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| Can Karta of HUF total partition the HUF property and what are the implications under Direct tax and general Law ? | |
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| Excerpt of query: | Q. Background: the assessee is Karta of HUF. He has sold the ancestral property and invested the entire consideration in HDFC credit Risk Debt Fund and availed the benefit of capital gain exemption in the year 2016 Now more than five years the amount lying in the said fund. At present the gain is substantial . Querist is a senior citizen above 85 years old. Queries: 1. If HUF encashes the fund whether liable to capital gains tax. If yes at what rate, whether indexation benefit is available. 2. HUF doesn’t have any other property can he total partition and distribute amongst the members. What is the tax implication? Whether stamp duty is payable and also get the order under section 171 of the Income-tax Act, 1961 (Act). Whether the share received on partition is liable to tax in the hands of members? |
| Wether father’s property be transferred only on basis of family arrangement ? | |
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| Excerpt of query: | Can portion of father’s property be transferred only on the basis of family settlement without paying stamp duty during father’s lifetime? |
| What precautions be taken when a property of partnership is purchased ? | |
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| Excerpt of query: | I desire to purchase a House property which is in the name of Partnership firm from Housing Society, what percussions I should take, from the liability of Direct and Indirect taxes and as per general law? I desire to purchase a House property which is in the name of Partnership firm from Housing Society, what percussions I should take, from the liability of Direct and Indirect taxes and as per general law? |
| Wether release of right in the property , will attract stamp duty ? | |
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| Excerpt of query: | I am the co-owner of an ancestral flat in Mumbai with my sister. I want to release my share in the flat to my sister for a certain amount. Will this be a release deed with consideration ? What will be the stamp duty since this is ancestral property if consideration amount is mentioned in the release deed ? |
| Outstanding loan has not repaid as the name of the Company was strike of by the ROC , Whether the Assessing Officer can make addition u/s 41 (a) of the Act ? | |
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| Excerpt of query: | HUF had taken loan from a company in which Karta is Director. The name of this company was automatically strike of by the ROC i.e. Closed. Now, the HUF cannot pay the loan as the company has been closed. HUF has received show cause notice for A.Y. 2018-19 why loan amount outstanding may not be added to your income u/s 41(a). HUF is ready to pay loan amount how to deal with this problem and case law may please be given. We seek your guidance. |
| In the course of faceless assessment proceedings , the assessee has requested for Video conference , however the order was passed without giving an opportunity of Video Conference , Whether the faceless assessment i s valid in law ? | |
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| Excerpt of query: | In the course of assessment proceedings we have requested for video conference for explaining the issues involved , however we have not been an opportunity of video conference , what is the remedy for the assessee, can the assessee approach to HIgh Court for not giving an opportunity of video conference . |
| Can the Assessing Officer disregard the valuation report submitted by the Assessee as per Rule 11UA of Rules ? | |
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| Excerpt of query: | 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 proceed further. |
| Can wife enter in to a family arrangement with husband and children during life time of husband ,in respect of self acquired property of husband ? | |
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| Excerpt of query: | I am seeking a clarification. Can wife form a part of a family settlement? There is no divorce between wife and husband. Can wife form part of the family settlement among the husband, wife and children during the life time of the husband. It is not an ancestral property. |
| Whether the Assessee can request the DVO to make valuation report ? | |
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| Excerpt of query: | Can assessee suo moto approach DVO for valuation, even if AO is not approaching DVO for the same? |
| whether the Assessing Officer continue with bank attachment , even after the assessee paying 20% of tax in dispute ? | |
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| Excerpt of query: | The assessee has filed first appeal which is pending for final disposal , meantime the department has attached the bank account . The assessee has paid now 20% of tax in dispute . Whether the revenue will lift the attachment of bank account . If the revenue does not lift the bank attachment , what is the remedy available to the assessee? |