An individual settles his property to a private discretionary trust which has beneficiary as his brothers, brothers' wife, brothers' children and their spouses and their children. Since all the persons do not come within the definition of relative as defined in explanation to 56(2)(vii) , it may not be covered by the exception provided by proviso (X) to 56(2)(x). Question is, it being a discretionary trust where the individual shares are not defined, will section 56(2)(x) apply? If applied then how will one compute taxable part?
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For the year ended 31.03.2021 there was a mismatch in 26AS because of the slow website the return was filed without reconciling and resulted in lower income filed by Rs. 15 lakhs. How to rectify the same. Assesse is ready to pay taxes with interest but not penalty.
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The Assessee is a registered trust incorporated for educational and other anciliary objects. The trust for FY 20-21 has accumulated 85% of the income and intends to apply the same in the subsequent years within a period of 5 years. Now, in FY 21-22, the Assessee Trust intends to incur expenditure on repairs and maintenance of a school that forms part of another Trust. The payment will be made by the Assessee trust to the contractor directly, no amount shall be paid by the Assessee trust to the other Trust. The invoice will be raised by the contractor in the…
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Assessee is partnership Firm filed the Return of Income For A.Y. 2009-10. while uploading the return due to some problem in soft ware the claim of Depreciation was not correctly uploaded and also received the Intimation U/Sec. 143(1)(a) from CPC Banglore in the month of Dec. 2010. In this intimation , the adjustment of amount of Depreciation was made and demand was raised . The assessee was unaware of this fact, and when the call came from TRO in April 2022, the assessee came to know such demand. Assessee firm has claimed the depreciation on the WDV as on 31.03.2009…
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Hi All, my dad was a tenant and the redevelopment agreement was signed then. He passed away and consequently it was transferred to my mom. She signed the PAA in 2019 and we finally have sold the flat in 2022. what can be the cost of acquisition in this case. its very confusing answers that i am reading. Appreciate your help here
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Assessee is an individual. During life time of his wife who was bed return due to bad health, married with another lady. He had children from first wife . The first wife expired after the second marriage. The entire community and other family members have accepted second lady as wife of the individual. The person had a girl child from the second lady. On all records the name of children from first wife , daughter of second child and second wife have stated as members of HUF of the individual. After the death of an individual, the full partition…
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Dear sir, Penalty notice u/s 271B received on 11.11.2019, what is the time limit for completion of penalty proceeding.
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I am in receipt of a notice u/s 148A of the Act relating to AY 2015-2016. I have not filed the return of income during that year inadvertently because the operations resulted in a huge loss and turn over was 95 lakhs only. Can i file a return of income in response to notice u/s 148A or shall wait for a notice u/s 148 to receive from the department
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Was any extension of tome allowed for issue of notice u/s. 142(1) or u/s. 143(2) for the assessment Year 2020-21 due to covid?
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As per provisions of Sec. 80IBA, the maximum value of the house to be constructed for being eligible for deduction under this section for projects approved after 1.09.2019 shall be restricted to Rs. 45 lakhs as per Stamp duty Rates. Does this means developers can sale the units for any consideration more than 45 lakhs also till the stamp duty valuation is 45 lakhs. ? Whether tolarance limit of 10% as given in Sec. 43CA and 50C is applicable while considering stamp duty rates of the residential units for claiming deduction U/Sec.80IBA ? pl guide .
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Section 56(2)(x)