I have paid interest on personal loan taken for acquisition of a capital asset . i want to claim the interest paid by adding to the cost of the asset . can I have case laws allowing the same as my Ao has disallowed the same
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An Assessee invested Rs.25 Lacs in Penny Stock in Oct 2015 & sold the same for Rs 65 Lakhs in Jan 2016. He showed STCG of Rs 40 Lacs in his ROI in A.Y 2016 -17 paid 15 % tax on STCG alongwith other income. Case was reopened, the AO made the addition Rs. 65 Lacs u/s 68 which he received from sale of shares. My question is whether the escaped income will be treated Rs.25 Lacs as assessee has already disclosed Rs.40 Lacs under STCG or Rs.65 Lacs as assessed by the AO. If it is Rs.25 Lacs then…
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For assessment year 2023-24, a resident assessee, an individual, has capital gains on sale of shares of companies registered in Singapore. All investments were made by him when he was in Singapore in Singapore Dollars in 2014. These shares were sold in financial year 2022-23 and proceeds were received in Singapore dollars in Singapore and were deposited in bank account in Singapore. Since for A Y 2023-24 he is a resident and ordinarily resident under Income tax Act, he is required to show capital gain/loss arising from the sale of those shares. Queries are (a) whether the gains/losses can be…
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Is mutuality a right or duty for any club formed u/s 8 of Companies act? can any club say that we don't follow mutuality and simply doing business ?
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Dear Sir, After Supreme Court judgment of Union of India vs. Ashish Aggarwal 439 ITR 1, assessee received notice u/s 148A(b), assessee filed reply and received order u/s 148A(d) alongwith notice u/s 148 for A.Y. 2013-14 on 22.07.2022. In the notice received u/s 148, four reasons were mentioned but none of them is ticked. As the notice does not specify the cause / reason in the notice, whether notice is valid or not. Copy of the notice is attached. Please clarify. Thanking You, Yours Sincerely, CA S.K. Goyal A.R.
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In case of society redevelopment , Builder pays to society members hardship compensation, rent, corpus amount etc. Is builder liable to deduct TDS under section 194IC ? In society redevelopment agreement , if Stamp duty value is more then the the consideration receivable in kind the section 50D is attracted to society member. Similarly there would be any implication to Builder in such case under section 56(2)(10)
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Dear Sir, I am an NRI and my wife is an Indian resident. I would like to transfer money from my foreign bank account abroad to my wife's Indian bank account to purchase property in her name and for other expenses in India. In this scenario, is it just a simple transfer and nothing else needs to be done, or for my wife's Indian IT returns do I need to create any document like a gift deed for the money transfer? Also, does she need to declare this money transfer in her income tax returns? If yes, then in which…
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can AO reduce share valuation of unquoted shares sod u/s 50D vis a vi s one adopted by Assessee and deny 54F to that extent ?
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landlord pays sums to vacate tenants and then sells building outright. Can he claim these as costs while computing LTCG ?
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interest paid on personal loan