Answers On Topic: income from other sources
The dispute of extra area work was finally settled throu arbitration award pertaning to pre GST period ( Finacial year 2016-17) . Some Compensation and interest is recived now. On the above interest, income tax is payable on 50% income as per section57(iv) of Income Tax Act ?
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Does it include a flat which is never constructed by a builder even after execution of agreement ? Word "Recd" under this section means what ?
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Mr. G booked a flat in FY 2010-11 and made the payment of booking amount through banking channels. Total consideration to be paid for the flat was Rs.30 Lacs. The builder issued ‘Earnest Money Receipt’ for the same in FY 2010-11. Unregistered agreement was also entered into by the builder and Mr. G in F.Y. 2010-11. In F.Y. 2010-2011Mr. H real brother of Mr. G also transferred some amount from his bank account to Mr. G bank account for making the payment to the builder. Subsequently sum of the installments were paid from joint account of Mr. G and Mr.…
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Let's say one of the share holder, A (Non- resident), of ABC Pvt has renounced his right to subscribe to right issue to D (Non- resident). Would D attract provisions of sec 56(2)(x)? Also what would be the tax implication on A?
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Sir, An individual has taken a loan from bank of Rs2cr and has given as a loan to the firm as a partner.Would like to know whether the interest paid to the bank would be allowed as a deduction from interest income earned from the firm u/s 57(iii) as there being a direct nexus between taking of loan and lending the said amount to the firm.
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Facts: In case of a unlisted company, buying back it's own shares at face value of Rs.10/- when the fair market value of share as per income tax rules, is Rs.300/ and the said share ,was allotted at a premium of Rs.90/-. Query: Whether provisions of section 56(2)(X) and section 50CA of IT act providing deeming fiction of income , shall be applicable ? Whether benefit of the Hon'ble Mumbai Bench ITAT decision in case of VORA FINANCE shall be available to the assessee company and also the shareholder and the difference in the buy back price and FMV shall…
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Good evening sir. My query is: Are the provisions of section 56(2)(viib) and 56(2)(x) applicable on rights issue of shares? Mumbai ITAT in two judgements have held that 56(2)(vii)(c) provisions are not applicable to rights issue. So, similarly can it be said that 56(2)(x) provisions are not applicable to rights issue?
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what would be taxability on waiver of loans in light of section 2(24)(viii). What will be taxability in case a private limited company waives its loan given to another private limited company. Will it be taxable u/s 56(2)(x)
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50% deduction under section 57(iv)