If property is in name of my wife who is sole owner, and loan is in my name ,the sole borrower. How could I take advantage of deduction under sec 24 b??

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Can there be any addition under section 40A(2) due to low GP of buyer (sister concern ) on account of enhanced /higer per unit purchase from seller( sister concern) ? Can it be argued that when both Firms ( seller and buyer) are paying maximum marginal rate of tax and there is no evasion of tax the addition cannot be made?. Please give any judicial ruling on this.

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Private Limited company  applied to ROC for conversion in to LLP and filed board resolution and form No.LLP 1 for name availability and in FEB-2015. The Company has also filed provisional balance sheet as on 31.03.2015 along with Board resolution. to ROC for conversion into LLP. However, Certificate of conversion into LLP received on 05.06.2015 and name of the Private limited was truck off from ROC All the transaction of Private limited company effective from 01.04.2015 was incorporated in LLP books and offered for tax. Assessment of LLP was done U/s.143(3) for AY 2016-2017 where the said fact was disclosed to Assessing officer. Assessment of Private Limited was also done for AY2015-2016 where the above fact was disclosed to AO. Notice U/s.148 for AY2016-2017 received in the name of the company. The fact of Non Existence of company was intimated to AO and requested for drop the 148 proceedings. Now Notice U/s.142(1) for AY 2016-2017 was received from Faceless assessment in the name of private limited company for furnishing of details. What should be the course of action in this situation. Pls suggest Pls share your valuable opinion. Thanks and Regards

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Tenanted Flat in the name of Grand Father Cost of Acquisition: Not Known Acquired by Grandfather  in the year Prior to 1961 Grand Father Expired in the Year 1972 Permanent Alternate Accommodation Agreement (PAAA) Between My Father (Only Legal Heir) and Land Owner cum Developer registered on 26.12.2013 Value of the flat as per Stamp duty Authority as on 26.12.2013  was Rs. 12.86 Lakhs Condition in PAAA: Tenancy Will Surrender only on receipt of possession New flat on Ownership Basis My Father Expired on : 07.01.2018 Full OC received on  : 25.03.2021 Possession of new flat on ownership basis handed over to Legal Heirs on 26.05.2021 New flat sold  on 12.08.2021 Sales Consideration 65 Lakhs Query: Taxation of Capital gain in which Year and also Whether it is short term or Long considering in the hands of Legal Heirs considering Transfer U/s.2(47)(v) section 45 of IT Act and Section 53A of TOPA and Section 45(5A) effective from AY 2018-2019 Any benefit of Indexation and also exemption u/s.54 available new flat available on surrender of tenancy rights. Pls share your valuable opinion. Thanks and Regards

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Lot of assessees have died in recent Covid attack before they could have filed their ITR and TAR for asst year 2021-22. Their DSC had expired validity as the last date of ITR was extended several times. The only alternative left is that legal heir (son or wife) file the said ITR/TAR as per procedure given. WE applied in a case but after few days the application was rejected without communicating the reasons. In last dates for TAR, the tax audit report was filed by CA but could not be confirmed by assessee or legal heir. An application to CBDT was moved u/s 119 explaining the position and requesting permission either to file TAR/ITR in paper format or for approval to legal heir. No reply is received. What can be done to file these and avoid penalties.

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Notice U/s 148 was issued on 03/03/2020 served upon the assessee. In this case, the assessee has sold an immovable property (residential land) of Rs. 70,00,000/- dated 15/05/2014 on which capital gain arose of Rs.51,46,000/-. The assessee has deposited the entire amount of sale proceeds of Rs. 70,00,000/- in the Capital Gain Account Scheme, 1988 and claimed deduction u/s 54F of the Act. The Assessee has purchased a semi-finished new residential house (which was not complete in all respect to be treated as ready to move property) on 30/03/2017 for Rs. 94,00,000/- by way of utilizing the amount of Rs. 70,00,000/- deposited in the Capital Gain Account Scheme, 1988. The intention of the assessee was clear, the assessee has not utilized the amount kept the amount in the Capital Gain Account Scheme, 1988 for any other purpose and utilized the same for purchase cum completion of construction of the new residential house. Further, the completion of the construction of the semi-finished house is done by the assessee herself. In view of the above, the pure genuine intention of the assessee was to construct a residential house for his own residence and the amount deposited in the Capital Gain Account Scheme was utilized for the purpose of construction. Sir do we have the case laws in support of the above. As the department is not giving the benefit of the above investment and made the additions.

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I sold a immovable property and received 25,00,00 lakhs in cash as a sale consideration and the same was deposited in bank and the transaction was recorded in the income tax return filing also. will it attract penalty under s. 271 D for violation of S. 269SS of the income tax act?

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Sirs, In the absence of any incriminating material during the course of search or any adverse statement recorded in the deposition, can there any be addition to the income which was assessed under section 143(3) of the Act? Also, please guide if there are any judgements of Supreme Court in this regard. Thanking You

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What is tax rate of AOP ( Members having taxable income). Is it Maximum Marginal Rate which at present 42 % ( including surcharge and cess) right from Rs 1/-

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Residential Flat in Mumbai Flat Purchased on 13.10.2015 Total cost of Acquisition including stamp duty and other charges Rs.45 Lakhs Society gone for Redevelopment Development Agreement Registered  between society and Developer on 01.07.2015 Permanent Alternate Accommodation Agreement (PAAA) Between Flat Owner and Developer registered on 05.05.2017 Value of the flat as per Stamp duty Authority as on 05.05.2017 RS.21 Lakhs Full Occupancy certificate received on 14.08.2020 Sold on 10.08.2021 Sales Consideration RS.85 Lakhs Query: Taxation of Capital gain in which Year and also Whether it is short term or Long considering Section 45(5A) effective from AY 2018-2019 Transfer U/s.2(47)(v) section 45 of IT Act and Section 53A of TOPA and also whether any benefit of section 54 available. Kindly share your valuable Opinion

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