whether exemption under section 10(23C)(iiiad) can claim against notice of section 148 for AY 2016-2017
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a) Whether deduction u/s 54/54F is available to the assessee if the investment is made in the residential house in the name of son, out of capital gain/net consideration arose on acquisition of his inherited farmland (agriculture) by the Government? b) Whether son has to face any taxation on account of purchase of flat or any other tax consequences?
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In case of a school whose aggregate turnover during the financial year is less than 5CR. Do the school have to submit a report in form 10B/10BB. Will the answer differ if school is not registered u/s 12AA/10(23C)?
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An individual assessee sold residential property, held for more than two years, during F.Y. 21-22. He invested the capital gain in residential property during the F.Y. 22-23 i.e. on June 30, 2022 and availed , the benefit of S. 54. Now, the assessee intends to gift the newly acquired residential property to his son i.e. before three years from the date of acquisition. Will there be any implication on claim of deduction under section 54 ?
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Assessee is charitable trust having object of having Goshala, construction of Hostel for Girls, Meditation center and research center etc. and also constructed a temple in premises. The trust is having registration u/sec. 12AA and recognition u/Sec. 80 G of the Income Tax. On the land own by the trust, it had developed a shopping complex and with the permission of Charity commissioner has decided to sale the shops for the purpose of using the funds for construction of cow sheds and meditation center as well as Bhojanshala etc. Till the time the sale proceeds from sale of shops are…
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Sir, A NPO registered u/s 12A filed return of income for AY 2020-21 belatedly though tax audit report was filed within due date. Exemption was denied u/s 143(1) by CPC, kindly elucidate follow up action to be taken.
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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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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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In the case of non-government employees, the exemption under section 10(10AA)(ii) is to be determined with reference to the leave to their credit at the time of retirement on superannuation, or otherwise, subject to a maximum of cash equivalent of leave salary of ten months' leave calculated on the basis of average salary drawn during the 10 months immediately preceding his retirement. The entitlement of earned leave cannot exceed 30 days for every year of actual service rendered. This exemption is to be further limited to the maximum amount specified by the Government of India. The maximum limit of exemption…
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Sir, Kindly clarify on the following issue in connection with investment under VPF for Private sectors. If the investment under VPF is above 3 Lacs during the FY2021-22, what will be tax effect and how much can be claimed as exemption If the VPF accumulation upto 31.03.2021 is Rs. 10 Lacs. What is the taxability? Interest credited to the account will be on accumulated VPF amount, How to claim exemption and arrive the taxable interest? Whether interest taxable above Rs 2.5 Lacs is on Contribution made during the year or on the accumulation in the account?
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Exemption under section 10(23C)(iiiad)