Respected Sir,

in itr page where should I show (Outward foreign remittance/purchase of foreign currency)

money send for son's education and accommodation in UK

It is also reflect in TIS

IS IT POSSIBLE TO CONVERT INCOME TAX AIS / TIS STATEMENT TO DOWNLOAD IN EXCEL FORMAT FOR THE PURPOSE OF CALCULATION ?

Hello Sir,

1. I have sold house property inherited from my father for Rs75L in May 2023 and received long term capital gains of Rs 50L
2. Besides this, I am also planning to sell one more property for Rs65L which will give me Rs35L of long term capital gain.
This property was self acquired by me in 2003, I had fully invested in this property and there was no investment from wife; however, this property was registered in my name and my wife's name jointly
3. With the sale proceed from these 2 properties, I am planning to buy a NEW property that will cost around Rs 1Cr,

Kindly clarify,
A> Will Long Term Capital Gain be applicable for my wife also, even though there was NO investment from her side
B> In case, LTCG is applicable for my wife from 2nd property, will it be equal for both i.e Rs17.5L each. If yes, then total LTCG will be :
i> For me, LTCG will be Rs 67.5L (Rs50L from inherited prop + 17.5L from self acquired prop)
ii>And for my Wife it will be Rs17.5L
C> While buying new property do we need to mention exact % ownership in registry of property as per respective investment from both of us , i.e. , Rs 82.5 L (LTCG + extra amount) from my side and Rs17.5L (LTCG only) from wife side so that both can claim tax relief under section 54?

Regards,
Sanjeev

Assessing Officer made huge amount of addition without supporting evidence. The Assessee was exemption for payment of 20% of demand made by Assessing Officer before filing the appeal is it possible for non payment of 20% of demand incase of ruthless assessment made by Assessing Officer.

while filling ITR 3 I have not entered any amount under SEC 80U Sch VI . During validation the error comes"In Schedule VIA, deduction u/s 80U for self with severe disability cannot be more than the maximum limit of Rs.1,25,000". As suggested by Mr Dhirajlal on 21st June I have deleted SEC 80U under Schedule C and D. Still same error is coming. Kindly review

Assesses having turnover of 5.37 crore(Partnership Firm) and all transaction are within 5% limit than also he require to maintain books of account as per section 44AA and need to do compulsory audit U/s 44AB. Assesses has not opted 44AD in any earlier year

I'm an individual working remotely from India as a software developer (Independent Contractor / Consultant as per my contract) for a company based outside India. The company does not have any entity registered in India. I also earn through freelancing website like Fiverr. Income from Company - 9LPA (Direct Bank Transfer) and Income from Fiverr is inconsistent around 1 LPA, I also earn by directly providing services and receiving payments using Paypal ( 1-2 LPA). Which ITR should I File? Please help me out with the process.

Respected Sir
I have not filled Income Tax return for A.Y. 22-23, in this Year TDS Deducted 22,000 u/s 194H
Can i Claim this tDS in A.Y. 23-24 Return ?

if Yes then What Income Should be Declare in itr i.e. only Current year income or Current plus Previous Year income

and What is the rule of Claim TDS of Previous Year ??

Dear Sir / Madam,

My query is as follows:

Mrs A had invested in RBI Bonds (Cumulative) in past, few of which got matured in FY 2022-23. She received Gross interest of Rs. 1,94,000/- and interest in maturity of Rs. 19,400/- as per Form 26AS.

However, out of Rs. 1,94,000/-, she showed Interest received on ACCRUAL basis on these bonds totalling to Rs. 96,000/- in past 3-4 Income Tax returns. No TDS was claimed on earlier interest income of Rs. 96,000/-. She was not aware of treatment of interest income.

As she had already shown interest income of Rs. 96,000/- on accrual basis in past returns, now the real income remains as Rs. 98,000/- to be shown in ITR, but now Form 26AS shows RBI bond interest as Rs. 1,94,000/- and TDS thereon.

Now in ITR of FY 2022-23 how to present this information, to show correct income of Rs. 98000/- ??

Kindly guide me,
Regards,
Suraj

Let me explain the situation through an example. Two people ( A and B) want to exchange their land(same state, different cities, non agricultural) through exchange deed without any monetary consideration. Both of them have held their land for more than 10 years.

Before exchange of land :

Land of A :
the indexed cost of acquisition is 1 lac
the stamp duty value of land is 8 lac

land of B:
the indexed cost of acquisition is 2 lac
the stamp duty value of land is 10 lac

After exchage, what will be the income tax implication for both A and B ?