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Whether amendment in section 43B and Section 36(1)(va) are applicable retrospectively ? | |
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Excerpt of query: | Whether these amendments are applicable retospectively or from AY 2022-23 |
While computing the capital gains Does subsequent registration of the documents have to adopt the higher value than the guideline value, for which the latest registration of the property executed? | |
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Excerpt of query: | Does subsequent registration of the documents have to adopt the higher value than the guideline value, for which the latest registration of the property executed? |
Whether the assessee can claim deduction u/s 80D in respect of medical premium payment ? | |
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Excerpt of query: | Myself (aged 58 years) is paying Mediclaim premium for my family (myself,wife and two daughters) and also paying Mediclaim for my parents (father aged 86 years and mother aged 81 years). I do claim the benefit under 80D for the premium paid for my family as well as parents. My father has an average yearly expenses of Rs 20000/ for Medicines on hypertension and my mother for some preventive medicines (recently had breast cancer surgery done). Can my father (who is a taxpayer with income marginally higher than Rs 5 Lakhs) claim deduction under 80D for the medical expenses ? He is covered under medical insurance for which premium is paid by me |
Proviso to S.12A(2) is declaratory and will have and has retrospective effect [ S. 11] | |
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Excerpt of query: | Sir, my query is was the following judgement of Rajasthan High Court challenged by CIT in Supreme Court ? thanking you Siddharth CIT v. Shree Shyam Mandir Committee. (2018) 400 ITR 466 (Raj) (HC) S. 12A : Registration –Trust or institution- Appeal before CIT(A) is continuation of original assessment proceedings —.Proviso to S.12A(2) is declaratory and will have and has retrospective effect [ S. 11] |
How to compute Capital gain on sale of non-banking asset sold by a Bank ? | |
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Excerpt of query: | URBAN COOP BANKS SOME TIMES ACQUIRE THE ASSETS (LAND/BUILDING) MORTGAGED TO THEM BY THE BORROWERS IN SATISFACTION OF THE LOAN OUTSTANDING. AFTER FOLLOWING DUE PROCESS OF PROCEDURE UNDER THE MAHARASHTRA COOP SOCIETIES ACT,1961 UNDER RULE 107, THE MORTGAGED ASSET IS TRANSFERRED IN THE BANKS NAME AT A VALUE AS PER THE VALUATION OF APPROVED BY THE REGISTRAR OF COOP SOCIETIES ,MAHARASHTRA STATE. IN THE PROCESS THE PROPERTY STANDS IN THE NAME OF THE BANK AND IS SHOWN AS NON-BANKING ASSET.RESERVE BANK ALSO ALLOWS SUCH NON-BANKING ASSET ON THE CONDITION THAT IT SHOULD BE DISPOSED WITH IN 7 YRS. TO GIVE A SPECIFIC CASE= A BORROWER HAS OUTSTANDING LOAN OF RS.200 LAKHS WITH INTEREST),THE VALUE OF ASSET ACQUIRED IS RS.250 LAKHS. BUT IN THE BOOKS OF BANKS IT WILL BE SHOWN AS RS.250 LAKHS,THAT IS THE AMOUNT OUTSTANDING IN THE LOAN A/C. NOW THE PROPERTY IN QUESTION IS SOLD IN AUCTION FOR RS.250 LAKHS,THE BANK IS SUPPOSED TO RETURN THE GAIN OF RS.50 L TO BORROWER.THE QUESTION IS WHO IS TO BEAR THE CAPITAL GAIN TAX? |
When a firm is converted in to Limited Liability partnership (LLP) whether exemption is provided u/s 56(2)(x) of the Act .? | |
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Excerpt of query: | An LLP is proposed to be converted into a Pvt. Ltd. company. The said conversion is exempt u/s 47(xiii) in the hands of the firm. However no separate exemption is provided u/s 56(2)(x). Therefore, despite the economic interest of the shareholder (being the erstwhile partner) remains same in the Pvt. Ltd. Co. vis-a-vis LLP, would the shareholder be taxed u/s 56(2)(x). The Fair Value of equity shares received by the shareholder (as derived u/r 11UA less balance in the partner’s capital account could be bought to tax u/s 56(2)(x). Further, the new Company is merged with another company whereby the amalgamated entity will have shareholders holding more than 50% stake in the amalgamated company who were partners in the erstwhile LLP holding 100% stake of the LLP. Therefore will this merger come within the mischief of 47A and exemption u/s 47(xiii) stands denied. regards |
What is the Status of HUF after Karta Expires and only one coparcener wife ? | |
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Excerpt of query: | Status of HUF after karta expires. If there was only one coparsner, wife. What happens to S.O.D. limit taken in name of business firm where HUF wS proprietor. |
Charitable Trust -Faceless Assessment –Accumulation of income – Failure to consider the submission, what is the remedy .? | |
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Excerpt of query: | We have submitted all documents for deduction as application including the bank statement. The Fixed deposits made during 15-31st March shown as FDs in Balance sheet in respect of contributions received during 2nd week of March and claimed by filing necessary application for accumulation, the Officer misconstrued it as an application and treated the contribution as incoome and assessed the same. The rectification Petition filed before Juridictional AO failed to appreciate the fact and simply rejected saying that the E-asst. officer has already considered. What to do now ? Of course we have already filed an appeal aleady. |
Whether issue of Notice u/s.148 on the basis of information received from the Bank is valid ? | |
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Excerpt of query: | Client have 44AD income for A.Y. 14-15. Turnover declarared Rs. 35 Lakh in return. REason to believe stated as ” Bank has given information that total Credit sum in Bank account is 56 Lakh and turnover declared is 35 lakh, difference remains to be unexplained “. Question : 1. Whether above reason to believe is correct as given by AO. As the same is just took from AIR and given to us. and also same details was already available 6 years back, why not 143(2) was issued at that moment of time…so it is change of opinion just. kindly guide |
Whether Accumulation under section 11(2) for specific object is not mentioned in form No 10 whether exemption can be denied ? | |
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Excerpt of query: | One trust has filed form no 10 for accumulation under section 11(2) of act and objects has been mentioned for old age home, hospital and dispensary and school. So wanted to reject claim on the grounds that specific purpose has not been mentioned. Any ITAT chandigarh bench or punjab and haryana high court or supreme court decision. If available please share. |