Thank you for your question – Page 131

Thank You

Thank you for your question. We will forward it to an expert in our panel. The experts opinion will be made available shortly. Please visit the main page after some time to read the answer to your question.

Some of the queries asked by people are given below.

Whether DLC price is used in net consideration for calculation of exemption u/s 54F of the Act ?
Excerpt of query:	Weather DLC price is used in net sale consideration for calculation of exemption u/s 54 F or actual sale consideration value is used. read more

Whether DLC price is used in net consideration for calculation of exemption u/s 54F of the Act ?

Excerpt of query:

Weather DLC price is used in net sale consideration for calculation of exemption u/s 54 F or actual sale consideration value is used.

Whether reassessment Notice u/s 148 issued in the name of dead person is valid ?
Excerpt of query:	DEAR SIR ASSESSEE HAD FILED ITR FOR AY 2013-2014 ON TIME. 143(1)(a) ORDER IS PASSED. ASSESSEE EXPIRED DURING AY 2019-20 (INTIMATION NOT GIVEN TO DEPARTMENT) LATE ASSESSEE HAS ONLY DAUGHTER IS LEFT AS LEGAL HEIR AND DAUGHTER IN-LAW, AS DURING COVIDE HER SON ALSO EXPIRED. DEPARTMENT HAS ISSUED 148 NOTICE DATED 24.04.2021 FOR REOPENING OF AY 2013-2014 CASE IN THE NAME OF THE DECEASED ASSESSEE. FINANCE ACT HAS AMENDED SEC.148/148A QUERY. IS THIS REOPENING NOTICE VALID AS IT IS BEYOND 6 YEARS. IF NOT HOW TO COMPLY THE NOTICE AS IT IS FACELESS.? CAN THE DAUGHTER IN LAW FURNISH THE RETURN IN RESPONSE TO NOTICE OF 148 THROUGH ASSESSEE LOGIN ID AS LEGAL HEIR. 3. CAN THE DAUGHTER IN LAW BE TERMED AS LEGAL HEIR WHEN ASSESSEE’S MARRIED DAUGHTER IS ALIVE? IF YES CAN SHE ASKED FOR REASON FOR REOPENING BEFORE FURNINSHING THE RETUEN OF INCOME. 4. CAN WE ASKED THE DEPARTMENT TO TREAT THE ORIGINAL RETURN FILED AS THE RETURN FILED IN RESPONSE TO NOTICE U/S.148. IF YOU REQUIRE ANY INFORMATION PL. FREE TO ASK ON 9987094048 read more

Whether reassessment Notice u/s 148 issued in the name of dead person is valid ?

Excerpt of query:

DEAR SIR ASSESSEE HAD FILED ITR FOR AY 2013-2014 ON TIME. 143(1)(a) ORDER IS PASSED. ASSESSEE EXPIRED DURING AY 2019-20 (INTIMATION NOT GIVEN TO DEPARTMENT) LATE ASSESSEE HAS ONLY DAUGHTER IS LEFT AS LEGAL HEIR AND DAUGHTER IN-LAW, AS DURING COVIDE HER SON ALSO EXPIRED. DEPARTMENT HAS ISSUED 148 NOTICE DATED 24.04.2021 FOR REOPENING OF AY 2013-2014 CASE IN THE NAME OF THE DECEASED ASSESSEE. FINANCE ACT HAS AMENDED SEC.148/148A QUERY. IS THIS REOPENING NOTICE VALID AS IT IS BEYOND 6 YEARS. IF NOT HOW TO COMPLY THE NOTICE AS IT IS FACELESS.? CAN THE DAUGHTER IN LAW FURNISH THE RETURN IN RESPONSE TO NOTICE OF 148 THROUGH ASSESSEE LOGIN ID AS LEGAL HEIR. 3. CAN THE DAUGHTER IN LAW BE TERMED AS LEGAL HEIR WHEN ASSESSEE’S MARRIED DAUGHTER IS ALIVE? IF YES CAN SHE ASKED FOR REASON FOR REOPENING BEFORE FURNINSHING THE RETUEN OF INCOME. 4. CAN WE ASKED THE DEPARTMENT TO TREAT THE ORIGINAL RETURN FILED AS THE RETURN FILED IN RESPONSE TO NOTICE U/S.148. IF YOU REQUIRE ANY INFORMATION PL. FREE TO ASK ON 9987094048

Whether compensation received for releasing the rented property is liable to tax ?
Excerpt of query:	Sirs, We are one of the many tenants of public trust for more than 40 years. The trust tried to evict us earlier through the Court and the matter went up to Supreme Court where the decision was in our favor. Now the trust has proposed to pay us compensation through a compromise petition before the Small Causes Court. Will this compensation be taxable under Income Tax or Capital Gain or will be exempt as casual income? read more

Whether compensation received for releasing the rented property is liable to tax ?

Excerpt of query:

Sirs, We are one of the many tenants of public trust for more than 40 years. The trust tried to evict us earlier through the Court and the matter went up to Supreme Court where the decision was in our favor. Now the trust has proposed to pay us compensation through a compromise petition before the Small Causes Court. Will this compensation be taxable under Income Tax or Capital Gain or will be exempt as casual income?

Whether amount invested in renovation of new capital asset with in specified period is eligible deduction u/s 54F of the Ac?
Excerpt of query:	Dear SIR, A person sells his plot and part of the sale proceeds are invested in the purchase of a partly built up house. Can he get exemption if remaining sale proceeds are invested in addition/renovation of the new capital asset within the stipulated period u/s 54F. Please advise. read more

Whether amount invested in renovation of new capital asset with in specified period is eligible deduction u/s 54F of the Ac?

Excerpt of query:

Dear SIR, A person sells his plot and part of the sale proceeds are invested in the purchase of a partly built up house. Can he get exemption if remaining sale proceeds are invested in addition/renovation of the new capital asset within the stipulated period u/s 54F. Please advise.

Whether income accumulation under section 11 (2) for capital expenditure was added to total revenue and surplus once again accumulated , whether total accumulation be taxed ?
Excerpt of query:	A charitable trust set apart certain amounts u/s 11(2) for FY 2012-13 for investment in Capital expenditure on Buildings. In years thereafter the trust kept incurring Capital expenditure on buildings but did not set off the accumulated amount against such capital expenditure. In FY 2017-18 the accumulated amount was added to the other revenue and its utilisation towards revenue and capital expenditure was adjusted against total revenue. Some surplus was again accumulated u/s 11(2) for FY 17-18. The AO wishes to tax the total accumulation for FY 12-13 u/s 11(3) and denying the benefit of expenditure on revenue and capital account in FY 17-18. What should be our stand in this regard. read more

Whether income accumulation under section 11 (2) for capital expenditure was added to total revenue and surplus once again accumulated , whether total accumulation be taxed ?

Excerpt of query:

A charitable trust set apart certain amounts u/s 11(2) for FY 2012-13 for investment in Capital expenditure on Buildings. In years thereafter the trust kept incurring Capital expenditure on buildings but did not set off the accumulated amount against such capital expenditure. In FY 2017-18 the accumulated amount was added to the other revenue and its utilisation towards revenue and capital expenditure was adjusted against total revenue. Some surplus was again accumulated u/s 11(2) for FY 17-18. The AO wishes to tax the total accumulation for FY 12-13 u/s 11(3) and denying the benefit of expenditure on revenue and capital account in FY 17-18. What should be our stand in this regard.

What is the principle of mutuality ?
Excerpt of query:	Is it true that in a mutual concern, it can be said that there is no service element as no one can trade with himself? Any case law to support this proposition? read more

What is the principle of mutuality ?

Excerpt of query:

Is it true that in a mutual concern, it can be said that there is no service element as no one can trade with himself? Any case law to support this proposition?

Is an NGO eligible for GST exemption on procurement of covid relief equipment and materials like oxygen concentrator etc.
Excerpt of query:	WILL A NGO IS ELIGIBLE FOR GST EXEMPTION ON PROCUREMENT OF COVID RELEF EQUIPEMNTS AND MATERIALS LIKE OXYGEN CONCENRATOR ETC read more

Is an NGO eligible for GST exemption on procurement of covid relief equipment and materials like oxygen concentrator etc.

Excerpt of query:

WILL A NGO IS ELIGIBLE FOR GST EXEMPTION ON PROCUREMENT OF COVID RELEF EQUIPEMNTS AND MATERIALS LIKE OXYGEN CONCENRATOR ETC

Can Karta of HUF total partition the HUF property and what are the implications under Direct tax and general Law ?
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? read more

Can Karta of HUF total partition the HUF property and what are the implications under Direct tax and general Law ?

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 ?
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? read more

Wether father’s property be transferred only on basis of family arrangement ?

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 ?
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? read more

What precautions be taken when a property of partnership is purchased ?

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?

Latest Judgements

Latest Articles

Categories

Recent Posts

Meta