Property Background Original MHADA property was exchanged for alternate accommodation in Ghatkopar (East), Mumbai. (before 2000) Property was later transferred to the current owner through inheritance.(in 2008) The property underwent redevelopment through a formal development agreement. (in 2014, further with Supplementary deed 2020) The owner received a new flat in the redeveloped project as permanent alternate accommodation.(in Mar 2022) The redeveloped flat was subsequently sold in June 2024. Now we are now having two CG scenario :- Scenario A : Capital Gain on Sale of redeveloped Flat Event: Sale of property (redeveloped flat) in June 2024 (AY 2025-26). Full Value of Consideration: Actual sale price received from buyer. Cost of Acquisition: Fair Market Value (FMV) as on 01/04/2001 (indexed) → as per Sec 55(2)(b) and Sec 48. (Query) Indexation: ✅ Available → Using CII of 363 for FY 2024-25. Nature of Gain: Long-Term Capital Gain (LTCG) → Tax @ 20% (Sec 112). Exemptions: Can claim Sec 54 (new residential property) or Sec 54EC (investment in eligible bonds up to ₹50L), if eligible investments made. Scenario B : Capital Gain on Transfer to Developer (Sec 45(5A)) Event: Transfer of development rights to builder. Tax Trigger: Completion Certificate date (likely AY 2023-24). Full Value of Consideration: Stamp Duty Value (SDV) of the new flat as on that date alongwith Monetary consideration. Cost of Acquisition: FMV as on 01/04/2001 (indexed). Nature of Gain: Long-Term Capital Gain (LTCG) → Tax @ 20%. Exemptions: Can claim under Sec 54 or Sec 54EC, if reinvested or invested in eligible bonds. Capital Gain on Sale of New Flat (Sec 49(7)) Event: Sale of redeveloped flat in June 2024 (AY 2025-26). Full Value of Consideration: Actual sale price received. Cost of Acquisition: Deemed = Capital Gain already taxed under Sec 45(5A). Indexation: ❌ NOT available (as per Sec 49(7)). Nature of Gain: Long-Term Capital Gain (LTCG) → Tax @ 20%. Exemptions: Can claim Sec 54 / Sec 54EC, if eligible investments made. My Query :- Can we follow Scenario A? Can the Cost of Acquisition for computing capital gains on the sale of a newly redeveloped flat be considered as the Fair Market Value (FMV) as on the date of allotment of the new flat (31/03/2022), since: 1️⃣ The original cost of acquisition is not available,2️⃣ The property was inherited, and3️⃣ The newly allotted flat is completely different in character, structure, and specifications from the old property handed over for redevelopment, making the old property irrelevant for valuation purposes? We do not wish to consider FMV as on 01/04/2001, as the sold property is the new flat obtained in exchange. Is there any provision/Case laws under the Income-tax Act, 1961, that permits using the FMV as on the date of allotment of the new redeveloped flat as the Cost of Acquisition for capital gain computation in this case? Now the Sale proceed has been transfer to 5 grandsons and they invested in their individual name, still we can claim section 54 exemption? any separate view of your in above case? Guide with appropriate Computation mechanism

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sir, I need some clarity regarding ITR-3 filing for a combination of incomes and business activities. Here’s my situation: Filing ITR-3 Sources of income: Salary Intraday trading (treated as speculative business) STCG from equity delivery (as a capital gain and not as a business) A separate business (as sole proprietor) with regular income and expenses  Doubts: Personal Loan Disclosure: I had taken a ₹ personal loan from a bank during the year Feb 2024. It was used only for trading and equity investments, not for my sole proprietorship business. Do I need to show this loan in the Balance Sheet section of ITR-3 FY 24-25? If yes, should it go under the trading business only? Multiple Businesses in ITR-3: Since I have two separate businesses (sole proprietorship + intraday trading shown as business), do I need to report separate Balance Sheets and P&L for each in ITR3? Should I add two separate business codes under the “Nature of Business” section? Missed Loan Disclosure Last Year: I forgot to mention this loan in last year’s ITR balance sheet. I didn’t claim any interest expense on it. What should I do now? Should I revise the return or just include it in the current year’s ITR with proper notes?  Additional Notes: I am not opting for presumptive taxation. I keep books of accounts for both businesses. No interest expense was claimed last year, but I may claim interest in the current year.

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A company which is into multi level marketing deducts and deposits TDS on Commission paid to its agents spread all across India. However AO has disallowed a part of Commission u/s 37(1) as it could not trace some agents through mail/email u/s 133. Company contends that onus of payees is not on it as it has completed its duty of deducting and depositing TDS. Is there any case study as such.

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karta of a HUF  has passed away  and the eldest  son becomes the huf  now.   what is the legal position   of  share  of the widow  who is a  member in the huf   as regards to  her share in the HUF  assets .  the  erstwhile karta had already  distributed  assets of the HUF  amicably amongst all  coparceners and members  during  his  lifetime to avoid any dispute and  the  new karta infused  capital into the huf  from his  own  individual assets .

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sir, Hospital A, have doctors as consultants, they provide this doctors to Hospital B to provide Healthcare services to Patients at Hospital B. Hospital B collects amount from patients, retain some amount balance pay to Hospital A. Hospital A then retains some amount and pay to Doctors. Is services between Hospital A and B regarded as manpower supply or healthcare. Will the gst be applicable

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Can a company issue different shares to the employees under the esop policy for example those who work less they get equity shares with differential rights and to the good employees they give equity shares with voting rights.

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I am the owner of the flat in Mumbai (along with the property card now transferred in my name- transferred by inheritance.) Our building is now going for redevelopment and under the Development Agreement, we will be getting certain hardship compensation – the question is weather this hardship compensation will be taxable and will be subjected to TDS provisions.

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Is there applicable TDS on Export import on ocean freight or Not?

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