There is a partnership firm having partners F (father), S1 (Elder son) and S2 (Younger son) carrying a hotel business. Each partner is having an equal ratio in firm (i.e. 1/3 each). On 01/04/2021 Partner S1 retired from the firm and his balance in capital A/c is transferred to Unsecured Loan A/c. Neither the excess payment of cash is made nor any immovable property is transferred to retiring partner. Remaining partners (i.e. F and S2) are now sharing an equal ratio in the reconstituted Partnership Firm. Query: Whether the section 9B and 45(4) are applicable in the given case?
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There is one partnership Firm WITH 2 PARTNERS. One of the partners died in the month of March 2022. Sharing ration was 50:50. They had one Shop in the books of account and were claiming depreciation on it, WDV 31.3.2021 47,360/-. Shop Acquired in the year 2001- 02 COA - INR 334470 /-. Now the firm is selling the shop for INR 12,44,000/- (fair value). The asset is not yet transferred. There will be STCG to the firm as per sec. 50 INR 11,96,640 ( 12,44,000 - 47360 ) My query is : 1. To save on the capital gains tax…
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Dear Sir, What if the spouse decides to put the sale consideration in Capital Gain Account Scheme and willing to purchase a residential property and don't want to pay the tax Please do solve my issue ???..
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Respected Sir, Can you share the judgement, wherein it has been held that - if the seller of immovable property is NRI, the buyer can deduct tax (TDS) on NET CAPITAL GAIN if the seller furnishes CA CERTIFICATE WITH CAPITAL GAIN WORKING.
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Assessee is private limited co , engaged in the business of construction and development of real estate project. the co hold two lands one is considered as stock in trade and another land is shown as investment which was purchased eight years bank. Now assessee co has decided to sold both the lands and accordingly executed the conveyance deed against the consideration to be received in form of constructed area after 24 months. The assesee co has also hand over the possession of the said land to the buyer of the land. consultant of the Purchaser is saying the tax…
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I purchased the residential flat on 19th sept 1988 for Rs. 2,31,000/- subsequently flat went for development under individual agreement dated 31/12/2010. showing a value of Rs. 7,97,500/- and stamp duty paid by developer was Rs. 22,500/- subsequently redeveloipment delayed and was finally completed and cc certificate issued in November 2018. What will be the cost of acquisition if I plan to sell the flat now?
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On dissolution of firm, when it pays capital gain tax u/Sec. 9B, whether firm is elegible to claim exemption U/Sec. 54EC if assets distributed To partner is long term capital asset. If the firm decided To make investment in specified bonds and then distribute the same to partners in its books of accounts and record the same facts in dissolution deed and If partners offer the income accruing on the in investment on year To year basis, is it possible to claim the amount received on Redumption after five years completely tax free? Whether credit for TDS is available to…
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The assessee sold an immovable property and deposited sale consideration to the tune of caital gain under Capital gain scheme account and claimed deduction in ITR 2020-21 under 54F. Thereafter, the assessee demised before utilizing the deopsoit amount as per scheme. What will be tax treatment of Capital gain in case, the legal heir of assessee does not purchase any property or does not utilise the money as per scheme.
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Assessee is private limited Co. Assessee is having building as fixed asset and assessee Co is regularly claiming depreciation as per companies Act. However since the year of purchase of building in the FY 2014_15 assessee has not claimed depreciation on building as per sec. 32 of the Income Tax Act. In the financial year 2018-19 assessee Co sold the building and offer profit on same after considering index cost as LTCG, on the ground that since no depreciation has been claimed as per provisions of Income Tax Act. AO as well as CIT has not appreciated the submission and…
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Assessee is an individual and partner in partnership firm engaged in the business of advertising. In the A.Y. 2008-09. Assessee received a amount of Rs. 1 cr against his right in the property, which is liable for longterm capital gain. Assessee invested the amount of Rs. 1.25 cr for purchase of residential bungalow alongwith the land appertatnent their to by executing the Development Agreement and power of attorney by paying full stamp duty and also taken the possession of the said property. The assessee has not carried out any Development on said property and after holding for period of 42…
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APPLICABILITY OF SECTION 9B AND 45(4)