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| Sucession of business to Legal heir and GST | |
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| Excerpt of query: | Assessee was carrying business’s of readymade garments as proprietor for many years. On 27th March 2022, assessee expired. As on the date of his death and as on 31.03.2022, there was closing stock of goods of Worth Rs. 700000 and unutilised input credit available of Rs. 58000/- . He was survived by his widow and minor child one Son and one daughter. As per the advice of tax consultant, wife has obtained the fresh registration under GST and continued the business. GST number of old proprietor is still not cancelled and no sale of cl stock is made. Issues: 1. How closing stock of Goods of proprietary concern of late husband can be transfer to proprietary concern of widow , who has continued the said business by obtaining fresh registration under GST. 2. Whether there is any GST liability for transfer of closing stock. Entire stock is out of purchases effected from GST registered suppliers . 3. . How unutised GST input credit of late husband proprietary can be used in the hands of new proprietary concern of widow 4. Any penalty under GST Act in this situation. |
| 56[2] vs 64 ITAX | |
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| Excerpt of query: | once property recd from relatives is exempt under the proviso to 56 , is it liable to clubbing u/s 64 for life time on notional/actual income of the same ? |
| tenancy ve landlord | |
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| Excerpt of query: | Mr A transfers his tenancy right in one outside bldg and earns capital gain thereon . He now reinvests the same in acquiring tenancy rights from a tenant in another building where he is landlord himself Is he eligible u/s 5454F or any other section for exemption ? |
| Sir could you please tell me how Withdraw appeal filed aganist an order to opt for vivid se vishvas scheme | |
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| Excerpt of query: | Sir could you please tell me how Withdraw appeal filed aganist an order to opt for vivid se vishvas scheme |
| Benami Prorperty | |
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| Excerpt of query: | When an employer owns up jewellery found and seized during a search from one locker in the name of an employee , 1] can addition be made in the hands of both or either or none ? 2] Will answer 1 change if jewellery is appearing in books of employer ? 3] Will answer 2 change if only grams tally but not items ? 4] can it be treated benami property ? If yes, in whose hands ? |
| Taxation on proportionate amount received on sale of family property under application to court for partition. | |
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| Excerpt of query: | The assessee has 7 siblings in his family and received property in heritage from his father. The assessee has a 1/7th share in the property. Two family members out of seven have made an application for the partition of such property in the court. The property is sold to another party for consideration and all the family members had received their respective shares in consideration. Now, whether the amount received by family members is taxable or not? Also, if taxable then under which head/place it would be shown in ITR? Also, if not taxable then under which head/place it would be shown in ITR? |
| Section 271AAC of Income Tax Act | |
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| Excerpt of query: | The proviso to section 271AAC provides that no penalty shall be levied in respect of incomes referred to in the specified sections to the extent such income has been included by the assessee in the return of income furnished u/s. 139 and tax in accordance with the provisions of 115BEE(1) (i) has been paid on or before the end of the relevant previous year. (a) whether the benefit of the proviso will be available in a case where the income shown as turnover by the assessee is treated as unexplained by the assessing officer during the assessment and addition is made under the specified sections? (b) whether even in a case where the income is offered in the return of income under the specified sections, the penalty u/s. 271AAC can be levied on account of failure to make the payment of tax before the end of financial year? |
| Regarding income tax summons notice unde sec 131(1A) | |
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| Excerpt of query: | Dear sir I have received an notice from income tax department but in that there no assessing year and with the Din no it was also not found how find as it is genuine notice |
| Capital Gains | |
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| Excerpt of query: | Assessee has old tools (Dies) about 150 years old and has no records of purchase or transfer till today. Valuation expert has made the valuation as of 2001 and it is about Rs. 30 lakhs. If the person capitalizes these tools (Dies) today with indexing from 2001, will there be any capital gain tax. Please Guide. |
| Year of transfer in case surrender of tenancy right under redevelopment | |
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| Excerpt of query: | Hello sir, Question – Which year should be consider as a year of transfer, in case of transfer of tenancy right(Pagadi system) under redevelopment of building ? ( Here tenant entered in Permanent Alternative Accommodation with developer and mentioned that tenancy will be surrender only on receipt of new flat.) Which date shall be consider as per Income tax act to take it as a transfer date? |