Whether an individual tax payer can claim deduction u/s 80IBA against his share of business income in a revenue sharing JV for affordable housing projects? If yes, conditions required to be fulfilled.and any case laws on the same.
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My client is a Kaccha Artia in Anaj Mandi (Grain Market) which sells goods on Dami (Commission) on auction in Anaj Mandi to soyabean solved plant. The Transaction is as follows: – Sale price = 100000/- + Commission = 2000/- + Market Board Fee = 100 total = 102100/- . The buyer is deducting TDS u/s 194H on Rs.102100/- and if the purchase value goes above 5000000 lakh through out year after that they deducting TDS u/s 194Q on total purchase value.Now Section 194Q has been inserted since July 2021. Therefore the buyer has starting deducting TDS under both the…
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Question: when capital asset converted into stock in trade tax implication on gain. understand a point of capital asset converted into stock in trade tax calculation , also here two heads tax implies one is business income and second is capital gain . for business income the tax is accordance with slab rate when the actually stock in trade sold, and in other hand capital gain arise after indexation benefit. here one question arise would i eligible for exemption for capital gain if i invested such money U/S 54,54F,54EC etc within 6 month from actual sale of such stock in…
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Would the legal heirs be liable for capital gain tax without receiving any payment & for only executing the sale deed of property already sold & possession held by buyers 35 years ago & payment was realised during sale by the deceased ancestor. What evidence would the heirs require for executing the deed & being exempted for capital gain? Any specified sections/provisions?
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Assessee is in retail trade with turnover of Rs.200 lakhs. It is 100% cash business and deposits cash from sales into the bank. He offers 8% of turnover as income ( Rs. 16 lakhs) u/s 44AD of the Act. In the bank account there is closing balance of Rs.60 lakhs . The assessee uses the Rs.45 lakhs to purchase a plot of land. The assessee opines that since he has offered 8% as income as required u/s 44AD the IT department cannot question the excess money of Rs.44 lakhs (60 - 16) standing in bank account and free to utilise…
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Assessee is the co and during the course of assessment proceedings for A.Y. 20-21 on the basis of voucher seized during the course of search with other person , where in it is stated that the other person has made payment of Rs. 5 lakhs in cash and same has been added U/Sec.69 of the Act and now the assessee has received show cause Notice U/Sec. 271DA of the Act. whether Penalty U/Sec. 271DA can be levied even if addition is made U/SEc. 69 for the amount which is not recorded in the books of the assessee. whether assessee has…
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Assessee is Charitable trust registered U/Sec.12 A of the Act and it has received Rs. 5 lakhs on sale of lease hold rights. Trust has invested Rs. 5 lakhs in fixed Deposits for a period more than 12 month. However while filing Return of income assessee has insteade of disclosing under section 11(1A) through oversight has disclosed u/Sec. 11(2). Intimation received U/Sec. 143(1) Assessing income at Rs. 5 lakhs on the ground that assessee has not uploaded form 10 for exercise option u/Sec. 11(2). Assessee Trust has filed rectification u/sec. 154 mentioning the error happened while filling Return of Income…
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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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Deduction u/s 80IBA for an individual land owner against business income in revenue sharing JV for affordable housing projects.