I have a query that Can we claim Exemption u/s 54B for 2 Financial years i mean for F.y.2023-2024 and financial year 2024-2025. Because the 1st property sold in 2023-2024 and we have already made investment in new agri land in 2023 year only. And subsequently we sold another Agri land in 2024-2025 and we are planning to claim exemption for this u/s 54B also.

Can we claim Exemption u/s 54B for both the financial years.

Please help me with this.

Thanks in advance

Sir, employer (Indian Navy) didn't mention HRA exemption in form 16 but their employee staying on rent and paid rent.
can he claim HRA exemption, he doesn't have rent agreement with landlord?

Hi Experts,
I just want to understand tax implications after the recent budget changes.

If I hold stocks from past few years and and sell them in current financial year (Long term) and gain 1 crore .

My current income from other sources salary , FDs is around 54 lacs for a year.

So how will my tax be calculated on my total income ?


Thanks,

During FY 2023-24, one of my clients had purchased various plots of land (non agriculture) and sold the same within 2 years. These land transactions were executed by him in addition to his regular trading business registered under GST. Whether land transactions turnover will be included in his business turnover for audit purposes ? Whether land transactions attract GST ? My client had not shown the land transactions in GST. Whether land transactions are GST exempted ?

Dear Sirs : One of my client is deducting 0.1 % TDS u/s 194 Q from eligible purchasers on the date of making payment to purchaser. The terms of payments are 120 days from date of purchase bill. However while filing TDS quarterly returns, only amounts are shown. The only impact will be non deduction of TDS for purchases outstanding as on 31st March whose payments have been made after 1st April. Till date no adverse notice has been received from TDS / INCOME TAX DEPARTMENT. My humble query is (1) Is this method of deducting TDS is correct (2) What will be the future implications (3) How to rectify his error (4) Can TDS Returns for financial year 21-22, 22-23, 23-24 be revised for above purpose. Please advise. Kind Regards

Dear Sir,

Total Property value: 65L
We (Husband and wife paid total 60L (30L Each and paid 30000Rs each as TDS in previous installment)).
The last and final installment is 2.5 lakh each and TDS amount of 2500 Rs each.

I noticed some of the answers to similar questions, but did not find the exact answer.

Now for the final payment, there is an error I see while filling the form 26QB

payment type: "INSTALLMENT"
Whether it is last installment: "YES"
Amount previuously credited: 30L.


If I select 2.5L : below error:
Difference between total of "Total amount paid/Credited in prev installments if any(A) + Amount paid or Credited currently (B) and Stamp Duty value is more than 20%.

If I select 32.5 L (Stamp duty value 50% - > This I tried based on some of the earier responses that it has to be the proportions, since its wife and husband I put 50% of total here):
This options says, Amount on which TDS to be deducted (D) showing as -> "32.5L" ands its not editable.

So, my worry is the autmated system expects the TDS amount to be 32500, but I pay only 2500 (1% of final payment), and I get a short notice.

Actaully I did pay 30000 in the previous installments., total TDS paid will still be 32500, I'm worried I'll get short notice and I'll have to run behind TDS offices to get it fixed.


The other option I tried is:
if I select "Lumpsum for my final payment, then I can select stamp duty as 2.5 Lakh same as the final payment and then I can 2500

The question:

1. Should I select lumpsump for the final installment and keep stamp duty same as the final installment amount?
2. would it create any problem from seller if I select lumpsump as the final installment ?

3. If I dont select lumpsump and select "final installment as "YES" and pay only 2500 rs instead of 32500 as system would expect. Does system calculate it as TDS paid in the previous installments as 30000 +2500 or will I get short notice, if the TDS paid is not 1% of "TDS on which amount paid filed" regard less what we select ?


please advice

Thanks in advance

Need help in demand received to pay additional 19% on the purchase property. Aadhaar pan of seller was not linked. But now linked. Seller is not cooperating to pay the notice. Also, not agreeing if I will pay the amount and he will give me back next year via itr regular filing. Can we connect. Need help in resolving this. Here is my number 9999773877. Please ping me or share your number.

Hi, I am salaried person. I did some trading in crypto through ZEBPAY and my TDS deducted RS 91.
I have filed ITR-1 but I got Defective notice u/s 139(9) from INCOMETAX department.
Below is the description
Error Description
You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.

Kindly let me know which ITR from that I need to file. MY salary is less then 50 Lac .

Thanks & Regards
Rajesh J

I have paid tds challan including interest in tax amount how can i rectify that?

Which ITR to be filed if salaries and also tax deducted under 194C and 194JB