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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I received a 148 notice dated March 31,2021 about "escaped income" in my 2015-16 ay return from AO Chennai who asked me to send copy of tax return, which I promptly did. A notice under 147 was sent dated 30-9-2021 by AO decribing the nature of income (USA social security income). I replied promptly that this "income is NOT taxable in India per DTAA article 20(2) and USA can tax this pension. No reply from AO and then on DEc 1,2021 I get two notices. The same notice u/s 147 on social security income which has escaped assessment and also…
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My client is a Kaccha Artia in Anaj Mandi (Grain Market) which sells go ods on Dami (Commission) on auction in Anaj Mandi. The Transaction is as follows: - Sale price = 100/- + Commission = 2/- + Market Board Fee = 1 total = 103/- . The buyer is deducting TDS u/s 194H on Rs.2/- since the insertion of section 194H. Further, Sale of Kaccha Artia is not treated as Sale u/s 44AB as per the clarification of CBDT. Now Section 194Q has been inserted since July 2021. Therefore the buyer has starting deducting TDS under both the section.…
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The assessee is a owner of land admeasuring 1 lakhs sq ft. Assessee has decided to develop the housing project on the said land in a phased manner. The first phase is on a plot of land having area 2500 sq mtr. The project satisfies all the conditions of the section. After obtaining the completion certificate of the project assessee has commenced phased 2, which also satisfies all the conditions of the section. However, the AO has issued a show cause that in view of section 80IBA(2)(e), that assessee is eligible for deduction u/s 80IBA on the plot of land…
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Our is a limited company and has agriculture land in Amritsar, the same has been acquired by NHAI in 2020-2021, will land acquisition officer levy tds on our company before making payments in case of limited company or no tds will be applicable?
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What is legal position whether interest U/sec. 234 A and 234 B is Tobe charged on income returned by the assessee or income assessed by the AO. Whether decision of Smt Tejkumari v CIT 114 Taxman 404 is still binding ? Pl guide
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sir, During assessment proceedings , consequent to revision u/s 263 , the range additional commissioner of income tax has issued directions u/s 144A of the Act, whether the addl commisioner action in issuing directions to the concerned assessing officer is valid in law , he issued letter to the assesse for hearing. further , the additional commissioner of income tax issued letters to the partners of the assessee for hearing . pl guide me and any relevant case law
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Assessee is an individual and has made claim U/Sec. 54F in respect of investment in the bungalow along with the land. while executing the agreement , the assessee has executed Registered Development Agreement , where in the description of property it is clearly mentioned that it is land with the constructed bungalow. However the AO has rejected the claim on the ground that the investment made by the assessee in the property is not for purchase of house property by the assessee but assessee had taken it for the purpose of Development of the property. Assessee is not engaged in…
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Assessee is partnership firm engaged in the business of construction. assessee firm has filed the declaration under IDS for A.Y. 2015-16 and 2016-17 in respect of Income earned during the relevant A.Y. .In the said declaration assessee firm has claimed the credit for payment of advance tax paid prior , however the PCIT has not allowed the credit and considered the IDS declaration as invalid . The assessee firm has filed the WP against denial of credit of advance tax in IDS declaration and the same is pending before the HC. AO has issued the Notice U/SEc. 148 on 30.06.2021…
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Capital Gain Deduction u/s 54F of I.T.Act 1961