Hello sir ,
My wife I have ITR1 with old Regime on 8th July (No Refund and no Demand,some Tax Self Assignment tax already paid).

We want to revised it . Can I select New Regime while revised After due date as it seems Beneficial to us

Hi,

I bought an under construction apartment in 2006 directly from a local builder and paid via installments (a total of XX Lakhs) for which an agreement for sale was executed and installments were paid based on construction progress, I was also able to finance a part of the purchase via home loan from bank using the AFS as basis for YY lakhs which I was able to repay with interest in around 5 years. The apartment was registered in my name in 2008 with Sale deed reflecting only value of N Lakhs (without including Registration and Stamp Duty) by builder

Now I am trying to sell this property in 2024. I had the following questions:

1) What would be the Cost of acquisition for this flat I can use since Sale deed only reflects N Lakhs but I actually paid XX lakhs as per AFS to builder (I also have bank loan of YY lakhs as proof)? (YY+N=XX)

2) Can I show YY Lakhs as Cost of betterment to be included if only N lakhs is allowed as Cost of acquisition in 1)?

3) Assuming that Indexation benefit is still available to me in current FY, What would be the indexed cost of acquisition (apply indexation factor 363/122 around 2.97) to entire XX lakhs. Please confirm the indexed cost of acquisition I can use to calculated LTCG?

4) Assuming indexation benefit is not available to me in current FY, what would be the unindexed Cost of acquisition for the apartment?

Thanks for the clarification in advance.

Regards,

MY CLIENT HAS TAKEN A PROPERTY ON RENT FROM A NRI .HE IS DEDUCTING TDS @31.20% AND DEPOSITING THE BALANCE AMOUNT IN HIS INDIAN ACCOUNT WHICH IS WITH ICICI BANK. MY QUESTION IS WHETHER HE IS REQUITED TO FILE 15 CA ALSO AS HE IS NOT TRANSFERRING THE RENT IN FOREIGN EXCHANGE.

Hi Team,

I received defect notice 139(9) post submission of my ITR -1 with old regime.

The notice says it mis-matched the income from my 26AS , However I included all income mentioned in 26AS in ITR-1 . but the defect is came as under 26AS along with my salary income there is one business income (section 194c) present which I consider as other source of income while filing the ITR-1.

Now, I realize I have to file ITR-4 for AY-2024 - 2025. 

issues :

To response the defect notice with failing the ITR-4 it not allowing me to file it under old tax regime
I have filed Form 10-IEA  (filled on 4th Aug 2024) Although it not allowing me to opt for old regime



Please help me here with you kind guidance.

As well as please let me know , if in case I did not response to the defect notice within allowable timeline what can happened ? (as I have mentioned all the income in ITR-1 as per 26AS just the business income mentioned as other source of income.



Thanks 

If I transfer shares worth Rs 10 lacs from my Demat Account to my wife's Demat account : i) what are the tax implications for this transfer transaction for both of us? What are the tax implication on both of us ii) if Dividends are received by my wife iii) if the shares are sold by my wife after 1 year of transfer?

Hi Team,
If we have a jointly held property and rental agreement is made with first & second holder.

As per agreement First Holder is getting the rental income in their Individual Bank Account

How the rental income should be considered for taxation purpose?

Is it as per the Rental Agreement both owners should be taxed as per their ownership holding ?or
It should be who receives income in their bank account
or
It doesn't matter who receives the income but either of the Joint property holders can show in their Income tax return ?

Appreciate you help.

Thanks,

I forget to move my previous year dividend from USA Stock. I have filed my current IT Returns and it is processed. Can i now move the previous year dividend and fill form 67 and get the benefit from double taxation.

I have also some old dividend money in lying in USA account. Can that also be moved with any benefit or again i have to pay full tax as per my slab? this will become 25% from USA + My slab

SIR
MR A PAID FOR SELF TAX RS 35,000 FOR THE ASST-YEASR 2024 -25 ON 25/07/2024. WRONG PAN NUMBER. BUT MR A FILED RETURN ( MADURAI CIRCLE) WITH DUE DATE BANK BSR CODE AND CALLAHAN WITH DUMMY NUMBER. PL KINDLY ADV FOR REIFICATION CORRECT PAN NUMBER CALMING THIS AMOUNT
THANK

Flat sold by property developer showing as Sale Of immovable property in the AIS of sole proprietor. Will there be any issue if the same reported as Business Receipts in ITR 3 not as capital gains.

PQR LLP, Mr. C & Mr. D are the partners of XYZ Joint Venture LLP.
XYZ Joint Venture LLP doing business & pays 30% income tax on their income
After paying tax (30%), XYZ Joint Venture LLP shares profit to their partners in their profit sharing ratio.
Question, Is PQR LLP also liable to pay income tax @30% on profit received?