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

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 […]

Approval of building plan is not necessary for availing exemption Under Section 54F

Approval of building plan is not necessary for availing exemption Under Section 54F 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 has claimed exemption Under Section 54F on the […]

Advance Money Received,Slump Sale on FMV under Capital Gain

Advance Money Received,Slump Sale on FMV 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 […]

When does income be taxed as Capital gain or Business income?

When does income be taxed as Capital gain or Business income? When the transaction involves transfer of capital asset then it will constitute capital gain, whereas transaction which is entered into normal course of business shall constitute business income. We will see some Practical Issues regarding this topic….

Can Female,Minors,Junior Member can be Karta of HUF ?

Can Female,Minors,Junior Member can be Karta of HUF ? First we should know who can become Karta and what is powers of Karta.The Karta is the manager of HUF and have wide powers by way of controlling the affairs of the HUF. The Karta enjoys his position in the HUF by operation of law without […]

Various issues about TDS U/s. 193, 194, 194A, 194B, 194BB, 194D, 194E, 194EE, 194G, 194LA, 194LB, 194LC

Various issues about TDS U/s. 193, 194, 194A, 194B, 194BB, 194D, 194E, 194EE, 194G, 194LA, 194LB, 194LC Q.1. Whether assessee liable to deduct TDS u/s 193 on provision of interest in case payee is not identified. Ans. Explanation to section 193 cannot be invoked in a case where person who is to receive interest cannot […]