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| income tax query | |
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| Excerpt of query: | sir, Hospital run by non medico person will treat this as business income or professional income? I would like to claim 44AD but there is no option in ITR FORM wrt medical services under 44AD . Why we compelled to choose 44ADA in ITR FORM when owner is non medico person |
| Accumulation of surplus u/s 11(2) | |
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| Excerpt of query: | If the accumulation of surplus is not shown as appropriation in Income & expenditure Account, can the benefit of 11(2) be denied. I ran a ICAI Chat GPT query, and got the following cases Gujarat State Board of School Textbooks v. ACIT (Exemptions) [2022] 139 taxmann.com 155 (ITAT Ahmedabad) ITO (E) v. Chamber of Income Tax Consultants [2020] 117 taxmann.com 321 (ITAT Mumbai) Bharat Diamond Bourse v. ADIT (Exemptions) [2021] 127 taxmann.com 54 (ITAT Mumbai) I am unable to find the cases, hene this query |
| Applicability of DTAA Benefits on Capital Gains from Indian Mutual Funds | |
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| Excerpt of query: | Can we claim exemption/relief on Capital Gains from Indian Mutual Funds for NRIs in Saudi Arabia by virtue of Article 13(6) of DTAA with Saudi Arabia? |
| Sec. 132 Sec.131 | |
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| Excerpt of query: | Search u/s 132 in progress for 20 plus days. In between, can Authorised officer record a statement of the searched person u/sec. 131 to investigate about seized material? Can these statements be used for third party legally? |
| Sec. 132 vs Sec.153A | |
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| Excerpt of query: | Father A and Son B were searched u/132 at residence. Diaries written by father seized, owned up by him. Certain notes on cash loans were written in the name of Son B in that dairy. B not aware. Assessment under which Sec. to be carried ? 153 A or 153C? |
| LTCG (Loss) of NRI from sale of listed shares of Indian Company. | |
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| Excerpt of query: | I am an NRI. I have suffered a LTCLoss from the sale of Listed shares of Indian Companies , Under the Capital Gain item No. 6 – 7 – 8 & 9 are for NRI. Under which item should I report the above mentioned loss |
| HUF Full Partitioning | |
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| Excerpt of query: | Is Deed for Full Partitioning of HUF with only Cash Assets is to be Notarised Or Stamp Duty & Registration is MUST |
| Dividend payment to NRI in INR-Tds applicability & Return to be filed | |
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| Excerpt of query: | Hi, We are a Private Limited Company & need to make dividend payment to to just become NRI shareholder in INR. As per your opinion Form-15CB& 15CA is applicable for the dividend payment transaction. As the Form-15CA-CB requires the currencies to be mentioned in INR as well as Forex. In such case how to mention the forex amount as the payment is in INR. Hope for the earliest reply in the matter. Best regards, |
| Whether Plotting of a rural agriculture land in CAPITAL assets | |
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| Excerpt of query: | Buy rural agriculture land and within 24 months without any agricultural activities on such land by aseessee sold after development in plot. Is it treated as capital asset and liable to capital gain. |
| Investment in the Residential House property | |
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| Excerpt of query: | Amount given by all family members for investment in the Residential House property- Property will be used by all family members. So the amount taken can be shown as interest free loan. If transaction is between spouse or daughter in law whether clubbing will attract. If yes please provide some circular or any case laws |