1) Assessee expired with a WILL.
2) Two persons are named as EXECUTORS.
Question: As per sec. 168 of the Income tax Act, i guess they will have to apply for a separate PAN as AOP, since 2 executors..and they will be assessed as AOP. Kindly confirm.
3) Now, the nominee has received the Mutual funds and they have sold it also and proceeds are lying in the bank. This is the money of the Estate...
I need clear guidance on handling my tax affairs under Section 44AD and its implications for my investment strategy.
My gross income is approximately 45 lakhs, with actual expenses and personal expenditures totaling around 15 lakhs. However, I'm encountering conflicting advice from Chartered Accountants regarding the application of Section 44AD:
-One CA suggests showing actual profits. Af...
Dear All CAs,
I booked an under-construction flat in the Navi Mumbai with a Realty Developer firm in Aug. 2023, starting with the initial booking amount of ₹2 Lakhs and then followed by regular payments at certain intervals of the progress of the construction of Plinth @5% of Agreement Value (AV) and then each floor @2% per floor slab. The Agreement for Sale was registered in this month for a ...
Hi,
I had filed original return for AY 19-20 basis which I had received a refund of 51,880. I had filed a revised return declaring foreign income & foreign tax deducted basis which refund of Rs. 4180 was expected. However, the department did not consider the credit of foreign tax deducted as Form 67 was missed to be filed & department raised a demand of 2,31,800 (which included the refund of...
I am stuck in a difficult situation. Please give me your brutal honest opinion on my situation. Here is my brief story of how I got into this situation.
I got an inheritance of 10 flats in an upscale society in Noida in 2013. Once the flats were handed over to me, I rented out all 10 flats. I received rent for all those 10 flats in cash. I never declared this income. In total I received rent...
1. There is one Company A in whom a group of individuals and a group of Corporates is holding Equity Share Capital
2. Company ‘B’ is one of the corporates holding shares, who is holding 44% stake in Equity Share Capital in the Company A
3. Current Market Value of the company’s existing shares is Rs 155 per share
4. The Board of Directors passed a special resolution to bring a Rights ...
I am British citizen married to Indian citizen and I hold an OCI card as his wife. I have NRE and NRO accounts in India. I have moved money from UK to my Indian NRE accounts wanting to invest in mutual funds and buy property at some point.
We are mostly in India so my tax status is resident only but I have so far not filed as I am not working and have no income in India.
I have a PANCARD and ...
*Sub: Purchase of a flat in Chennai, Tamil Nadu.*
1. A residential flat is purchased at ₹. 49 Lacs and Sale deed registration is done at Govt guidance value which stands at ₹. 32 Lacs. The difference in sum ₹. 17 Lacs (₹. 49 Lacs - ₹. 32 Lacs) is paid by way of cheque to the seller’s relative.
2. The receiver (seller) is willing to file income tax returns for both payments (Guidance valu...
Hello,
I'm a professional software engineer who recently experienced a layoff from a multinational corporation based in Delhi. For the FY2023-24, I worked with this company for the initial 9 months, following which I transitioned into a role as a software consultant with a Turkish company. While taxes were duly paid to the government for the first 9 months of my employment, I understand that...
1) Can I choose presumptive taxation? The reason I'm asking is because I work from home and my business expenses are minimal, mainly consisting of essentials like internet, electricity, mobile connection, and office supplies. Here's a breakdown of my expenses:
- I spend a maximum of 10 to 15K per month (approximately 1.8 Lac per annum) on office-related expenses.
- I spend around 50K for main...
1) Can I choose presumptive taxation? The reason I'm asking is because I work from home and my business expenses are minimal, mainly consisting of essentials like internet, electricity, mobile connection, and office supplies. Here's a breakdown of my expenses:
- I spend a maximum of 10 to 15K per month (approximately 1.8 Lac per annum) on office-related expenses.
- I spend around 50K for main...
I am seeking your expert advice on a specific situation related to House Rent Allowance (HRA) and would appreciate your guidance. My employer is giving me HRA allowance.
Here's my situation:
I own a house in the same city where I am employed in Gurgaon, and my family resides there full-time.
Simultaneously, I have taken a house for rent near by and using it for my office work and staying s...
I work as a teacher in delhi government. I joined School A- In the year 2022 I didn’t received my 3 month salary - Aug, Sep and Oct. But when calculating total gross income for tax purpose, school included the amount of these unpaid salaries. Even in the form 16 it was included.
Now coming to year 2023. I transfered to school B.I received the salary as arrear (Aug Sep Oct 2022)in the month o...
Hello: I am an Indian citizen and I already own one house.
I am in the process of buying one more house for INR 80L. The sales agreement is expected to be signed in March 2024. It will be financed as: INR 20L Equity and INR 60L Home Loan. My EMI will be INR 50K per month.
To fund the same, I will be using Long Term Capital Gains from Equity and Equity MFs.
The purchase cost in 2019 was ...
My parents have bought a property,
and the papers are registered with my mother, father, brother and i as owners including our PAN.
The payment was made in full by my parents, but the property is now showing up as a purchase of immovable property in my AIS and has been flagged by the Tax department .
I received the following message:
Attention XYZ (XXXXXXYXYX)
Income Tax Department h...
Can anyone please guide on below:
(1) Mr. x bought a under construction flat from one of an allottee (original buyer) before possession and conveyance deed for Rs. 60 lakhs in FY 2022-23.
(2) Money was paid to the original buyer / allottee in FY 2022-23 after holding TDS @ 1% amounting to Rs. 60,000/-
(3) The flat was transferred by the original buyer/allottee in the name of Mr. x in A...
Hi,
I read articles on your website which were very helpful. I have some query and it would be really great if you could please help me with your suggestions. Thank you very much in advance.
Background:
I am a salaried employee and I had traded in F&O in AY21-22 (only 2 Large transactions during lockdown) and incurred a huge combined loss of approx. Rs.21 lakhs total. This was reported...
I am purchasing a property in Delhi in my mother's name. But since she is a housewife with no source of income, I will be her co-borrower in the home loan that we will be borrowing from a bank.
1) Now, given that I will be a home loan co-borrower for that flat that will solely be in my mother's name, will I be able to claim HRA exemption by signing a Rent Agreement with my mother for the sam...
Dear Sir,
1. I was denied permission to file Revised Returns for previous seven years, to claim refund of excess Income Tax deposited by me. I approached High Court Punjab and got the relief :
2. An extract of High Court Order of Punjab and Haryana is given below :-
“Writ petition is allowed and the amount of income tax paid by the petitioner for the relevant years be refunded to him alo...
Dear Sir,
1. I was denied permission to file Revised Returns for previous seven years, to claim refund of excess Income Tax deposited by me. I approached High Court Punjab and got the relief :
2. An extract of High Court Order of Punjab and Haryana is given below :-
“Writ petition is allowed and the amount of income tax paid by the petitioner for the relevant years be refunded to him alo...