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.
► Read Answer
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…
► Read Answer
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…
► Read Answer
Suppose I have ltcg of Rs 1.5 lakhs under section 112a. How to claim a deduction of Rs 1 lakh. In which schedule?
► Read Answer
IN THE CASE.. MOTHER OF THE ASSESSEE RECEIVED RS 5000000/- FIFTY LACS FROM THE BUILDER AS SHE AGREED TO REDEVLOP THE PLOT WHICH STOOD IN HER NAME...THERE WAS NO SALE OF PLOT..ONLY PARTING OF TDR FSI..THAT TOO TO THE TUNE OF 25% AND THE REMAINING 75% WAS RETAINED BY HER...AMOUNT WAS RECEIVED BY HER...THE THREE LEGAL HEIRS HAD TO EXECUTE DEVELOPMENT AGREEMENT..ITAT MUMBAI HAS GIVEN AT LEAST 10 JUDGEMENTS THAT SUCH INCOME IS NOT CAPITAL GAIN AS THERE IS NO SALE...INCOME TAX OFFICER DISAGREES..ADDED BACK AS SALE OF PLOT AND ADDED 1.14 CR IN THE CASE OF ONE LEGAL HEIR..IN…
► Read Answer
For the purpose of section 54/54F r.w.s 45(2) , does the time limit to purchase the new property to claim the exemption u/s 54 and 54F apply from the date of conversion of capital asset into stock in trade or date on which stock-in-trade is sold?
► Read Answer
Facts : A Private Specific Family Trust is there having four major persons as its beneficiaries. Shares of all the beneficiaries are fixed and known as per the trust deed. Said Trust owns commercial building through which it receives rental income. Return of income of Trust is regularly filed and income from rent is allocated to beneficiaries according to their shares and said income is offered for tax by beneficiaries when they file their return of income (i.e of beneficiaries ) and returned income of Trust is always NIL and Trust does not pay any taxes on rental income. Now…
► Read Answer
Hi All, my dad was a tenant and the redevelopment agreement was signed then. He passed away and consequently it was transferred to my mom. She signed the PAA in 2019 and we finally have sold the flat in 2022. what can be the cost of acquisition in this case. its very confusing answers that i am reading. Appreciate your help here
► Read Answer
the answer by adv. Bahel is not clear. firm with 2 partners, one died. other partner paid goodwill to wife of deceased partner.rs 50 lakhs. whether this 50 lakhs are taxable, if taxable in whos hands in bcaj article it is stated that same is not taxable my view is same as money is not paid to partner this being new amendment various views are possible with different arguments so clear answer is expected
► Read Answer
RESIDENTIAL FLAT WAS SOLD IN FY 2015-16 AND CAPITAL GAIN AMOUNT WAS INVESTED IN CAPITAL GAIN ACCOUNT SCHEME WITH NATIONALISED BANK HOWEVER THE AMOUNT COULD NOT BE UTILISED FOR PURCHASE OF NEW HOUSE AND BY OVERSIGHT AMOUNT REMAINED IN BANKUNDERCAPITAL GAIN ACCOUNT SCHEME TILL FY 2022-23 WHAT COULD BE TAX IMPACT IF CAPITAL GAIN ACCOUNT IS CLOSED WITH BANK IN FY 2022-23
► Read Answer
AMOUNT KEPT IN CAPITAL GAIN ACCOUNT