My parents had a small flat 250 sq ft carpet area. I got it from parents after the demise in 2017 as I am legal heir. My only sister gave her release deed relinquishing her stake in March 2019. Flat went for redevelopment in August 2019 based on the Permanent Alternate Accommodation Agreement. During the redevelopment, I gifted the same under construction flat (before possession) to my wife in March 2022. New flat possession received in March 2024 in wife's name (484 carpet area). Question: If wife sells it in june 2024, will it be LTCG or STCG? When should…
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The AO passed the order with a condition that the the assessment will be revised once the DVO report is available. The assessee filed an appeal before CIT(A).Is it possible to revise the assessment us264 after the revised assessment order is received. Please clarify. Thanks
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Kindly inform Taxation of undisclosed contract receipt in case of civil contractor. Whether Gross Profit on undisclosed contract receipt will be taxed. Is there an case laws
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As an insurance agent, my TDS got deducted under section 194d, can i file return under 44ada
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Where in proceedings u/s 143(3) audited accounts were produced and assessment completed, thereafter in proceedings u/s 147, ex parte assessment made, can it be said that the accounts were not produced before Assessing Officer in proceedings u/s 147 and these will constitute additional evidence in appeal proceedings ?
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Can the leave encashment received from Company1 on resignation be claimed under section 10(10AA) even when you switch to a new company.
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My client purchased a 'Residential property' in FY 23-24 by paying Total considerarion money equal to 50 L by cheque. The Stamp duty valuation of the property was 58 L. So, stamp duty was paid on value 58L. Thus the difference between consideration amount and Stamp duty valuation is 8L which is more than 10% of consideration amount. The question is as follows- 1- Is my client liable to declare in Return an income of 8L under section 56(2)(x) of I.T. Act , under head ' Income from other sources' of Income. one Expert advised positively for declaration of income…
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One query: The assessee being a nri, received notice under 148A and 148 from AO as per the pan records. Subsequently during 148 proceedings, notices under 142(1) were issued by International taxation AO. Can we object saying that the notices under 148A and 148 are bad in law and without jurisdiction and the procedure has to be started afresh? If yes, please share any case law.
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If there are criminial cases going on a HUF Kartha's business, what will happen to those criminal cases, if the Kartha dies. Example, a Kartha established a business by illegally collecting money from public. A case is running in the court and the case is going on. If the Kartha, dies can the business escape from the law and need not pay back the money?
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Mr. A, a partner in a firm ABC, wants to contribute shares of an unlisted entity held by him as his capital contribution in the firm. The FMV of the shares is Rs. one crores whereas it is being recorded at Rs. 5,00,000 in the books of the firm, being the cost in the hands of the partner. Under section 45(3), there will be no incidence of tax in the hands of the contributing partner. Whether the firm can be held liable for tax on Rs. 95,00,000 under section 56(2)(x) on the difference between FMV and recorded in the books…
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Tax clarity on sale of redeveloped flat – ltcg or stcg