Significant Changes in Income tax Returns for FY 2013-14

Time to Time income tax departments make various changes in income tax returns according to requirement of that time .Out of few interesting of them is given here:- 1. Refund through cheques has been stopped and only erefund allowed. Controversy: There are two option available for refund to assesses i.e.  e-refund as well as cheques. […]

Revised PAN Application form for “Mothers name on PAN card”

CBDT has revised PAN Application form 49A and 49AA wef from 16.05.2014 vide its notification no. 26/2014 , Dated- 16-5-2014. Revised Form 49A and 49AA provides option to get printed Mothers Name on PAN card. So those applying for New PAN card or for revised PAN card have the option to get printed on their […]

Letter of allotment cannot be considered as investment in residential house – Section 54F

The assessee surrendered tenancy right on 13.9.2005 for a sum of Rs. 1.67 crores after deducting the legal fees , the net consideration came to Rs. 1.66 crores which was also the amount of net capital gain. As per provisions of Sec. 54F, the assessee was supposed to construct the residential house within three years […]

Approval of building plan is not necessary for availing exemption u/s.54F.

It is not disputed that the assessee is not in possession of plot on which a residential building is in existence. The assessee has allegedly utilized the Long Term Capital Gain arising from the sale of shares towards the construction of a new residential house after demolition of old building on the plot-in-question. The assessee […]

Treatment of Advance Money Received,Slump Sale FMV Calculation under Capital Gain

COMPUTATION OF CAPITAL GAIN IN CERTAIN CASES 1. Section 51 – Advance Money Received 2. Section 50D- Fair Market Value deemed to be full value of consideration in certain cases 3. Section 50B – Special provision for computation of capital gains in case of Slump Sale SECTION 51 – ADVANCE MONEY RECEIVED

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