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…
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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?
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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…
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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
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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
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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
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Assessee is partnership engaged in business of developing of Housing Project. In the A.Y. 2016-17 has offered the income as per sales consideration received however the A.O. has assessed the income by invoking the provisions of Sec. 43CA and made the addition difference between the sale consideration and Stamp duty valuation. Also made reference to the DVO, his report came after the assessment and DVO also valued the FMV of the units sold and now the difference between the sales and value as per DVO is less than 10% in all cases except 2 cases where the difference is about…
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Firm with 2 partners A & B . A died on june 2020 B has taken C as a partner B & C has calculated the share of goodwill of A on the date of death. B and C decided to pay 50 lack in five years to the wife of deceased A whether the amendment made from 01/04/2020 is applicable in this case and any capital gain on this 50 lack is payable by the firm the goodwill amount calculated on death and paid to legal hair
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Sold house involving LTCG - What are the must-to-d0 as the proceeds have been kept in parents' Savings & FD Bank Accounts; What would be the index from 2009 (purchase-deed) to 2021 (sale deed) ? For purchase, part investment was from Sister, who has now been paid with compensation for those 12 years - Eligible Interest on such borrowed money was never claimed in any of the Assessment Years from FY 2009-10 till FY 2020-21;
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In Vora Financial Services Pvt Ltd Vs ACIT (ITAT Mumbai) at para no 32 observed as under: Accordingly we are of the view that the provision of section 56(2)(viia) should be applicable only in the case of where the receipt of share becomes property in the hands of recipient and the shares shall become property of the receipt only it is is shares of any other company, In the instant case the assesses herein has purchased its own shares under the buy back scheme and same has been extinguished by reducing the capital and hence the test of becoming property…
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CAPITAL GAINS