Thank You

Thank you for your question. We will forward it to an expert in our panel. The experts opinion will be made available shortly. Please visit the main page after some time to read the answer to your question.

Some of the queries asked by people are given below.
cost of penny stock
Excerpt of query:

LTCG declared under ids 2016 but its cost was not disclosed being a payment from disclosed bank a/c can ao issue notice u/s 148 for taxing cost of penny stock ? any case law ?

read more

A SOLD HIS RESIDENTIAL HOUSE FOR 40 LACS ON JAN 2025. COST OF ACQUISITION 13LAC ON AUG 2011 AND A PURCHASE NEW HOUSE WITH THE NAME OF HIS SON AND SPOUSE FOR RS 45 LAC. PLEASE INFORM IS EXEMPTION U/S 54 OF THE INCOME TAX ACT APPLICABLE TO HIM OR NOT
Excerpt of query:

IS EXEMPTION U/S 54 APPLICABLE IF NEW HOUSE PURCHASE IN THE NAME OF SPOUSE AND SON?

read more

168A
Excerpt of query:

1] if more than 1 executors are there, what will be rate of tax MMR or slab ? 2[ case law ?  

read more

Income tax about TDS credit
Excerpt of query:

In a case where the TDS credit is reflected in Form 26AS but the corresponding TDS amount has not been accounted for in the books of accounts in the current year and is instead accounted for in the next year, let’s understand this with an example: The TDS credit is claimed in FY 2020-21 while filing the income tax return, and the same credit is reflected in Form 26AS for FY 2020-21. However, the TDS is recorded in the books only in FY 2021-22. The question is: In which year is it legally and logically correct to claim the TDS credit?

read more

receipts
Excerpt of query:

Mr A has not withdrawn any rupee from bank after receiving Rs 50 lacs in bank . What is his income u/s 44ADA ? Mr B has not withdrawn any rupee from bank after receiving Rs  2.9 cr  in bank . What is his income u/s 44AD ?

read more

148A[3] order
Excerpt of query:

Is this order eligible for revision u/s 264 ? any case law ? if  revision u/s 264 refused, what to do ? If rejected on merits u/s 264 what to do ?

read more

INCOME TAX QUESTION
Excerpt of query:

Sir, A Doctor (landlord) has rented out their hospital premises to another doctor (tenant), who provides healthcare services there. The tenant doctor earned ₹40 lakhs from a healthcare trust for medical services rendered, but the payment was mistakenly credited to the landlord  doctor’s bank account. TDS under Section 194J was deducted, and this amount is now showing in the landlord doctor’s AIS (Annual Information Statement), linked to their PAN. The healthcare trust has stated that it cannot change the PAN or reissue the TDS certificate. For income tax compliance, how should the ₹40 lakhs be correctly transferred from the landlord to the tenant doctor? Can this transfer be done without triggering further TDS or tax implications? What is the correct procedure to document this transfer and clarify ownership of income for tax purposes?”

read more

Applicability of Section 44AD
Excerpt of query:

I am engaged in the activity of collecting pathology test samples from customers and transporting them to Golvilkar Metropolis Health Services Pvt. Ltd. for further processing. I am neither a qualified medical practitioner nor does I perform any diagnosis, analysis, or consultation. My role is limited to logistical support. I am just providing logistical or support activity in the medical field and does not make the assessee a professional under section 44ADA. Kindly provide the case law.

read more

44AD business applicability
Excerpt of query:

Individual is engaged in Management consultancy and has opted for 44AD. Can a individual opt for 44AD rendering business consultancy and if yes or no, give a case law or notification which specifies the same.

read more

CHILD CUSTODY -BABY INVOLVED IN CHILD TRAFFICKING
Excerpt of query:

To The District Collector, Prakasam District, Andhra Pradesh. Subject: Request for Custody and Legal Adoption of a Girl Child – Reg. Respected Sir/Madam, I, B. Sai Nikhila, wife of B. Venkata Sai Chaitanya, aged 26 years, residing in Ongole, Prakasam District, respectfully submit the following: I was married in 2019. Due to medical complications, we are unable to have children. Hoping to adopt, we explored legal options through CARA but couldn’t proceed due to age eligibility. While exploring legal options, a known RMP doctor from Guntur approached one of our relatives, informing that a young college student had delivered a baby and couldn’t raise her. The RMP said the mother wanted to give up the baby voluntarily. Without our full knowledge, our relative discussed the matter with my father-in-law, who then collected the 16-day-old baby from the RMP. Since then, we have cared for her with love and complete responsibility, treating her as our own. We made repeated efforts to get legal documents from the RMP, but he kept delaying, claiming the mother was unavailable due to exams. Later, his clinic remained shut. On 14-07-2025, women police from Vijayawada visited our home through the same relative and took the child along with my father-in-law. She was handed over to the Krishna District Women & Child Welfare Department. We are utterly heartbroken by this sudden separation. This little baby girl, whom we have lovingly nurtured for over six months, has become the very heart of our lives. She brought immense joy, meaning, and warmth to our home. Her smile, her presence, and every small milestone became a part of our soul. Losing her feels like losing a piece of ourselves. Until her biological parents are identified if they ever are ,we humbly and desperately plead that her custody be granted to us. We are more than willing to comply with every legal process and requirement to adopt her and give her the life, love, and security she deserves. We assure you of our financial and emotional readiness to provide a safe, loving, and stable environment. The child is emotionally bonded with us, and we believe it is not in her best interest to be placed in an institution. We humbly seek your kind intervention to help us regain custody and legally adopt her through proper procedures. Thanking you in anticipation. Yours faithfully, B. Sai Nikhila W/o B. Venkata Sai Chaitanya

read more