Scenario:
- My wife and I are co-owners of two properties with active home loans.
- The first property was purchased nearly 7 years ago, and the second property's loan was acquired in FY23-24.
- We are living in the second property.
- I am solely responsible for repaying both home loans.
- Rent from the first property is credited to my wife's account.
- Under the old tax regime, my gross income before tax exceeds 50L annually; however, my income after taxes is less than 50L.

Queries based on this scenario:
1. Which ITR form should I file—ITR1 or ITR2?
2. Can I claim the annual interest on both properties' home loans (approximately 1 lakh for the first property and 2 lakhs for the second property)?
3. Is it legally permissible to show rental income in my wife's ITR while I am responsible for loan repayments?
4. Can I claim deductions under all applicable sections: 24(b), 80EE, and 80EEA?

Experts, could you please help with all these queries.
Please feel free to ask if you have any more questions or need further clarification!

Dear Experts,
We Received the Property as a Gift from my brother through Gift Deed, We Construct the houses on this property & Now we sale 2 house and 2 remaining for sale.
So this is my business income or Capital Gain Income.
Under which head we can define my income (Under PGBP income or Capital Gain Income)

My itr 1 for AY 24/25 has been duly processed and I received intimation for refund u/s 143(1)
My qs is
Whether still I can recive notice u/s 143(2) within 3 mts from end of said financial yr??

Following Charges are incurred during security transaction in both STCG & LTCG

1. Brokerage
2. Exchange transaction charges
3. CGST & SGST ( in total IGST)
4. Securities transaction tax
5. SEBI turnover fees
6. Stamp duty
7. Dp Charges
8. Annual maintenance Charges ( AMC)

Can we account all the above charges as expenditure while we calcualte STCG & LTCG

Experts, please advise on the below query.

Is the Indexation benefit applicable for US stocks in India. Say I hold MSFT for 3 years and later sell it, will I get Indexation benefit on this?

Second, is the surcharge of 15 pct flat on LTCG for value above 1 cr or are there slabs?

i have query regarding allowance received by judges during year end feb 2024. Now my few clients are judges I Could not understand where to show this allowances because it is huge amount like 27 lakh or 30lakhs for each judge.

in form 16 they simply added it in gross salary and deducted tax on it. Now judges are insisting that they want refund because all allowance are exempt

under section 10 is ok but sub section is also required please help

Dear Sir
I am facing issues while filling information regarding Add Nature of Business
Other than those declaring Income under sections 44AD, 44ADA and 44AE
under this I have to select Code and Trade Name. I have selected Code has 21008 Other services and Trade Name Note I worked in a company as an Accountant on CONTRACT BASIS. So can I mention name, please advise me


Kindly advise me because Under Business income there are 3 options available & one has to select at least 1 option which is mandatory. My income under u/s 194C is only Rs.1,92,203/- and TDS of Rs.1,924/- is deducted .
Also tell me how to fill various schedules
Kindly suggest me which option I have to select and also there is a reason because I have to file my revised return before 15th July, 2024.
Thanks & Regards.
V.Subramanian

Sir
I purchased property of 60 lakhs through bank loan and Saving. I filed form 26 QB also . But in AIS property value is showing triple . In bifurcation there is reporting from Sub Registrar office and TDS from 194IA for the same property. I submitted feedback as duplicate information Accordingly Value accepted by Tax payer got changed to correct 60 lakhs but processed value by system is unchanged . Also in 26 AS property value is showing correct 60 lakhs. This is for FY 2022-23. How to correct processed value in AIS

DEAR SIR,

ONE OF MY CLIENT SOLD EQUITY ORIENTED MUTUAL FUNDS LAST YEAR. THE PROBLEM IS DATE OF ACQUISTION OF THAT MUTUAL FUNDS REPORT COULD DOWNLOADED FROM THE DEMAT ACCOUNT. SOME OF LONG TERM AND SOME OF SHORT TERM.

IN THE AIS REPORT SHOWING THE DATE OF TRANFER ONLY NOW IN THIS SITUATION HOW TO FIND OUT THE DATE OF PURCHASED FUNDS. MY CLIENT SAYING IT'S WERE PURCHASED IN THE YEAR OF 2020.

NOW HOW TO DECLARE THE TRANSACATIONS

PLEASE CLARIFY ME

THANK YOU

partnership firm turnover is 2.46 CR AND PROFIT IS 3% , I CANNOT OPT FOR 44AD BECAUSE I HAVE TO DROP 44AD BECAUSE OF TURNOVER EXCEED SPECIFIED LIMIT IN A.Y.2020-21,
MY QUESTION IS , firm IS LIABLE UNDER TAX AUDIT ????