Answers By Expert: Advocate Shashi Ashok Bekal
  Redevelopment of society – Old Flat in the bldg demolished and new one constructed
When a Society building containing various is demolished due to a Development Agreement ( typical in Mumbai ), does it not amount to "Relinquishment of asset" u/s 2(47)(i) - The asset is physically not there now and a new asset (new house may be bigger) will be given.


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  Income tax clarification under “Profits & Gains from Business and Professions”
Regularly, I follow your website’s “Questions & Answers” blog and benefitted a lot which is knowledge-enhancing.  I am a salaried person.  If I do also freelance work in Animation & Graphic Designing for 2-3 months only during a FY not as a “Professional” but as an Amateur and earn around 1,00,000/-. If my client also deducts TDS from my Fees payments u/s. 194J and remitted to the IT deptt. Kindly clarify the following points :- Whether my receipts from freelancing comes under “Specified Professions” u/s. 44AA ? Which ITR form should I file, ITR-3 or ITR-4 ? What will be…


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  Immovable property valuation under rule 11UA of the income tax act
With regard to valuation of unlisted shares, while considering the immovable property as per Rule 11ua at Stamp Duty Value the resulting share price is in negative number. Because the Guideline value is less than its Book Value. So, can we consider Book Value or Guideline Value whichever is higher for immovable property in valuation of unlisted shares as Rule 11ua provides only for Stamp Duty value w.r.t immovable property.


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  Deduction u/s 80IBA for an individual land owner against business income in revenue sharing JV for affordable housing projects.
Whether an individual tax payer can claim deduction u/s 80IBA against his share of business income in a revenue sharing JV for affordable housing projects? If yes, conditions required to be fulfilled.and any case laws on the same.


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  TDS under section 194H &194Q
My client is a Kaccha Artia in Anaj Mandi (Grain Market) which sells goods on Dami (Commission) on auction in Anaj Mandi to soyabean solved plant. The Transaction is as follows: – Sale price = 100000/- + Commission = 2000/- + Market Board Fee = 100 total = 102100/- . The buyer is deducting TDS u/s 194H on Rs.102100/- and if the purchase value goes above 5000000 lakh through out year after that they deducting TDS u/s 194Q on total purchase value.Now Section 194Q has been inserted since July 2021. Therefore the buyer has starting deducting TDS under both the…


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  capital Gain on LTCG
Question: when capital asset converted into stock in trade tax implication on gain. understand a point of capital asset converted into stock in trade tax calculation , also here two heads tax implies one is business income and second is capital gain . for business income the tax is accordance with slab rate when the actually stock in trade sold, and in other hand capital gain arise after indexation benefit. here one question arise would i eligible for exemption for capital gain if i invested such money U/S 54,54F,54EC etc within 6 month from actual sale of such stock in…


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  Execution of sale deed by legal heirs of property already sold 35 years ago
Would the legal heirs be liable for capital gain tax without receiving any payment & for only executing the sale deed of property already sold & possession held by buyers 35 years ago & payment was realised during sale by the deceased ancestor. What evidence would the heirs require for executing the deed & being exempted for capital gain? Any specified sections/provisions?


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  section 44AD
Assessee is in retail trade with turnover of Rs.200 lakhs. It is 100% cash business and deposits cash from sales into the bank. He  offers 8% of turnover as income ( Rs. 16 lakhs) u/s 44AD of the Act. In the bank account there is closing balance of Rs.60 lakhs . The assessee uses the  Rs.45 lakhs to purchase a plot of land. The assessee opines that since he has offered 8% as income as required u/s 44AD the IT department cannot question the excess money of Rs.44 lakhs (60 - 16) standing in bank account and free to utilise…


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  Penalty U/Sec. 271DA
Assessee is the co and during the course of assessment proceedings for A.Y. 20-21 on the basis of voucher seized during the course of search with other person , where in it is stated that the  other person has made payment of Rs. 5 lakhs in cash and same has been added U/Sec.69 of the Act  and now the assessee has received show cause Notice U/Sec. 271DA of the Act. whether Penalty U/Sec. 271DA can be levied even if addition is made U/SEc. 69 for the amount which is not recorded in the books of the assessee. whether assessee has…


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  SEC.11(1A) of the Act.
Assessee is Charitable trust registered U/Sec.12 A of the Act and it has received Rs. 5 lakhs on sale of  lease hold rights. Trust has invested Rs. 5 lakhs in fixed Deposits for a period more than 12 month. However while filing Return of income assessee has insteade of disclosing under section 11(1A) through oversight has disclosed u/Sec. 11(2). Intimation received U/Sec. 143(1) Assessing income at Rs. 5 lakhs on the ground that assessee has not uploaded form 10 for exercise option u/Sec. 11(2). Assessee Trust has filed rectification u/sec. 154 mentioning the error happened while filling Return of Income…


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