In calculation of deduction under section 54F whether actual sale consideration will be considered for net sale consideration or 50 C will you will be considered
► Read Answer
The assessee during the year under consideration sold unlisted shares on 16.06.2017 taxable as LTCG and claimed the deduction u/s 54F of the Act on account of amount invested in Residential House Property As per department the assessee is ineligible to claim deduction u/s 54F of the Act as he owned two residential house property, apart from the new residential property. Assessee has executed registered agreement for assignment of the flat owned by him on 05.04.2017. The assessee has received more than 97% of the consideration as on 30.04.2017 and accordingly gave the possession of the said flat. Affidavit of…
► Read Answer
Assessee is Partnership firm of two person, father and son . Firm has assets which includes immovable property on which depreciation is claimed and also other current assets like stock in trade etc. On 4.07.2020, one of the partners I.e. father expired . Since there are no legal heirs , the other partner I.e. son become the proprietor of the business. Kindly guide whether provision of Sec. 9(b) and 45(4) are applicable and implications in the hands of sole surviving member in the family.
► Read Answer
Ancestral Urban Agri. Land had been converted into NA Land in FY 2017-18 and ultimately sold in FY 2021-22. For the purpose of computing capital gains, while determining COA as on 01-04-2001, whose FMV is to be taken - i.e. applicable to Urban Agri. Land or NA Land? Also whether is it possible to take COA as on the date the Urban Agri. Land was converted to NA Land? Thanks.
► Read Answer
guidance value of an apartment which was booked with the builder during 2008, and took the possession in 2010. during the registration process, the builder registered under karnataka registration act the uds land portion cost ( based on guidance value) as per the agreement where as the construction cost of the apartment not included for registration purposes. it was practice generally followed by the builders for all the owners who so ever booked the property. During the relevant F.Y 2015 - 16 the assessee has sold house property for a consideration of Rs.1.00 crores as per sale deed document. The…
► Read Answer
112A WHETHER FOR LTCG 112 A CAN BE OPTED AND LTC LOSS CAN BE CLAIMED SEPARATELY. MEANING THEREBY WHETHER ASSESSEE CAN OPT FOR 112A FOR GAIN AND OTHERS FOR LOSS ON EQUITY SALE AND ADJUST LOSS
► Read Answer
the assessee company had booked a flat in feb 2011 for an agreed consideration of Rs 180.00 lacs . only booking form and allotment letter was executed and a sum of Rs 25.00 lacs was paid in Feb 2011. subsequently the project went into litigation and due to development rules constraint the project was delayed and final agreement was executed in registered in sep 2017. the stamp duty valuation is Rs 250.00 lacs. The AO is seeking to tax the difference in the agreed value and the stamp duty valuation u/s 56(2)(x), though the assessee is seeking refuge in the…
► Read Answer
An assessee has earned long term capital gain on sale of his share of flat after determining the indexed cost. He wishes to obtain exemption for the gain by investing in bonds u/s.54EC. He also has brought forward long term capital loss which he would to set off against future gains on sale of shares. Whether the long term capital gain on sale of flat has to be determined by first deducting the brought forward loss and he can avail the benefit of Section 54EC only in respect of the balance income?
► Read Answer
During FY. 10-11 Assessee purchased certain shares through banking channels . The shares were transferred in the D-mat account and the same were reflected in the Balance sheet as on 31.03.11. Case for the issue was reopened u/s 148 notice dated 31.03.18 . On the basis of information of DDIT (Inv.). The assessee objected to 148 and also furnished the details as regards the source of investment and after considering the details furnished the AO was satisfied and the assessment was completed on returned income u/s 143(3)/147. The above referred shares were sold during F.Y. 14-15 (A.Y. 15-16) through stock…
► Read Answer
My agricultural land was compulsorily acquired under the NHAI act in 2010. Some enhanced compensation was received by me in 2021 and the case is still pending in high court. I am confused if I will need to pay capital gains tax on the compensation received. As I said the acquisition was done in 2010. Are you able to please help out. Thank you
► Read Answer
Capital Gain Exemption 54F