Answers By Expert: Advocate Shashi Ashok Bekal
The assessee has 7 siblings in his family and received property in heritage from his father. The assessee has a 1/7th share in the property. Two family members out of seven have made an application for the partition of such property in the court. The property is sold to another party for consideration and all the family members had received their respective shares in consideration. Now, whether the amount received by family members is taxable or not? Also, if taxable then under which head/place it would be shown in ITR? Also, if not taxable then under which head/place it would…
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The proviso to section 271AAC provides that no penalty shall be levied in respect of incomes referred to in the specified sections to the extent such income has been included by the assessee in the return of income furnished u/s. 139 and tax in accordance with the provisions of 115BEE(1) (i) has been paid on or before the end of the relevant previous year. (a) whether the benefit of the proviso will be available in a case where the income shown as turnover by the assessee is treated as unexplained by the assessing officer during the assessment and addition is…
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Assessee has old tools (Dies) about 150 years old and has no records of purchase or transfer till today. Valuation expert has made the valuation as of 2001 and it is about Rs. 30 lakhs. If the person capitalizes these tools (Dies) today with indexing from 2001, will there be any capital gain tax. Please Guide.
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Hello sir, Question - Which year should be consider as a year of transfer, in case of transfer of tenancy right(Pagadi system) under redevelopment of building ? ( Here tenant entered in Permanent Alternative Accommodation with developer and mentioned that tenancy will be surrender only on receipt of new flat.) Which date shall be consider as per Income tax act to take it as a transfer date?
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Assessee is a doctor. He has purchased four residential flats having area of 800 sq. ft each in the year 1986. He started his medical profession in these flats by combining the all 4 flats, with the permission from the local authority for using the same for commercial purpose and paid the municipal taxes as applicable to commercial units from 1992. He has not claimed any depreciation on the same. The housing society in which these flats are situated is under re-development scheme and the developer offered the assessee 4 commercial units having area of 1000 sq ft each in…
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How to withdraw a appeal . I have got signed letter from client . How to submit application online ? or do i have to go to department ? any help is highly appreciated . Thanku in advance
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I had filed a return of income tax u/s 139(1).The AO(CPC) did not allow certain deductionswhich resulted in demand as per the intimaution under section143(1).Thereafter assessee moved an application for rectification u/s 154.The rectification application was rejected.Thereafter assessee filed an appeal before the CIT(Appeals) and also applied for rectification again. Appllication for rectification given second time is accepted by the AO(CPC) and it is in favour of the assessee My Query: Is it possible to withdraw the appeal before the CIT(Appeals) And How to do the process online
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Hi Team, 1.Agricultural property registered in mothers name by husband out of his own earnings. Now mother died in 2021 without any will/gift. Now father got transferred the same property into his name without any consent/signature from his 2 children i.e one son and one daughter. 2. Is this agricultural land becomes father's self occupied properties or both Son and daughter have the equal rights as ancestral property as mother died without any gift deed/will? 3. If father wants to prove that this property is purchased from the money that he as earned and hence it is his own self…
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IS ECL required to be added back for MAT purposes if a company is covered by IND AS ?
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can LTCG on land be set off against LTCL in shares before the date of grandfathering was introduced ?
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Taxation on proportionate amount received on sale of family property under application to court for partition.