Answers By Expert: Law Intern
Mr. X had built a temple on a piece of agricultural land belonging to himself in the year 1931/1932 and continued to run and manage the temple himself during his lifetime. After his demise, his lineal descendants have been running and maintaining the temple till date. In the year 2015 a Trust (Religious) was formed and registered under Sec 12A/12AB of the IT Act,1961. One of the conditions imposed by the Dept at the time of registration was that the land on which the temple was built should be registered in the name of the Trust. Accordingly, the land, measuring…
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ASSESSEE IS ENGAGED IN BUSINESS OF REAL ESTATE AND HAVE LAND AND BUILDING IN HIS STOCK IN TRADE. HE WANTS TO MAKE GIFT OF A LAND TO HIS FATHER. WILL THIS BE TAXABLE AS BUSINESS INCOME IN THE HANDS OF DONOR ,IF YES, THEN AT WHAT VALUE.
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Hello experts for an AOP which is a residential welfare association what do u mean by MMR. SHares are not determinable and hence MMR is applicable. Does MMR include surcharge also at the highest rate or does the surcharge remains as per the slabs. Income of AOP is 42 lakhs for FY 2021-22 Can u someone let me know what is the tax rate including surcharge(if any) for the above income. Above income is the interest income and other source income for the AOP. If possible quote the section so that we can advise the client along with the provision…
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The deduction claimed was wrong and 148 notice issued for income escaping assessment. When the wrong deduction now rectified and showing the correct income in ITR filed u/s 148, which return will be considered by the ITO.
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the assessee had applied for recognition as eligible business in December 2024 but is yet to obtain the recognition. IS there a possibility for the assessee to file a return and claim exemption under the section notwithstanding the fact that the recognition is yet to be obtained
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Attached is a draft of Deed of Release and Reconstitution of HUF. The HUF has a Karta, a Member (wife) and 2 coparceners, one a married daughter and other unmarried son. We intend to reconstitute the constitution of HUF. The Member ( wife ) and one coparcener (married daughter) will be leaving / exiting the HUF voluntarily and then the Karta and unmarried son will continue with the HUF in same name. There is no transfer of assets involved. What will be stamp duty payable in Maharashtra and under which Act or Govt Orders. It will be nice if exact…
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I have taken a land from Cuttack development authority for 99 years lease now the income tax department asking why 194 i will not be applied. kindly justify the same
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My case is I have given for JDA and got six Flats in return. Occupancy Certificate issued in this FY. I have sold two flats in this FY and want to retain 4 Flats and claim deferment of Tax for retained Flats.
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Sir, A gst registered medicines retail dealer tax rate 12 percent tax rate decrease 5 percentage from 22-09-25 Question; Dealer tax rate difference benefits itc reverse compulsory.
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Excludability of certain assets from computation of FMV for the purpose of Sec 115TD