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| Section 115BBE of Income tax Act, 1961 | |
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| Excerpt of query: | Section 115BBE (1) in both sub clauses (a) & (b) of the act, use the word if the total income ‘includes’ any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D Therefore, is it a pre-condition that section 115BBE would apply only when an assessee has total income which includes both regular income and specified income ?? IF the only income of appellant is specified income and if that Specified Income (i.eUnexplained Investment u/s 69) is Only Rs 1,00,000/- and regular income is NIL whether section 115BBE working be applied ? For calculation of tax between (i) and (ii) of Section 115BBE the word ‘and’ is used meaning thereby that the existence of both (i) and (ii) are necessary for calculating the tax liability under the Act. Can you help us to provide more insight on the above issue and provide us with Case laws or Case Judgements in favour of assessee. Thank You, Awaiting for an early response |
| What should be cost of Aquisition | |
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| Excerpt of query: | I Received Flat in respect of redevelopment of Chawl in agreement with builder acquisition cost is Zero, market values is 1850000/- now question what should be Acquisition cost while calculation capital gain ? |
| CAPITAL GAINS TAX ON REDEVELOPMENT OF COMMERCIAL PROPERTY IN MAHARASHTRA AND STAMP DUTY PAYABLE ON EXTRA AREA RECEIVED | |
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| Excerpt of query: | RESPECTED SIR GOOD EVENING I WANT TO KNOW THAT WHAT IS INCOME TAX IMPLICATION ON REDEVELOPMENT OF COMMERCIAL PROPERTIES AS PER THE INCOME TAX LAWS 2024 CAN I GET DETAILED INFORMATION ON ENTIRE PROCESS REGARDING TAX IMPLICATION THAT IS CAPITAL CAINS ON REDEVELOPMENT OF COMMERCIAL PROPERTIES |
| Redevelopment of Pagdi System Building | |
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| Excerpt of query: | Hello, I am staying at Malad Mumbai in Chawl System which was built in the year 1959, on the Pagadi system. There are Fifteen double Rooms. It is built by One Mr. Asnudas Jhaveri in his Wife’s name Gomibai Asnudas Jahveri. The Couple Has a Total of Six children four Son and two daughters as per my knowledge, currently As per my Knowledge One Son and Children of all other siblings and children of this children that is great grandchildren are there. It id expected that currently there should be all together twenty-five to thirty heirs of This Asnudas Jhaveri should be there. From the Tenant side also some left when an Old Person was living in the world, and some left after the death of both above couple’s namely Gomibai and Asnudas Jhaveri. After The Death of the Couple and their three son and two daughters at start one daughter’s son was collecting the rent and transferring money then after as per the grandson’s internal management or say their understanding the Elder Grand Son who is the son of Elder son of Asnudas and Gomibai Jhaveri Stepped In and till Date he is collecting the Rent and Transfer money if somebody sale the Room. Meanwhile from the Tenant Side also those who did not sell the room and their children are currently holding the room but most rooms are either in the name of the original holder or the original holder’s wife’s name which is the deceased rantee name that appears on the Rent Receipt. After 1959 and after the year 2000 two time buildings were repaired but none of the Grandchildren who claims as they are the owners did not participated in repairing the building as per instruction of the Municipality and prevailing law for an old building in Maharashtra and Mumbai. Recently due to an old building and two times repairs those who are room owners and those who are legal heirs of room owners decided to meet and take the initiative to transform this building into a flat system as again and again repairing is not feasible, we informed the person who collects rent and transfers money but we received answer NO. Now we have come to understand that after the death of both Gomibai and Asnudas Jhaveri did not nominate any son or daughter or any grandson to inherit the property after their death. Neither their son nor daughter or son-in-law claimed the property for applying succession certificate in the absence of nomination, the question of will does not arise at all. As per the Government Record, The property is still in the name of the late Smt. Gomibai Asnudas Jhaveri. Now what action we Room Owner can take to transform this property, needs to know from any expert. |
| exemption u/s 10(10D) | |
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| Excerpt of query: | lets say mr x took a life insurance policy in 2009 whose capital sum assured on death was 500,000 and maturity value was rs 0 and maturity year was 2030 but he surrendered the policy in 2022 and got 7,84,460 and yearly premium he paid was 24,020 is the surrendered value taxable in IFOS or exempted u/s 10(10D)? |
| Definition ofv the term RELATIVE | |
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| Excerpt of query: | Kindly advise whether cousin- sister of the spouse of an Individual would be included in the definition of the term RELATIVE under Section 56(2)(x) of the Income Tax Act,1961 |
| Recording of statement u/s. 131(1A) of IT Act | |
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| Excerpt of query: | Can a officer record statemnent u/s. 131(1A) of the IT Act without keeping 2 witnesses as mentioned in search and seizure manual |
| 35a form | |
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| Excerpt of query: | How to file form35 a with drp what is the procedure please explain is it online or offline |
| Development Agreement – consideraion in Kind | |
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| Excerpt of query: | Assessee is partnership firm enganged in the business of the constructions. Assessee firm enter in to MOU with land owners in the year 2007 and paid Rs. 3 crs as deposit for development of land admeasuing 3 hector and 48 Ares.. As per MOU the land owners shall contribute right of development of land as capital contribution and the assessee firm will look after the constuction and bear the entire cost of construction . The assessee firm and landowners will share the constructed area in the ratio of 65:35 However , development of the project was not progressed as desire by both parteis and therefore the land owners approch another developers and as per development agreement excuted between them and land owners and the assessee firm as consenting party . As per this development agreement the assesee firm is to received 10 cr immediaetly plus construced aera of 40 ooo sq,ft, after 36 month. Issues : year of Taxability of amount of Rs. 10 cr.? Whether asessee firm can claim deduction of Rs. 3 cr paid to land owners as deduction Year of taxability of 40000 sq.f.t constructed aera pl guide |
| condonation of delay in filling Form 10 for A.Y. 2022-23 | |
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| Excerpt of query: | Assessee is charitable trust duly registered under Bombay Public Trust and under U/SEc.12A of the Income Tax Act 1961. For A.Y. 202-23 there was delay in filling the Return of Income and Form 10 by the Trust. Therefore the assessee trust has filed an application for condonation for delay filling Return of Income and also Form,10 before the CIT (E) giving the reasons for the same. CIT (E) has condone the delay in filling the Return of Income appreciating the reasons given by the trust . However , has rejected the application filed U/Sec.119(2)(b) by the trust for condoning the delay in filling Form 10, on the ground the assessee trust has filed its return of income for A.Y. 2022-23 beyond the time specified in Sec. 139(1). Even though CIT has in the light of Circular No. 09/2015 dated 09/06/2015 [F. No.312/22/2015-OT] of the Central Board of Direct Taxes condones the delay in filing of Return of Income for A.Y. 2022-23. Whether the action of CIT, in rejecting the delay in form 10 is legally justified ? What is remedy available before the Trust? pl guide |