Loan to subsidiary – capital loss

Whether the loan given to the subsidiary company is a “capital asset” within the meaning of section 2(14) of the Income Tax Act and any loss incurred on “assignment” of such debt to the third party can be claimed as a short term capital loss?

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  The assessee HUF consist of husband H, wife W, Daughter D, and minor son S. It is assessed to I.T. Act. The husband A expire in a road accident on 10.04.2023

Query: (i)    Whether HUF will continue? (ii)   Who will be karta of HUF as the male member is minor? (iii)  Can the partition be made by the karta?

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  In the business premises of A, survey took place, where-in excess stock was found for ` 15 lakh. In the statement recorded during the course of survey the assessee stated that excess stock is due to adjustment of profit by valuation of stock in earlier years and offered for tax in the current year.

Query:- (i)    Can the surrender of stock be treated as undisclosed u/s 69 of the Act? (ii)   Application of section 115 BBE is correct in law or it can be treated as business income taxable at normal rate? (iii)  Is it possible to apply 115BBE by passing 154 order when section 69 is not applied?

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  Non -Resident -Purchase of Residential property – Exemption – S-54

Mr Headache is a Non Resident Indian bought a house at Delhi, from original allottee in 2020. The registry and delivery of possession is given by the builder in November 2021 in the name of Headache's wife Mrs Migraine, as the stamp duty chargeable to ladies have concessional rate for total consideration of Rs 2 cr. Mr Headache sold his inherited house in Maharashtra in October 2022 where he made a capital gain of Rs 90 lakh chargeable to Income Tax. He has following query Is it allowed in FEMA to purchase a residential house in India by an NRI?…

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