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| Regarding Sec 44AA(2) of Income Tax Act 1961. | |
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| Excerpt of query: | Dear Sir, While filing ITR-3 for the A.Y. 2021-22. Declared the income under the head of “Income from the non-Specified profession without books of accounts” the filing software warning to fill the Balance Sheet and Profit & loss account for above-declared income. kindly help me with this issue. Thanking you, Mohamed Ali Tax Practitioner |
| 112A WHETHER FOR LTCG 112 A CAN BE OPTED AND LTC LOSS CAN BE CLAIMED SEPARATELY. MEANING THEREBY WHETHER ASSESSEE CAN OPT FOR 112A FOR GAIN AND OTHER FOR LOSS ON EQUITY SALE. | |
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| Excerpt of query: | 112A WHETHER FOR LTCG 112 A CAN BE OPTED AND LTC LOSS CAN BE CLAIMED SEPARATELY. MEANING THEREBY WHETHER ASSESSEE CAN OPT FOR 112A FOR GAIN AND OTHERS FOR LOSS ON EQUITY SALE AND ADJUST LOSS |
| NOTIONAL RENT u/S 22 AND 23 IN CASE OF RESIDENTIAL UNITS HELD IN STOCK IN TRADE BY BUILDERS | |
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| Excerpt of query: | A partnership firm engaged in to real estate and construction activity. During the course of assessment proceedings, the Ld. Officer had raised contention of calculating notional rent U/s 22 and 23 of the Income Tax Act, 1961 for AY 2017-18 on 6 unsold completed units held as stock in trade of the business, for which BU permission was already received 1 year ago. The Ld. Officer computed notional rent and made addition under the head “Income from House Property”. Is the Officer right in making such addition, given the facts that the partnership firm (builder) was holding such unsold unit as stock in trade for conducting business activity of selling such constructed units. Further, Can the assessee alternatively claim vacancy allowance if income is taxed Income from House Property |
| Penalty Appeal before ITAT by Department | |
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| Excerpt of query: | In the aforesaid query the addition was made on account of investment in construction of house and the assessment was completed u/s 143(3)/147 |
| CAN SERVICE TAX ON RCM BASIS PAID AS CGST NOW BE CLAIMED AS ITC IN GST REGIME | |
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| Excerpt of query: | Liability of SERVICE TAX on RCM basis on service received of GTA was determined by the department. The assessee – partnership firm has paid such liability by making payment under the head CGST (as there was no service tax registration and officer told to make payment under CGST). Can the partnership firm claim ITC of such CGST paid in GST now. |
| Satisfaction Note before issuance of search warrant u/s 132 | |
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| Excerpt of query: | A search was conducted at various places of a group “G” thereafter, search was conducted in the case of persons who are connected or related with group “G”. Search was conducted at the premises of Mr. X under the wrong presumption that Mr. X is connected/related with group “G”. Mr. Y was similar named person of Mr. X. Actually, search was tobe conducted at the premisis of Mr. Y whereas it was wrongly conducted at the premises of Mr. X. During the search at the premises of Mr. X, not a sigle document / paper / valuable article or any evidence which shows any relation or connection to group “G”. In other words it can be said that the search was conducted at the premises of Mr. X in place of Mr. Y who happened to be a Director of that group “G”. Mr. X has strong presumption that no satisfaction note was drawn in the name of Mr. X before issuance of search warrant. Your valuable opinion is required on the point that whether writ petition under 226 is proper remedy or not for Mr. X. At present post search assessment u/s. 153A have been completed and appeals have been filed. |
| Transferring inheritance cash assets out of India – Indian tax impact | |
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| Excerpt of query: | Mr A living in Mumbai expires, leaving behind a will for his assets, and how he wishes it distributed to his family. Several family members live in India (including the executor of the will), and some in USA (now US citizens, some born in USA). What are the tax implications for remitting the cash assets to family USA residents? PAN/Aadhar requirements? Annual amount limits etc …? |
| invocation of section 56(2)(x) | |
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| Excerpt of query: | the assessee company had booked a flat in feb 2011 for an agreed consideration of Rs 180.00 lacs . only booking form and allotment letter was executed and a sum of Rs 25.00 lacs was paid in Feb 2011. subsequently the project went into litigation and due to development rules constraint the project was delayed and final agreement was executed in registered in sep 2017. the stamp duty valuation is Rs 250.00 lacs. The AO is seeking to tax the difference in the agreed value and the stamp duty valuation u/s 56(2)(x), though the assessee is seeking refuge in the proviso to the section 56(2)(x) as payment vide banking mode has been made pursuant to the booking cum allotment form. Is the AO justified in taxing the differential amount? |
| HUF | |
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| Excerpt of query: | In an HUF account, if a co-parcerner passes away, I have 2 queries: 1) Are his wife & daughter entitled to his share in the HUF? 2) Can the Karta of the HUF decide how to distribute the deceased co-parcerner’s share? |
| Situation of genuine hardship justifying waiver of fee charged under section 234 E of income tax act 1961 regarding | |
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| Excerpt of query: | Dear Sir Kindly let me know the status of this CBDT Letter No. F.No 275 / 27 / 2013 – IT (B) dt. 2.8.2016 Regards, Hema |