Answers By Expert: Advocate Shashi Ashok Bekal
Mr.A booked a flat in FY 2010-11 and made the payment of booking amount through banking channels. Total consideration to be paid for the flat was Rs.68Lacs. The builder issued 'Earnest Money Receipt' for the same in FY 2010-11 .Subsequently the installments were paid from time to time by Mr.A.Some of the installments were also paid by his real brother Mr.B.The installments paid by Mr.B is also mentioned in the audited accounts maintained by him. In the sales customer ledger issued by the builder for FY 2010-11 to 2019-20 the name of Mr.B has also been mentioned as co-applicant along…
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Assessee is an individual AND received gift of Rs. 10 lakhs in A. Y. 2020-21. ASSESSEE has claimed it is not taxable as it is received from step brother. However AO is not accepting contention of appellant on the ground that step brother or sister is not covered in the definition of Relative under Income tax Act and therefore he has made an addition in the hands of assessee with mentioning any section. Is action of AO is correct and justified in Law. Whether assessee has case to fight in an appeal. Pl guide
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I have mistakenly paid the amount in VSV Scheme in Minor Head - Self Assessment Tax (300) instead of Tax on Regular Assessment (400). What do I do now.
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Is it necessary to register Partition Deed of HUF if it does not own any immovable property?
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how many days can file application u/s 254 and how many days to file application of condonation delay
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One immovable property (flat)was purchased before 01/04/2017 for which all payments were made before 01/04/2017. allotment of the property as well as possession was given before 01/04/2017. However, due to some reasons the registration (purchase deed) was done after 01/04/2017. As we all know that section 56(2)(x) of the I.T Act came into effect from 01/04/2017 my question is that will provisions of section 56(2)(x) of the I.T Act will be attracted in this case?
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Dear Team, My building went in re-development in 2013 and the flat was given back to us in 2016 within 3 years. I received a letter from income tax under sec 148 that i need to pay tax on the construction cost which is around 35 lacs as per the stamp duty document. How would this be taxed as there is no real transaction ,it is just that i got my redeveloped flat back from the builder. Please guide on what should i reply to the department. Regards.
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Thanks for your response. Specially with reference to section 149(b) of the Finance Act 2021 "Only if the AO has in possession books of account or other document or evidence which reveal that the income chargeable to tax represented in the form of an asset, which has escaped assessment amount to or is likely to exceed fifty lakh rupee or more." for the purpose of clause (b) of this sub-section asset shall include immovable property being land and building or both, shares and securities, loans and advances, deposit in bank account. In our case Sale of share and corresponding exempted…
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Penalty u/s 271(1)(b) for alleged noncompliance of notices u/s 142(1) in assessment u/ s 147 r.w.144 and 144B
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Kolkata based HUF having one land in Delhi. One person gets it with Mutual consent and HUF is dissolved. Now can we register this deed in Kolkata and on basis of this will the sub registrar in Delhi accept the land ownership transfer since old karta can't travel. If we need any court order do we approach Delhi or Kolkata court.
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Section 56(2)(vii)(b) of Income Tax Act 1961