My late mother and I had signed purchase agreement for flat in MUMBAI in mid 90’s . She and late father both passed away in 2000s. The share certificate clearly shows my 50 % ownership on it. Step mother is now isolating me and fraudulently attempting to transfer name based on an altered probated will and has been collecting rental income since 4 years on this flat because I am residing overseas on work and was not present during the will probate. Society committee has been issued legal notice by my lawyer to not permit any name transfer of my share per settled law. Questions : What steps do I need to take to reclaim and repossess the flat keys and original flat papers from step mother ? After the deaths of the other 50 %partner does the flat automatically become 100 %mine since i am only one left who signed original purchase agreement ? What steps can i take to ensure step mother does not claim and name transfer other assets mentioned in the fake will which were on my late father’s name ?

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Sir, Please explain in what situations the PAN will be transferred to Central Circle. Also, pl clarify if PAN will be transferred in cases, where investigation wing receives information from the third party about income which has escaped assessment and he directs the assessing officer for issue of 148? Will it be done by jurisdictional AO, Central circle or Faceless unit?

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Assessee is company engaged in business of manufacturing of poultry Equipments.  Inflated expenses in the regular books of account. The amount paid to person are assessed to Tax and also paid the tax on the income in their hands. During the search it is found that these expenses are inflated and the cash generated out of such expenses are used for procuring the businesss.  Assessee is submitted that inflated expenses in books be tax as non genuine expenses u/sec. 37 and difference between cash generated and use for paying securing business be added also not under sec. 69C as it has source from non genuine expenses in books and only difference in amount generated and paid be tax on the  . How ever AO has not appreciated this and made addition as under :, 1. disallowance of expense in respective year as inflated expense U/sec. 69 C 2. cash generated out of above and paid for procuring business is against the public policy as amounts are paid to employees of customer or middleman added entire amount u/sec 69C . 1. whether AO action is correct ? 2. Any decision in support of assessee’s contention of taxing real income ? please guide .

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An assesse bought a rural agricultural land and sold it immediately. Will it attract any tax Or it is exempt for capital gain purposes.

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Is transfer of rights (leasehold rights ) in agricultual land,- not being transfer of agricultural land as such, – chargable to income-tax or to GST ?

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My father in law stayed in tenanted property since 1958 in Vile Parle Mumbai. Flat size was 232 sq ft. Developer built 300 sq ft as per regulation and further 121 sq ft. 232 was free and we were to pay for additional 189 sq ft. PAA was registered in Aug21. Completion certificate Feb23. We want to sale in Jan24. Will it get classified as STCG or LTCG. Can date of signing the PAA be taken as date of acquisition and stamp duty value on that date as cost of acquisition. Completing 24 months from PAA registration date. Thanks

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The Finance Act (No. 2) 2019 inserted S. 80EEA to allow deduction of interest on loan taken for acquiring a residential house property. Section inter alia requires that the stamp duty value does not exceed Rs. 45 lakhs. Whether a person would be entitled to claim S. 80EEA benefit if he has acquired the residential house for Rs. 50 lakhs, if the Ready Reckoner value of the flat Rs. 42 lakhs?

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ABC Private Limited has annual turnover of more than Rs. 60 Lakhs in last 3 preceding financial years and wants to convert into LLP. The assets and liabilities of the company will be recorded at book value in the books of LLP. The Board of Directors (BOD) of ABC Private Limited seek following clarifications: (a)   Examine the tax implications in the hands of the company. (b)   Applicability of section 50C and Section 50CA if assets of ABC Private Limited includes immovable property and securities held as capital asset, (c)   Whether there will be any tax implication in the hands of shareholders if there are  good amount of accumulated profit in the company?

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The founders of a Start-up company sold 51% of their equity stake in a company to a strategic buyer in FY 2023-24. The total consideration for transfer of shares was agreed at Rs. 25 crores As per the terms of the deal, the founders are required to stay with the company for next 5 years after which their balance stake would be purchased. The founders are eligible for an additional consideration of Rs 5 crores at the end of the third year provided the revenue projections as per business plan are met. While filing the tax return for 2024-25, and computing capital gains, what should be the total value of consideration – should it be Rs. 25 crores or Rs. 30 crores? If Rs. 5 crores is not to be taxed in year 1, should it be taxed in the year of 2027/28 of actual receipt or should the original return be revised after the earn out is received? Can any exemption be claimed against earn out of Rs. 5 crore, 3 years investment time limit from the original share transfer date would be Over?

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Whether liability of the private limited company can be recovered from the Directors of the said company?

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