Hi,
I sold a house yesterday for 60Lakhs , bought for 12Lakhs 10+ years back. Also, have made agreements with two builders to buy two flats , one in 2016 and the other in 2020. Both properties are under construction, as in not yet completed and no CC received yet. Final Registries are also due for the new flats and need to make payments to both builders , cumulatively exceeding the difference received.

1) How can the LTCG earned from the sale be utilised in this case ?

Please guide.

Regards

I have a doubt regarding the Income Tax Return filing of a doctor. Up to FY 2021-22, we had opted for Section 44ADA of the Income Tax Act. However, during FY 2022-23, the total receipts exceeded 50 lakhs, so we conducted an audit and filed both the ITR and Form 3CB-3CD. In FY 2023-24, the total receipts again exceed 50 lakhs, and the professional fees are received in the bank with no cash receipts. My doubt is whether we can opt for Section 44ADA during FY 2023-24

Hello Members,

Client holds ESOP shares, which are not listed in India.
The disclosure of the same was done as part of the AL (Assets and Liablities ) and in Other info also as part of the Unlisted Equity Shares. Further whenever part of the ESOP were sold the same have been offered to tax under Capital Gain as unlisted equity shares.

The shares are acquired as part of ESOP and the same are disclosed also in ITR, overall there is no concealment of Shares or money laundering activity under the Black Money Act as such.

But since the shares are of a foreign company, do we necessarily need to disclose this under the FA schedule and file a revised return?

Regards

We are into manufacturing industry and our parties deducted TDS on goods and make payment. However a few parties have made payment of FY 2023-24 now. I have already filed my returns and claimed all the tds available at the time of filing the returns.

What should be do about this TDS which the party has paid now and is unused ?

Is there any solution to use this TDS amount ?

income from House Rent, one and more then which I T R form should be file?

Capital gain calculationOF FLAT on which date agreement date or ossession date

I used to stay with my father last year and paid him 20K as rent every month.Also had rent agreement. I used to claim HRA earlier but this year I have not claim HRA deduction. Also I moved to USA in January 2024 but kept paying him some money for maintenance.
I filed his ITR and showed the amount that I paid him when I was with him as rent and the rest 3 months I considered it as gift and didn't include it in his income. Is this correct or should I rectify his ITR and don't show this money as rent and consider all the money as gift? This ITR has been processed already.

If I rent my Indian property to NRI for 3 months and he pays using wise, Is it considered foreign source income?

sir;

Does foreign assets include NRE & FCNR deposits maintained in India ? These details are required to be disclosed in schedule FA ( foreign assets) in case of resident assessee?

please reply. Thanks in advance.

IF I FILED INCOME TAX RETURN FOR A.Y 2024-25 UNDER NEW TAX REGIME ON 10TH JULY,2024 AND THEREAFTER FILED FORM 10-IEA ON 31ST JULY,2024 AND DEPARTMENT PROCCESSED AND RAISED THE DEMAND UNDER OLD TAX REGIME FOR THE SAME AND NOT REVISED TILL DATE THEN WHAT TO DO IN THAT CASE?