stamp duty document. How would this be taxed as there is no real transaction ,it is just that i got my redeveloped flat back from the builder. Please guide on what should i reply to the department. Regards.
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To my questions ASKED, > "Answer given by Advocate Shashi Ashok Bekal The new tax regime DOES NOT AUTOMATICALLY APPLY # to any assessee. Once the new regime is selected the assessee cannot go back to the old regime. FURTHER, IT IS VERY MUCH POSSIBLE THAT THE TAX LIABILITY COULD BE LESS IN THE OLD REGIME VIS-A-VIS THE NEW REGIME, ESPECIALLY WHEN THE ASSESSEE IS CLAIMING DEDUCTIONS UNDER CHAPTER VIA OF THE ACT. #" FONT (supplied) < ?!? #/## Me understand that the CPC System in place does not at all permit a taxpayer to automatically upload the completed applicable…
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Thanks for your response. Specially with reference to section 149(b) of the Finance Act 2021 "Only if the AO has in possession books of account or other document or evidence which reveal that the income chargeable to tax represented in the form of an asset, which has escaped assessment amount to or is likely to exceed fifty lakh rupee or more." for the purpose of clause (b) of this sub-section asset shall include immovable property being land and building or both, shares and securities, loans and advances, deposit in bank account. In our case Sale of share and corresponding exempted…
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Penalty u/s 271(1)(b) for alleged noncompliance of notices u/s 142(1) in assessment u/ s 147 r.w.144 and 144B
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Kolkata based HUF having one land in Delhi. One person gets it with Mutual consent and HUF is dissolved. Now can we register this deed in Kolkata and on basis of this will the sub registrar in Delhi accept the land ownership transfer since old karta can't travel. If we need any court order do we approach Delhi or Kolkata court.
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Assessee was Purchasing kirana items in cash from local market to avail benefit of cash discount. He was supplying the same to retail kirana shopkeepers in remote places & was receiving payment in his SB A/c deposited in cash at respective places of purchasers. No books of A/c maintained. No purchase & sale bills are available. Saving bank statement clearly revels that - (i) Simultaneous deposits & withdrawals in bank A/c (ii)No capital expense. (iii) Increase in bank balance about Rs8000 (iv) Peak credit about Rs.500000. During FY 10-11 on the basis of AIR information that assessee has deposited more…
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In the present case for AY 2016-17, notice u/s 148 dt. 31/3/21 received through email on 1/4/21. Reassessment order dt. 31/3/22 passed appeal filed before CIT (A) on 9/4/22. Again notice u/s 148A(b) issued on 2/6/22 (stated as issued, as per the direction of SC decision in the case of Ashish Agarwal) along with the information and material (12 pages missing/3 pages not legible) relied upon for such reopening. The above information is received by the AO from the INSIGHT PORTAL, as flagged by the system as HIGH RISK CRIU/VRU. Now the AO has issued order u/s 148A(d) & notice…
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For AY 2021-22 Gross Total Income (Per Tax Return filed) more than Rs 15,00,000 Deduction claimed under Chap. VIA (80TTB + 80G) Rs 60000 Old RATE auto applied by CPC because of such claim. If new rate were to applied, then the tax charged by CPC is far in excess. Is that justified/warranted ? For my viewpoint> https://www.linkedin.com/pulse/sec-80-ttb-act-surrounding-myth-venkataraman-swaminathan/ https://www.linkedin.com/posts/venkataraman-swaminathan-8a9b9575_share-tax-activity-6964086386643648513-rKJF/?utm_source=linkedin_share&utm_medium=member_desktop_web In short, in my quite arguable view/firm conviction, based on -COMMON SENSE, PRINCIPLES OF - EQUITY and GOOD CONSCIENCE , also based on PURPOSIVE INTERPRETATION of the LAW, so long as the taxable income returned does not exceed the…
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X is a partner in a firm along with other partners. Firm has some assets, properties etc. X has a debit balance in the firm. He leaves the firm Without giving or taking anything. Any tax implications for firm or partner?? The status of debit balance in the firm ??
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There is a partnership firm having partners F (father), S1 (Elder son) and S2 (Younger son) carrying a hotel business. Each partner is having an equal ratio in firm (i.e. 1/3 each). On 01/04/2021 Partner S1 retired from the firm and his balance in capital A/c is transferred to Unsecured Loan A/c. Neither the excess payment of cash is made nor any immovable property is transferred to retiring partner. Remaining partners (i.e. F and S2) are now sharing an equal ratio in the reconstituted Partnership Firm. Query: Whether the section 9B and 45(4) are applicable in the given case?
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Tax notice after re-development of Flat