A is holding rural agricultural land since before 2001. Subsequently he has converted such land as NA land and now sold it. Question is which value should be consider for 2001? Agriculture land value or NA land value? Any other suggestion for computation of capital gains.
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I am holding rural agricultural land since before 2001. Now I have converted such land as NA land in December 2022 and sold it in March-2023. In which amount I have to pay tax ? If I am allowed indexed cost then My question was which value I should consider for 2001 ? Agriculture land value or NA land Value ? Circle Value of land as on 01-04-2021 is 200 Rs for Agricultural land and Rs. 1000 for Non Agricultural Land. Circle rate of NA Land as on Dec-2022 is 3550 and I have sold it at Rs. 3700 in…
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Assessee is private limited co , which is 100% subsidiary of listed Public Limited co. In the scrutiny proceedings for A.Y. 20-21, Assessing officer has show cause as to why the Share Premium received by the company in the financial year 2010-11 and 2012-13 and 2013-14 should not be added by invoking the provisions of Sec. 56(2)(viib) , since as per his interpretation the words used " any previous year" in the section authorizes him to make such addition. Assessee submitted that these provisions are not applicable for the share premium received in the F,Y, 2010-11 and 12-13 and even…
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Company "A" has assigned the loan (a fully written-off loan account) to the NBFC in the year 2021 at a discounted value (lower value as compared to the original debt obligation). The loan was taken over by NBFC because NBFC is hope full of that it will recover the higher amount in the future. The Borrower against the loan (original debt) has allotted redeemable preference shares (RPS) of Rs 100/- each at par to the NBFC. The Borrower's net worth pre-allotment of RPS is negative. The query is What will be the tax impact on NBFC when the loan is…
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Assessee is a start up company and issued the shares to the investors at a premium of Rs. 200 per share. During the course of assessment proceedings for A.Y 2020-21, AO issued a show cause as to why share premium received by the assessee company should not be taxed in the hands of the company under Section 56(2)(viib) of the Act. The assessee company submitted a detailed reply,however the AO proceeded to make addition under Section 56(2)(viib) on the ground that the assessee company could not give proper justification for acceptance of the premium, without considering the fact that the…
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Even after amendments , if a retiring partners takes only capital balance in his account , what will be impact on taxation of firm/partner of reconstitution caused by retirement ? Will it amount to relinquishment of rights in FMV of properties to new partners at Zero value ?
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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.
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A pvt ltd company wants to buyback both preference & equity shares at discount to the issued price. Is there any bar under the Companies act 2013 ? Further , whether to determine buyback price FMV concept through registered valuer compulsory , since ROC sometimes dont approve the forms
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Assessee submitted valuation report as per Rule 11UA determining valuation of share at Rs.32/- per share. The Assessing Officer calculated Value of share as under: Share Capital - A Reserves & Surplus - B A + B divided by number of shares (c). The value came to Rs.22. The Assessing Officer made addition of Rs.10 i.e., Rs.32- Rs.22 in the hands of the company on the number of shares allotted by the company u/s 56(2)(viib) of the Act. Please let us know whether the addition is justified. Any case law in support of the assessee. Please guide us how to…
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Character of land at the time of sale- Agricultural land converted as NA -Capital gains -Valuation?