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| Clarification of income u/s 56(2)(x) in the light of section 43CA of Income tax | |
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| Excerpt of query: | My client purchased a ‘Residential property’ in FY 23-24 by paying Total considerarion money equal to 50 L by cheque. The Stamp duty valuation of the property was 58 L. So, stamp duty was paid on value 58L. Thus the difference between consideration amount and Stamp duty valuation is 8L which is more than 10% of consideration amount. The question is as follows- 1- Is my client liable to declare in Return an income of 8L under section 56(2)(x) of I.T. Act , under head ‘ Income from other sources’ of Income. one Expert advised positively for declaration of income equal to 8L by arguing that the difference between consideration amount and Stamp valuation is more than 10% of consideration amount. The other Expert advised negatively , on the basis of using section 43CA of I.T. Act , that since the property is of ‘ ‘Residential naure’ and the difference 8L between the consideration amount and stamp value is less than 20% of consideration amount . I am in doubt. Pl. be kind to give your opinion so that correct return may be filed for the client. Thanks. Dated 23.05.2024. |
| GST ITC | |
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| Excerpt of query: | Assessee is a company who has leased a car for its employee. The lease is in the name of company & the lease + other charges are paid by company. No amount is recovered from the employee. Is the GST on the lease rent & other expenses on the lease is available for ITC or not by the company? |
| Companies Act, 2013 | |
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| Excerpt of query: | Can a new director be appointed when there is suit pending before the NCLT for oppression and mismanagement |
| Export Sale | |
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| Excerpt of query: | Sir, I made an export sale in the previous year but showed as B2B sales in GSTR-1 and tax paid on such export sale. In order to claim the tax paid on such sales I showed the tax amount as input tax credit and claimed credit. Now, the department has raised demand of such amount. Please provide some solution. |
| Issue of notice under sections 148 and 148A | |
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| Excerpt of query: | One query: The assessee being a nri, received notice under 148A and 148 from AO as per the pan records. Subsequently during 148 proceedings, notices under 142(1) were issued by International taxation AO. Can we object saying that the notices under 148A and 148 are bad in law and without jurisdiction and the procedure has to be started afresh? If yes, please share any case law. |
| Criminal Cases on HUF Kartha | |
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| Excerpt of query: | If there are criminial cases going on a HUF Kartha’s business, what will happen to those criminal cases, if the Kartha dies. Example, a Kartha established a business by illegally collecting money from public. A case is running in the court and the case is going on. If the Kartha, dies can the business escape from the law and need not pay back the money? |
| Applicability of section 56(2)(x) in the hands of the firm on partners capital contribution in kind | |
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| Excerpt of query: | Mr. A, a partner in a firm ABC, wants to contribute shares of an unlisted entity held by him as his capital contribution in the firm. The FMV of the shares is Rs. one crores whereas it is being recorded at Rs. 5,00,000 in the books of the firm, being the cost in the hands of the partner. Under section 45(3), there will be no incidence of tax in the hands of the contributing partner. Whether the firm can be held liable for tax on Rs. 95,00,000 under section 56(2)(x) on the difference between FMV and recorded in the books of the firm? |
| Deduction of Section 24b of Joint Housing Loan | |
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| Excerpt of query: | If joint loan is taken by husband and wife. But wife is the sole owner of the house. Whether both can take the deduction of Section 24(b) and Section 80C or only one will be able to take the deduction? |
| 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 ? |