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?
► Read Answer
Assessee sold ancestral agricultural land after converting it to NA in 20-21. Agricultural Land was converted to NA plots in 2016-17. All the plots were sold in one go. For the purpose of calculation of capital gain, while taking cost of acquisition as on 01.04.2001 as per S. 55(2)(b)(i), which SDV is to be taken – applicable to agri. land or NA land as on 01.04.2001? Is it possible to take cost of acquisition as on date when the land was converted to NA?
► Read Answer
I am buying and selling unlisted equity shares for more than Five years. In view of circular no. F. No. 225/12/2016/ITA.II dated 2nd May, 2016, I am treating the gains/losses thereon as Capital Gains. I have been consistently been following this system of treating trades in Unlisted shares as Investments and Capital Gains. For year ended 31st March, 2021 my sale of unlisted shares exceeded say 12 Crores. My business turnover from FNO in Listed shares is less than say 3 Crores. As I showing trades in Equity Shares as Capital Gains my turnover from Business is less than 3…
► Read Answer
If the person carrying the whole sale business of any product and, during the year of tax computation, if the same person invested the surplus money in share capital market where the transactions done in all format including cash segment, derivative segment and commodity segment on regular basis. So, how to treat the above transaction in books of account and how to make computation for the same.
► Read Answer
THE WIFE EARNED LONG TERM CAPITAL GAIN ON SHARES. WHETHER SHE CAN PURCHASE HUSBAND HOUSE(EXCLUSIVE IN HIS NAME) TO AVIL THE BENEFITS OF ADJUSTMENT U/S 54F AGAINST LTCG.
► Read Answer
Does subsequent registration of the documents have to adopt the higher value than the guideline value, for which the latest registration of the property executed?
► Read Answer
URBAN COOP BANKS SOME TIMES ACQUIRE THE ASSETS (LAND/BUILDING) MORTGAGED TO THEM BY THE BORROWERS IN SATISFACTION OF THE LOAN OUTSTANDING. AFTER FOLLOWING DUE PROCESS OF PROCEDURE UNDER THE MAHARASHTRA COOP SOCIETIES ACT,1961 UNDER RULE 107, THE MORTGAGED ASSET IS TRANSFERRED IN THE BANKS NAME AT A VALUE AS PER THE VALUATION OF APPROVED BY THE REGISTRAR OF COOP SOCIETIES ,MAHARASHTRA STATE. IN THE PROCESS THE PROPERTY STANDS IN THE NAME OF THE BANK AND IS SHOWN AS NON-BANKING ASSET.RESERVE BANK ALSO ALLOWS SUCH NON-BANKING ASSET ON THE CONDITION THAT IT SHOULD BE DISPOSED WITH IN 7 YRS. TO GIVE…
► Read Answer
"Transfer”, in relation to a capital asset, includes: (i) Sale, exchange or relinquishment of the asset; (ii) Extinguishment of any rights in relation to a capital asset; (iii) Compulsory acquisition of an asset; (iv) Conversion of capital asset into stock-in-trade; (v) Maturity or redemption of a zero coupon bond; (vi) Allowing possession of immovable properties to the buyer in part performance of the contract; (vii) Any transaction which has the effect of transferring an (or enabling the enjoyment of) immovable property; or (viii) Disposing of or parting with an asset or any interest therein or creating any interest in any…
► Read Answer
What is the date of transfer , when a tenanted flat is surrendered for redevelopment to a builder as per agreement of Permanent Alternative Accommodation ? Is this transfer liable to capital gain ?
► Read Answer
Weather DLC price is used in net sale consideration for calculation of exemption u/s 54 F or actual sale consideration value is used.
► Read Answer
Whether payment to unauthorised occupant for vacating the land is allowable as deduction as cost of improvement ?