Tenanted Flat in the name of Grand Father Cost of Acquisition: Not Known Grand Father Expired in the Year 1972 Permanent Alternate Accommodation Agreement (PAAA) Between My Father (Only Legal Heir) and Land Owner cum Developer registered on 26.12.2013 Value of the flat as per Stamp duty Authority as on 26.12.2013 was Rs. 12.86 Lakhs Condition in PAAA: Tenancy Will Surrender only on receipt of possession New flat on Ownership Basis My Father Expired on : 07.01.2018 Full OC received on : 25.03.2021 Possession of new flat on ownership basis handed over to Legal Heirs on 26.05.2021 New flat sold …
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Is it the section 50C applicable in the case of Tenanted properties.
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There is demerger of one undertaking (out of 3). Transferor co. paying Self assessment tax while filing pre-merger position return. Revised the return for post-merger position to be filed after receipt of NCLT order. While filing revised return, there is going to be a refund in the transferor company and tax to be paid additionally for the transferee company. We want to make use of the tax paid earlier by the Transferor company, (relating to the demerger undertaking) for the Transferee company so that no need to pay tax once again nor refund is claimed. What is the procedure to…
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Private Limited company applied to ROC for conversion in to LLP and filed board resolution and form No.LLP 1 for name availability and in FEB-2015. The Company has also filed provisional balance sheet as on 31.03.2015 along with Board resolution. to ROC for conversion into LLP. However, Certificate of conversion into LLP received on 05.06.2015 and name of the Private limited was truck off from ROC All the transaction of Private limited company effective from 01.04.2015 was incorporated in LLP books and offered for tax. Assessment of LLP was done U/s.143(3) for AY 2016-2017 where the said fact was disclosed…
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Notice U/s 148 was issued on 03/03/2020 served upon the assessee. In this case, the assessee has sold an immovable property (residential land) of Rs. 70,00,000/- dated 15/05/2014 on which capital gain arose of Rs.51,46,000/-. The assessee has deposited the entire amount of sale proceeds of Rs. 70,00,000/- in the Capital Gain Account Scheme, 1988 and claimed deduction u/s 54F of the Act. The Assessee has purchased a semi-finished new residential house (which was not complete in all respect to be treated as ready to move property) on 30/03/2017 for Rs. 94,00,000/- by way of utilizing the amount of Rs.…
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What is tax rate of AOP ( Members having taxable income). Is it Maximum Marginal Rate which at present 42 % ( including surcharge and cess) right from Rs 1/-
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Residential Flat in Mumbai Flat Purchased on 13.10.2015 Total cost of Acquisition including stamp duty and other charges Rs.45 Lakhs Society gone for Redevelopment Development Agreement Registered between society and Developer on 01.07.2015 Permanent Alternate Accommodation Agreement (PAAA) Between Flat Owner and Developer registered on 05.05.2017 Value of the flat as per Stamp duty Authority as on 05.05.2017 RS.21 Lakhs Full Occupancy certificate received on 14.08.2020 Sold on 10.08.2021 Sales Consideration RS.85 Lakhs Query: Taxation of Capital gain in which Year and also Whether it is short term or Long considering Section 45(5A) effective from AY 2018-2019 Transfer U/s.2(47)(v) section…
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For the purpose of deduction u/s 54F of Income Tax Act whether the words ‘full value of consideration’ contained in section 50C will be applicable or the actual sale consideration value as specified in the sale deed will be applicable.
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I received a 148 notice dated March 31,2021 about "escaped income" in my 2015-16 ay return from AO Chennai who asked me to send copy of tax return, which I promptly did. A notice under 147 was sent dated 30-9-2021 by AO decribing the nature of income (USA social security income). I replied promptly that this "income is NOT taxable in India per DTAA article 20(2) and USA can tax this pension. No reply from AO and then on DEc 1,2021 I get two notices. The same notice u/s 147 on social security income which has escaped assessment and also…
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My client is a Kaccha Artia in Anaj Mandi (Grain Market) which sells go ods on Dami (Commission) on auction in Anaj Mandi. The Transaction is as follows: - Sale price = 100/- + Commission = 2/- + Market Board Fee = 1 total = 103/- . The buyer is deducting TDS u/s 194H on Rs.2/- since the insertion of section 194H. Further, Sale of Kaccha Artia is not treated as Sale u/s 44AB as per the clarification of CBDT. Now Section 194Q has been inserted since July 2021. Therefore the buyer has starting deducting TDS under both the section.…
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INDEXATION BENEFIT_CAPITAL GAIN