Private Limited company applied to ROC for conversion in to LLP and filed board resolution and form No.LLP 1 for name availability and in FEB-2015. The Company has also filed provisional balance sheet as on 31.03.2015 along with Board resolution. to ROC for conversion into LLP. However, Certificate of conversion into LLP received on 05.06.2015 and name of the Private limited was truck off from ROC All the transaction of Private limited company effective from 01.04.2015 was incorporated in LLP books and offered for tax. Assessment of LLP was done U/s.143(3) for AY 2016-2017 where the said fact was disclosed…
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Tenanted Flat in the name of Grand Father Cost of Acquisition: Not Known Acquired by Grandfather in the year Prior to 1961 Grand Father Expired in the Year 1972 Permanent Alternate Accommodation Agreement (PAAA) Between My Father (Only Legal Heir) and Land Owner cum Developer registered on 26.12.2013 Value of the flat as per Stamp duty Authority as on 26.12.2013 was Rs. 12.86 Lakhs Condition in PAAA: Tenancy Will Surrender only on receipt of possession New flat on Ownership Basis My Father Expired on : 07.01.2018 Full OC received on : 25.03.2021 Possession of new flat on ownership basis handed…
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Lot of assessees have died in recent Covid attack before they could have filed their ITR and TAR for asst year 2021-22. Their DSC had expired validity as the last date of ITR was extended several times. The only alternative left is that legal heir (son or wife) file the said ITR/TAR as per procedure given. WE applied in a case but after few days the application was rejected without communicating the reasons. In last dates for TAR, the tax audit report was filed by CA but could not be confirmed by assessee or legal heir. An application to CBDT…
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Notice U/s 148 was issued on 03/03/2020 served upon the assessee. In this case, the assessee has sold an immovable property (residential land) of Rs. 70,00,000/- dated 15/05/2014 on which capital gain arose of Rs.51,46,000/-. The assessee has deposited the entire amount of sale proceeds of Rs. 70,00,000/- in the Capital Gain Account Scheme, 1988 and claimed deduction u/s 54F of the Act. The Assessee has purchased a semi-finished new residential house (which was not complete in all respect to be treated as ready to move property) on 30/03/2017 for Rs. 94,00,000/- by way of utilizing the amount of Rs.…
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I sold a immovable property and received 25,00,00 lakhs in cash as a sale consideration and the same was deposited in bank and the transaction was recorded in the income tax return filing also. will it attract penalty under s. 271 D for violation of S. 269SS of the income tax act?
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Sirs, In the absence of any incriminating material during the course of search or any adverse statement recorded in the deposition, can there any be addition to the income which was assessed under section 143(3) of the Act? Also, please guide if there are any judgements of Supreme Court in this regard. Thanking You
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What is tax rate of AOP ( Members having taxable income). Is it Maximum Marginal Rate which at present 42 % ( including surcharge and cess) right from Rs 1/-
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Residential Flat in Mumbai Flat Purchased on 13.10.2015 Total cost of Acquisition including stamp duty and other charges Rs.45 Lakhs Society gone for Redevelopment Development Agreement Registered between society and Developer on 01.07.2015 Permanent Alternate Accommodation Agreement (PAAA) Between Flat Owner and Developer registered on 05.05.2017 Value of the flat as per Stamp duty Authority as on 05.05.2017 RS.21 Lakhs Full Occupancy certificate received on 14.08.2020 Sold on 10.08.2021 Sales Consideration RS.85 Lakhs Query: Taxation of Capital gain in which Year and also Whether it is short term or Long considering Section 45(5A) effective from AY 2018-2019 Transfer U/s.2(47)(v) section…
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For the purpose of deduction u/s 54F of Income Tax Act whether the words ‘full value of consideration’ contained in section 50C will be applicable or the actual sale consideration value as specified in the sale deed will be applicable.
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Assessee is a developer of the housing project and engaged in the business of construction. The assessee purchased a land for development of housing project on which there was encroachment of a person. A settlement has been made by the assessee with the said person and as per the agreed terms the assessee agreed to share with him the sale proceeds of one unit in the said housing project for withdrawing his claim of the land. In the year 2012-13, the assessee sold the unit allotted to the person referred above for Rs. 1 crores and credited the sale proceeds…
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Assessment on company converted into company