The assessee sold an immovable property and deposited sale consideration to the tune of caital gain under Capital gain scheme account and claimed deduction in ITR 2020-21 under 54F. Thereafter, the assessee demised before utilizing the deopsoit amount as per scheme. What will be tax treatment of Capital gain in case, the legal heir of assessee does not purchase any property or does not utilise the money as per scheme.
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Assessee is a private limited company engaged in the business of construction. In the FY 2012-13, assessee company has issued 3,00,000 shares of Rs. 10/- each to various parties at a premium of Rs. 90/- per share and accordingly collected Rs. 30,00,000/- for share capital and Rs. 2,70,00,000/- on account of share premium. During the course of assessment proceedings, AO asked the details about issue of these shares to various companies at a premium and justify the genuineness of the transaction. The assessee company could not produce the evidence in support of the same. Therefore, the AO made the addition…
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ASSESSMENT FOR A.Y.2014-15 WAS REOPENDED U/S 148 DUE TO AUDIT OBJECTION. FALLOWED BY REOPENING AO ON VERIFICATION OF ASSESSEE COMPANIES RECORDS SATIFYED REVENUE AUDIT WITH NECESSARY DETAILS, FALLOWED BY THIS REVENUE AUDIT DROPPED REOPENING OF ASSESSMENT. AO UPLOADED DROPPING OF REOPENING ORDER ON NFAC PORTAL IN THE MEAN TINE NFAC ISSUED 142(1) NOTICE AND ULTIMATELY COMPLETED ASSESSMENT BY RAISING HUGE DEMAND WITHOUT TAKING COGNIZENCE AO'S ORDER OF AUDIT OBJECTION
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Opening WDV as on 1-4-2021 Of only Vehicles Block(consisting of Car A-WDV Rs. 1 Lakh and Car B-WDV Rs. 8 Lakhs) is Rs. 9 Lakhs. During the year 2021-22, Car B is stolen. Insurance claim of Rs. 12 Lakhs is received. One new Car C is purchased for Rs. 22 Lakhs during the year 2021-22.What will be the WDV for working out of Depreciation for the year 2021-22 under the circumstances. Also, how these transactions should be booked in Books of Accounts.
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Assessee is an individual and partner in partnership firm engaged in the business of advertising. In the A.Y. 2008-09. Assessee received a amount of Rs. 1 cr against his right in the property, which is liable for longterm capital gain. Assessee invested the amount of Rs. 1.25 cr for purchase of residential bungalow alongwith the land appertatnent their to by executing the Development Agreement and power of attorney by paying full stamp duty and also taken the possession of the said property. The assessee has not carried out any Development on said property and after holding for period of 42…
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The Assessee had not filed Return of Income for AY 2015-16 and missed out show cause notice u/s.148A(b) which gave time limit 22/04/2022. Notice u/s.148 is also received requiring the assessee to file return of income within 30 days.
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Treatment of Insurance claim received for theft of car-its treatment in Books of Accounts and under I.Tax ActTreatment of Insurance claim received for theft of car-its treatment in Books of Accounts and under I.Tax Act
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What should be the Treatment of conversion cost where agriculture land converted in to stock. The conversion expenses like development of land and government fee for conversion paid first and later the land was converted for non-agriculture purpose. The land is treated as stock after conversion into non-agriculture. While calculating Long Term Capital Gains, the conversion cost and indexed cost of acquisition both be considered? or Only cost of acquisition is considered and cost of conversion will be considered as business expenditure?
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There is only one Block Of Assets in case of a assessee. This block consists of only one car ,the WDV of the same is Rs. 5,00,ooo as on 1-4-2021.The said car is lost by way of theft on 5-9-2021. The said car is not insured at all. The above said amount of Rs. 5,00,000 will be considered as Business Loss or Short Term Capital Loss.
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Where a remittance is made to a person by way of salary on monthly basis(for services being rendered outside India) to a NRI employed for overseas branch of a firm resident in India. Whether the same is chargeable to tax under the Head Salary in case of such employee in India or in the country where the employee is based.
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AMOUNT KEPT IN CAPITAL GAIN ACCOUNT