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
Assessee is an individual and is an illegitimate child. Assessee received certain movable and immovable properties after the death of his father, who dies with out will. AO has given the Show cause as to why these amounts is not taxable under Income Tax? Whether the SCN is legally valid? Whether the amount received by assessee is taxable because assessee is illegitimate child? Is there any judicial decision to support assessee, about non taxability of amount received by assessee.
► Read Answer
A Individual recived a Immovable property namely flat by Registred Gift deed in July 2021. The stamp duty value of the flat is Rs 80 lakhs. At the time of filing Income tax return for the Assessment year 2022-23 the consultant pointed out that since this is not a gift from relative , the amout of Rs 80 Lakhs will be taxable under section 56(2)(10). Now the said Individual has entered into cancellation deed and has cancelled the said gift from its inception. Please confirm if there would be any liability now on account of Section 56(2)(10)
► Read Answer
Assessee is partnership engaged in the business of constructions. Assessee is owner of land, which is acquired under Compensation under Right to fair, compensation and transparency in Land acquisition, rehabilitation and resettlement Act 2013. Assessee firm has Received compensation under this act amounting to Rs 100 Crores. Whether this amount is taxable under Income Tax in the hands of Firm. Pl guide.
► Read Answer
Can CIT denied the registration U/Sec. 12AA of Income Tax on the ground that the Trust has not started it's activities. The objects of the trust are charitable.
► Read Answer
Assessee "A" is an Individual engaged in the business of construction. Assessee is owner of land which is held as stock in trade having potential of 120000 sq. Ft saleable aera. He was in search of person who is having knowledge of development of big project and also have infrastructure as well as funds say "B" Both the parties "A and B" enter in to partnership to develop the said project in the year 2017. A is going to introduced the land in the firm and B is going to invest funds as well as his infrastructure for development as…
► Read Answer
An individual assessee filed his return of income for AY 2020-21;an immovable property in the nature of vacant low lying agril land in a panchayat area, was purchased by the assessee at a consideration of Rs.42.00 lakhs in the FY 2019-20;the stamp duty valuation was Rs.1.37 crores. The case was selected in CASS "Limited Category", with notice being issued u/s 143(2).The assessee participated in the assessment proceedings, offering his explanation regarding the anomaly. The assessing officer issued SCN invoking section 56(2)(x) in the hands of the assessee who vehemently objected to the triggering of the deeming provisions of section 56(2)(x)…
► Read Answer
Capital gains from a sale are deposited in capital gain’s account scheme and two years have passed from transaction date. Can I purchase an existing old home and renovate within 3 years, still claim 54f exemption? Will this be considered as construction of new residential house which gives 3 year time for this?
► Read Answer
capital gains tax