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| Agriculture land selling and purchase transaction capital gain tax applicable | |
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| Excerpt of query: | It person purchase of agriculture land rs:15 lacs year 2023 and selling of agriculture land rs:18 lacs to Name Mr.A dt:10-12-24 after another date dt:20-01-25 same agriculture land same per name Mr.A purchase of agriculture land rs:19 lacs Question: Assessess above transaction purchase and sales capital gain tax applicable for it act |
| Rural agricultural land converted into residential land & then sold as residential land | |
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| Excerpt of query: | An assessee bought a rural agricultural land in 2011-12 as it is a rural agricultural land it does not classify as a capital asset, As on today’s date i.e. 19/03/2025 rural agricultural land only. Suppose he converts the land to a residential land on 01/04/2025 (It will classify as a capital asset) and sell the whole set of Residential land in 2025-26 only. Query: What would be the period of holding, would it classify as LTCG or STCG? (As the assessee is not in the business of Real Estate or developing or selling of land and not having any more of such projects we won’t be taking this income in the head PGBP) |
| SECTION 56(2)(X) OF INCOME TAX ACT | |
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| Excerpt of query: | 0X OR IS THERE ANY WAY TO COME OUT OF IT IF A TRUST RECEIVED DONATION PRIOR TO RECEIVING REGISTRATION U/S 80G AND 12 A . HIS TOTAL RECEIPT WAS THUS 724600, MADE EXPENDITURE EXCEPT RS 10640/ IN CHARITABLE PURPOSES WILL IT ATTRACT NECESSARILY 56(2)(x) |
| GIFT transactions f.y.24-25 | |
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| Excerpt of query: | Sir, It assessess cash Gift to grandson rs:1 crore amount through on bank channel mode dt:10-01-25 Assessess source of income fds cancel after gift money amount paid to grandson but assessess capital account balance rs:50 lacs show in balance sheet Question: Assessess gift transaction taxable or exempt and different amount rs:50 lacs sec 68 provision applicable for it act. |
| Benefits of regular or composition scheme | |
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| Excerpt of query: | A Doctor sales of medicines turnover estimated rs:80 lacs yearly but consultation income rs:50 lacs yearly Question; A Doctor gst registered required compulsory and benefits of regular or composition scheme for gst purpose |
| 2nd hand sales goods | |
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| Excerpt of query: | sir, I am dealing in second hand car and sold Eight car each valued Rs 6 lakh. And cost of each car is Rs 5 lakh. Gross Sales is Rs 48 lakh (6x 8) and value addition is only Rs 8 Lakh (1×8). As the Gross Turnover is above Rs 48 lakh which is above Rs 40 Lakh. Is liable for GST registration or turnover will be considered only 8 lakh as per rule 32(5), so not liable for registration. Please clarify it. If liable for registration. The GST will be 18% of 800000=144000 or by formula 800000×18/118= 122034 |
| gst registration question | |
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| Excerpt of query: | AN INTERMEDIARY CREATE A WEBSITE FOR DOCTORS AND PATIENTS WHO CAN REGISTER ON IT FOR ONLINE CONSULTATION. THE FEES FROM PATIENTS COLLECTED BY THIS INTERMEDIARY AND DISTRIBUTE IT TO DOCTORS. THE INTERMEDIARY GET CERTAIN PERCENTAGE OF COMMISSION ON SUCH FEES. PLEASE ADVISE THE GST IMPLICATION AND TYPE OF REGISTRATION REQUIRED |
| gst registration limit | |
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| Excerpt of query: | sir, Q. Is GST Registration Applicable? If Retail Trader having Annual Turnover against sale of Taxable goods below 40 Lakhs but receives Shop Rental Income Rs 24000 Annually (Showing in Income Head – Income from House Property) If Retail Trader having Annual Turnover against sale of Tax Free goods below 40 Lakhs but receives Shop Rental Income Rs 24000 Annually (Showing in Income Head – Income from House Property) If Retail Trader having Annual Turnover against sale of Taxable goods below 40 Lakhs but receives House Rental Income Rs 24000 Annually (Showing in Income Head – Income from House Property) If Retail Trader Having Annual Turnover against sale of Taxable goods below 40 Lakhs but receives nominal UPI Commission or GooglePay / PhonePay Rewards or Commission Rs 12.00 (Showing in Income Head – Income from Other Sources) If Retail Trader Having Annual Turnover against sale of Tax Free goods below 40 Lakhs but receives nominal UPI Commission or GooglePay / PhonePay Rewards or Commission Rs 12.00 (Showing in Income Head – Income from Other Sources |
| tax audit applicable | |
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| Excerpt of query: | For FY 23-24 – Turnover Rs 1.50 Cr. Showed 15% Profit. Filed ITR 4. In FY 24-25 – Turnover Rs 90 Lakh. Ready To Prepare PL And BS Fully And File ITR 3 With Full Disclosure. Profit 15%. Should The Client Do Audit In FY 24-25? |
| Additional Evidence in Income Tax Appeal before CIT (A) | |
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| Excerpt of query: | Dear Experts, An assessee did not reply to any notices issued in the course of assessment proceedings under section 147, so the order was passed ex parte under section 147 read with section 144. Whether all the evidences the assessee shall attach in Form 35 for appeal before CIT (A) shall be regarded as additional evidence as the assessee did not submit any evidence during assessment proceedings ? Whether an application for admission of additional evidence in terms of Rule 46 A is required in case of Appeal before CIT(A) against order under section 147 read with section 144? |