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| 54F | |
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| Excerpt of query: | Amt deposited in capital gains remained unused for more than 10 years . What happens to unused amount ? How to get the same back ? |
| 273A/273AA | |
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| Excerpt of query: | I Have received an order from ADDL/JCIT(A) against my appeal regarding agriculture Income Exempted income but they did not consider that income as business income as per my return submit – Now I want apply to joint commissioner /Principal commissioner to waive of Penalty under the Act 273A/273AA —– Plz suggest me |
| Stamp Duty + Brokerage deduction allowed in Sec 54F | |
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| Excerpt of query: | Hi, i want to know whether Brokerage, Stamp Duty cost is allowed in section 54F Deduction ? This is regarding buying residential property and i want to include Brokerage + Stamp duty in cost of acquisition. |
| IN WHOSE RETURN OF INCOME THE SALE OF PROPERTY OF THE DECEASED PERSON TO BE INCLUDED | |
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| Excerpt of query: | WIFE DIES IN 2022-2023, LEAVING BEHIND HUSBAND, UNMARRIED SON AND DAUGHTER WITH A 50% SHARE IN A RESIDENTIAL PROPERTY WHICH IS BEING SOLD IN 2024-25. BALANCE OF 50% SHARE IS HELD BY THE UNMARRIED SON. THE PROPERTY WAS PURCHASED IN 2010-2011. THE SALE PROCEEDS RECEIVED BY LEGAL HEIRS IN PROPORTION TO THEIR SHARE DIRECTLY FROM THE BUYER, SON GOT 66.66%, HUSBAND 16.67 % AND DAUGHTER 16.67% LEGAL HEIRS ARE DECLARED BY THE THASILDAR OFFICE. NOW THE QUESTION IS HOW TO COMPUTE LONG TERM CAPITAL GAIN AND HOW TO SHOW IN INDIVIDUAL RETURN. IF THE COST OF ACQUISITION IS INDEXED, THERE MAY NOT BE ANY LONG TERM CAPITAL GAINS TAX. 1.WILL IT BE OKAY IF THE SALE PROCEEDS RECEIVED BY THE LEGAL HEIRS IS SHOWN IN THEIR RETURN, DEDUCT THE COST OF ACQUISITION IN THEIR PROPORTION, CONSIDERING THE COST OF ACQUISITION AS BY THE DECEASED, COMPUTING LTCG CONSIDERING INDEXATION BENEFIT AND PAY LTCG TAX IF ANY IS PAYABLE OR 2.THE SAME TO BE SHOWN IN THE DECEASED PERSON RETURN OF INCOME, CALCULATE LONG TERM CAPITAL GAINS AND THE PROCEEDS AS PAYABLE TO THE LEGAL HEIRS. PLEASE GIVE YOUR VALUABLE ADVICE AND SUGGESTION AS EARLY AS POSSIBLE. |
| Computation of interest under section 244A(1A) of the Act | |
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| Excerpt of query: | Hi, Kindly clarify for the purpose of computing interest under section 244A(1A) of the Act whether the same should be calculated on the A- [Refund+244A(1) interest] or B – Refund (w/o Interest u/s 244A(1)) |
| 54 and 54F | |
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| Excerpt of query: | what is effective date for 54/54F regn payments or possession |
| Circular 16/2024 dt 18/11/24 applies to form 10 CCB | |
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| Excerpt of query: | Circular 16/2024 dt 18/11/24 applies to form 10CCB as per your statement. Is there any internal communication or internal circular wch states that it applies to form 10 ccb also . |
| search case last authorisation on 5.10.2020 | |
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| Excerpt of query: | a search was conducted on the client of a c.a on 5.10.2020. alongwith residence of c.a and a cash of rs 6 lacs seized from her locker who explained that it was her professional receipts. no other incriminating material found either from her office or clients office.no notice under section 153A or 148 issued to her till date. Please guide if department can open case now under section 153A or 148 section 153 b time limit is applicable on it or not.what time limit is applicable in this case. how can she claim her seized amount from department. Thanks in advance |
| unused amount deposited in Cap Gain Scheme before due date | |
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| Excerpt of query: | 1] if it pertains to section 54, what is the taxability after 3 years ? 2] if it pertains to section 54F, what is the taxability after 3 years ? can another flat be claimed against this in 4h year ? |
| INTERPRETATION OF SEC 244A(3) | |
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| Excerpt of query: | Can additional 3% interest be awarded on IT Refund U/s 244A(1A) Rw 244A(3) abstracted as under– Sec 244A(3) —Where, as a result of an order under section 155 —– the amount on which interest was payable under sub-section (1) has been increased —— the interest shall be increased —– and the provisions of this Act shall apply accordingly.*** *** Which includes above referred sec 244(1A) also*** Kindly enlighten me in this regard Thanks |