Answers By Expert: Law Intern
I am planning to sell my self acquired agricultural land. The total Market value is 3.6 Cr. But the person who want to buy the land is ready to register for 50% of Market value remaining amount be is telling that, he will give the remaining 50% through cash. Is it acceptable? What is the impact of IT Dept of I accept remaining amount in cash?
► Read Answer
Sir, 1 a person rs:15 lacs cash deposit fd in two banks 2.a partnership firm remuneration and interest paid to two partners Question; 1.a person form 15g, 15h or new form 121 applicable TDS not deducted purpose 2.partners remuneration and interest TDS option applicable f.y.25-26
► Read Answer
AO has sent my client a demand notice considering the capital as income escaped from assessment. Actually client had taken loans from friend and relatives in his saving account and then transferred the same to current account. Same was not treated in books as loan and treated as capital because client took the loan in savings account and then transferred to his proprietor firm. Client has provided the PAN and Confirmations from all such lenders to AO but did not considered anything and gave order of paying tax. Is AO justified in treating such loans as income just because same…
► Read Answer
An Trust having Form 10AC Order for registration under section 12A and 80G of the Income Tax Act, 1961 valid from Assessment years 2022-23 to A.Y-2026-27, as assessee trust had already filed Form 10AB "Application for registration or approval " for the F.Y-2025-26 dated 07.12.2025 with condonation in respect of approval u/s 12A of the Income Tax Act, 1961. Help me in understanding the procedure further to obtain the approval as of today there is no update on the same. Also, what are further implication if the approval is not granted to the assesse trust.
► Read Answer
what's the position of capital gain up to the date of conversion
► Read Answer
We bought flat in 1980. The same has gone for redevelopment in 2018. Possession given in 2025 with 35% extra area in lieu of old area. Now i want to sell this redeveloped flat. What will be taxability?
► Read Answer
Mr. A has received notice from income tax department u/s. 148 , citing reasons of search at some other party and finding of incriminating material regarding repayment of cash loan of Rs. 10.00 lacs and payment of interest of Rs. 5.10 lacs. AO has made addition u/s. 69A in respect of alleged repayment of loan of Rs. 10.00 lacs and u/s. 69C in respect of alleged payment of interest of Rs. 5.10 lacs. Now AO wants to levy penalty both u/s. 271AAC and Rs. 271D . Your expert opinion is sought
► Read Answer
Pagdi flat in which me and my husband were residing since before year 1984. Redevelopment agreement made in year 2023 in which market value and stamp duty mentioned of alternate accommodation (which is the same address of the pagdi flat but reconstructed) after redevelopment was very less. Capital gain tax will be calculated on this amount in case the flat will be sold once we get the possession or as per fair market value of the flat at the time of redevelopment agreement?
► Read Answer
Survey was conducted under the GST. Taxpayer has declared unrecorded sale during the survey proceedings and has paid GST as well as Penalty under the GST Act. In addition to above, Taxpayer has also declared excess stock found during survey. Regular purchases has already been recorded in books of accounts. Whether the taxpayer should account for total undisclosed sales in Trading a/c and pay income tax accordingly or should account for only the gross profit on unrecorded sales in Profit and loss a/c.
► Read Answer
Sale of Agriculture land