Sir, There is a sale of immovable property during the financial year 2020-21 in the month of August. However, the assessee has died at the end of the year in the month of March 2021. Is there a liability to pay capital gain tax on this sale by the legal heirs? Please clarify
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Sir, Whether AO can make addition in the case of purchaser of property of the diffrence of actual purchase as per document and DLC rate fixed by the registrar for stamp duty purpose. In my case actual purchase rate is lower to the DLC rate. whether declaration of deemed income is necessary. Presently, transactions are made below the DLC rate. Kindly clear whether DLC rate is only considered for capital gain purpose and it is not applicable to purchaser of the property.
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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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A company is earning capital gains from sale of shares attracting STT as well as capital gains from other shares/units of MFs without STT. Can the company adjust only the losses from the STT paid shares against the profit of non-STT paid shares without adjusting it against the profits from STT paid shares? Can the Income-tax department raise objection and adjust STT paid losses first against the profits from STT paid shares and only the remaining loss is allowed to be adjusted against profit from non-STT paid shares?
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Whether Long term capital loss on listed securities (STT paid on buy & sale both) can be computed by following the section 112(1) by taking benefit of indexation as given in second proviso to section 48. Whether section 112A is mandatory to be followed or it is an option to choose either section 112 or section 112A whichever beneficial to assessee while computing long term capital loss. Or if the computation results in a gain, assessee will have to re-compute the capital gains having regard to the provisions of section 112A of the Act.
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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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A Private limited is intending to convert into LLP , with same economic interest of share holder and partner . Will there be any capital gain tax in the hands of shareholder upon surrender of shares and getting capital in LLP.
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If a leasehold land on which building is constructed by self is sold/ transferred for a consideration, will the transaction attract sec 50C.Does the Stamp duty value applies to only freehold land or leasehold land also.
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Where does it says that property should be registered property for eligibility of claiming LTCG and how there be discriminations for assessee who are reqularly investing property buying and selling in a cyclic manner where department not even question or verifying whther property bought or sold are registered property under registration act Where as when assesse sold the apartment and deposited LTC in into bank LTCG deposit scheme and while requesting for NOC in form G the lowest level officer ACIT DCIT without applying any mind reopening cases interrupting the various sections and then issuing notices after notices clueless misusing…
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Whether payment made to the tenant for vacating the land in his possession just before its sale is allowable as cost of improvement or expenditure incurred in connection with transfer. Whether the position would be different if the tenant is in the nature of unauthorised occupant of land?
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Whether legal heirs are liable to pay Capital gains tax in respect of property which was sold before his death ?