Answers By Expert: Research Team
  Property in mothers name purchased from funds of elder son and father-who is real owner
Property consisting of a plot of land and building constructed afterwards on that , purchased from the funds of Father and elder son in the name of mother(fathers wife ,ie not ancestral property) 40 years back. A registered will was executed 20 year back jointly by father and mother distributing the property in the name of three sons (including one step son and excluding daughters)Now mother died recently. and father is still alive. Now the question is 1) Who are the real owners ie father son duo or mother. 2) Benami transaction act was not in force, hence property will…


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  Sale of land used for agricultural by members and investment – Exemption of capital gains .
sir, just before the sale of the land used for the agricultural activity has been converted as non-agricultural land and the proceeds have been received by one single person on behalf of the number of members in the family which he again returned to the members of the family to facilitate the easy transaction. Whether this can be treated as agricultural income in the hands of individual members? or it has to be treated as capital gains, if so long or short. In case if the investment is made to claim the exemption, can it be allowed? The members became…


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  Whether deduction of interest paid on house building loan can be claimed as deduction u/s 24 of the Act ?
A piece of residential  plot is in Wife's name , who has no source of income since she is a Home maker. So wife is the owner of the plot. House Building Loan taken by Husband, who is a salaried person,  with wife's residential plot  as a collateral  security and constructed house on the wife's residential plot.  Monthly House Building Loan EMI ( Principal and Interest) amount paying by the Husband out of his salary amount. The lender Banker has granted House Building Loan in the name of Wife and Husband (jointly ). The query is: Can the husband claim…


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  Email id details
where can i get email id of Deparmental representative - Mr Sanjay sethi.


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  Whether long term capital gains invested in a house outside India is eligible to claim exemption (S. 54, 54F) ?
IF AN ASSESSEE INDIVIDUAL SELLS HIS RESIDENTIAL SITE IN INDIA AND GIFTS THE SALE PROCEEDS TO HIS DAUGHTER (NRI) FOR THE PURCHASE OF A RESIDENTIAL HOUSE OUTSIDE INDIA, CAN THIS BE ELIGIBLE TO CLAIM EXEMPTION?


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  During the assessment proceeding U/s 153C whether the A.O can make enquiries relating to the issues other than issues covered by the reason recorded for issuance of notice u/s 153C of Income Tax Act.
During the assessment proceeding U/s 153C whether the A.O can make enquiries relating to the issues other than issues covered by the reason recorded for issuance of notice u/s 153C of Income Tax Act. During the course of assessment proceeding U/s 153C whether the A.O should confine the finding only to the extent of the reasons recorded for issuance of a notice U/s 153C or can he go beyond the reasons recorded. Thank you


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  When a transporter having more than 100 Cr of Turnover purchases Diesel from Indian Oil Corporation Ltd and receives Petro Cards of the same amount is he liable to deduct tax at source u/s 194Q of the Act ?
A transporter having more than 100 Cr of Turnover purchases  Diesel from Indian Oil Corporation Ltd.It makes advance payments to the Co and in return receives Petro Cards of the same amount.The no. of Petro Cards and value charged to each card is as per the requirement of the transporter. The driver of the individual truck is buying diesel from any  dealer of the IOC  located on his allotted route by swiping the Petro  Card on the POS machine kept at the pump.The pump owner hands over a machine generated slip of the quantity of diesel filled and amount thereof.…


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  Can a son claim deduction u/s 24(b) , if he is not the co-owner of the property ?
Regarding the deduction available u/s 24b of Income Tax Act, Can a son who is the co-borrower of the loan taken claim the deduction u/s 24(b). Please note that he is not the owner/co-owner but complete EMI is getting deducted from his bank savings account. His mother is the only owner of the property. Please help on this issue. Thanks


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  Can the Assessing Officer from Raipur refuse to grant an opportunity of cross examination on the ground that the person who has given statement is resides at Mumbai ?
Case of the assessee was reopened on the basis of third party information. The assesse asked opportunity to cross examination. But the same was rejected by the AO stating "Since the third party is a resident of Mumbai therefore the AO st Raipur is not empowered to issue summons to the above person so as to accord an opportunity of cross examination." Is there any case law in favour of above contention of AO. If yes, kindly quote the same. Also, any case law rejecting the above facts of the AO is welcomed.


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  Cash deposited in bank account and funds transferred to another account. Whether cash deposit can be treated as unexplained credit?
Assessee fell in a trap in one arrangement where one person gave him cash which the assessee deposited in his bank account. And on the same day of cash deposit the funds were transferred back through NEFT to that person’s bank account. Now the ITO wants to treat cash deposit as unexplained credit. That person is now co-operating and not giving his confirmation that he had instructed assessee to do so. Assessee has given affidavit that the cash which was deposited belongs to that one and also the assessee has transferred the funds back to his account. No other document…


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