The assessee is an individual engaged in the business of real estate dealings as well as in real estate consultancy. Assessee is also a partner in various partnership firms from which he derives exempt income and also has agricultural income. The assessee had filed his return of income for A.Y. 2016-17 disclosing total income at Rs. Nil. Assessee was holding land jointly with his wife, son and daughter During the year under consideration, the assessee and other family members had entered into development agreement with M/s. ABC, developers for development of the said land vide registered development agreement. In consideration…
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Mr A transfers his tenancy right in one outside bldg and earns capital gain thereon . He now reinvests the same in acquiring tenancy rights from a tenant in another building where he is landlord himself Is he eligible u/s 5454F or any other section for exemption ?
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Assessee has old tools (Dies) about 150 years old and has no records of purchase or transfer till today. Valuation expert has made the valuation as of 2001 and it is about Rs. 30 lakhs. If the person capitalizes these tools (Dies) today with indexing from 2001, will there be any capital gain tax. Please Guide.
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Assessee is a doctor. He has purchased four residential flats having area of 800 sq. ft each in the year 1986. He started his medical profession in these flats by combining the all 4 flats, with the permission from the local authority for using the same for commercial purpose and paid the municipal taxes as applicable to commercial units from 1992. He has not claimed any depreciation on the same. The housing society in which these flats are situated is under re-development scheme and the developer offered the assessee 4 commercial units having area of 1000 sq ft each in…
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Is Maharashtra Project Affected Persons liable to capital gains on alternative flat allotted free?
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After amendment to the above sections, is it still permissible to buy 2 adjoining flats with a common entrance/kitchen etc because each flat is too small for a person ? any case law after amendment ?
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उत्तर प्रदेश में निवास करने वाला अनुसुचित जाति का व्यक्ति अपनी भूमिधरी भूमि बिना अनुमति के विद्यालय को विक्रय करता है तो उस विक्रय विलेख पर धारा 157A UP ZA and LR act के प्रावधान लागू होंगे ? भूमि का क्रय जरिये उप प्रबंधक हुआ है जो कि अनुसूचित जाति का है| भूमि का क्रय दस वर्ष पूर्व हुआ है|विक्रय विलेख के संपादन के उपरान्त उपरोक्त भूमि को धारा 143 UP ZA and LR act के अन्तर्गत न्यालाय द्वारा अकृषक घोषित किया गया है| यदि उक्त विक्रय विलेख पर उपरोक्त कानून के प्राविधान लागू होते है तो उसका बचाव क्या…
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Joint property bet. me and wife bought @32 lacs on December 2008. For Improvement spend about 8-10 lacs but no supporting bills as was done during 2009 over a period of one year. Now sold property @120 lacs on August 2022 and 10 lacs received separately by cheque towards fixtures and fillings. What will be the capital gains?? (more…)
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Is it possible to defer tax on capital gain by making a clause in agreement that transfer is piecemeal on payment only ? Is it possible to adopt cash basis of accounting for capital gain ?
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Dear Sir/Mam, I sold a flat in Mar2019, and deposited Capital Gain in SBI capital gain account in Aug 2019, I am told that my LTCG Account A would expire on 31st Aug 2022, since I have not utilized the money and hence I need to pay 20% tax on unused money from this capital gain account. Need your guidance on how to pay Tax and on which segment of ITR I should file in returns. Also, I am unhappy that inspite of COVID no relaxation given by government to extend LTCG period for reinvestment, Pls guide if I missed…
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Sec. 2(47)(v) , Sec. 45