Answers On Topic: taxability
For assessment year 2023-24, a resident assessee, an individual, has capital gains on sale of shares of companies registered in Singapore. All investments were made by him when he was in Singapore in Singapore Dollars in 2014. These shares were sold in financial year 2022-23 and proceeds were received in Singapore dollars in Singapore and were deposited in bank account in Singapore. Since for A Y 2023-24 he is a resident and ordinarily resident under Income tax Act, he is required to show capital gain/loss arising from the sale of those shares. Queries are (a) whether the gains/losses can be…
► Read Answer
Assessee is promoter and Builder. During the course of carrying of business, assessee accepted one time deposit from flat purchaser for future maintainance of the building. AO is the opinion that it is taxable in the year of receipt , where as assessee is saying that it is not taxable in his hands as assessee is only custodian and after deduction of expenses incurred for maintenance, will be handover the balance to society . Whether assessee's stand is correct ? Or AO is correct ? Pl guide .
► Read Answer
Assessee is an individual and Hindu. He got married with another woman in the life time of first wife. He had two children from first wife and a daughter from second wife. First wife expired and thereafter almost 25 years assessee and his second wife are living together as husband and wife and also accepted by all family and society. Assessee was also assessed to tax in the capacity of HUF also. The family members consisting of the children of first wife and the second wife and her daughter has decided to settle their disputes about the property of the individual…
► Read Answer
Assessee is an individual and filed the return of Income disclosing income from business and other souces for AY 2014-15. During the year under consideration has also sold agricultural land and profit on sale of the same on the bonafide belief and as per certificate from Talthi that said land is beyond 8 kms from municiple corporation and population of the village is less than 10000. As per mutation entry also crops like ground nut were cultivated. During the course of scrutiny which was selected under Cass for large deposits in Bank, which includes amount received on sale of agricultural…
► Read Answer
TAXABILITY OF CAPITAL GAINS ARISING OUTSIDE INDIA