SIR
MR.A PRUCHAES OF LAND AS ON 1983. TOTAL 4500 Sq.fit. COST OF RS.11450/- HE SOLD THIS LAND AS ON 20.11.2022 RS 15,00,000/- 1800 SQ FIT . AND ANOTHER SALES OF 800 SQFIT AS ON 23.3NI2023 RS 5,90,,000.HE SPENT IMPROVMENT EXPENSES AS ON 10.1.1977 RS,45,000/- AND 16.12.2005 RS/. 85,000/- 10.1.2019 RS 65,000/- 6.09.20012 RS.77,000/-
MY QUERY IS
1)THE IMPORVMENT IS APPLICABLE IS WORKING LONG TERM CAPITAL TIME?
2) THE BALANCE 1900 SQ FIT HAS SOLD AS ON 15.5.2023.
3) AT TIME ANOTHR IMPROVMENT COST EXPENSES RS. 87000/- AS ON 18.09.2108. THE IS AMOUNT IS APPLICABLE WORKING ON CAPITAL GAIN FOR THE AASST-YEAR 2024-25
PL GUIDE OF THIS WORKING CAPITLA GAIN
THNAKS

I am planning to buy an electric car with SBI assured car loan (@rate 9.6%). I am planning to keep enough funds as FD in SBI (@rate 7.5%) in order to get 20 Lakh car loan for a tenure of 60 months and to pay the EMI from its interest. I understand that I can save tax under 80EEB for the interest I am paying for the electric car loan. I unable to work out the mathematics. Can some one advise which one will be economical for me, whether to go with this arrangement (loan on FD and getting tax rebate) or buy the car by paying cash directly? I am a senior citizen. Annual income INR 800,000/- from LIC annuity schemes, FDs and Rentals

Dear Sir Madam


I only started trading in future and options last financial year . Earlier I used to trade in equities only . Now my question is where to get the proprietor capital figure to start a balance sheet.

Dea Sirs,
I am a senior citizen having an annual income of approximately 8 lakhs. My income is pension from LIC annuity schemes, FDs and rented properties. I am engaging two domestic helps at home for my parents and each charges INR 19,000 per month. Can I get any tax exemptions for this monthly expense of Rs. 38,000/- when calculating the net taxable income?

An interest-free loan worth Rs. 150000 had taken on 01.05.2022 for payment of the PPF account but the same was repaid in full on 28.03.2023. How to show the same in the balance sheet in ITR-3? Kindly help by way of sending your valuable opinion. Regards, T.K.ROY, West-Bengal

Dear Experts, MY 26 AS A.Y 2023-24 Showing wrong Data, Part -1 TDS showing Sec 194C Amount Paid 73128/- TDS Rs 731/- & another Amount Paid 72980/- Sec 194C But These entry not related to me. Please suggest .

Hi. I have sold multiple capital assets on different dates in FY 2023 and purchased another capital asset in the same FY. How do I show this in Schedule CG of ITR 2. In Part D of Schedule CG, it is allowing to enter only one item so how do I show multiple sale dates in Table D on 'Deduction claimed against CG' ?

Return for the A.Y 2022 23 file before due date and process under 143(1) and after that notice under section 143(2) issue. Now we have realised that some mistake have been made in return. Now can I file the revise return and what is the time limit for that.
Can we file the revise return before filing the reply to income tax against notice

Scenario:
1) Father or mother gifts by cash over Rs.50000/- to daughter;
2) Daughter gifts by cash over Rs.50000/- to father or mother.
3) Father gifts by cash (less than Rs.50000/- to daughter and
4) Daughter gifts cash (less than Rs.50000/- to father.
Queries:
a) will the gift be treated as the income of the recipient and taxed or
b) will the donar taxed? or
c) income arising out of the gift will only be taxed in the hands of the donee.
d) Is there a limit to the amount of gift?
e) whether documents (gift deed)to be prepared ?
f) Even if the gifted amount is less thanRs.50000/ should gift deed be prepared?
Please educate with detailed answer for all the queries. I shall thank you in advance.
vsraj

While filing of ITR-U for AY 21-22, I have taken the income as displayed in Form 26AS in my ITR but I dont want to claim the TDS deducted as refunds are not allowed while filing ITR-U. However I have paid the late fee as applicable u/s 234F of Rs. 1000. I have a TDS credit of Rs. 1700 , but i dont want to claim the credit, however I have declared the corresponding income in my ITR. Will it be the correct way to file the ITR or there may be an issue while processing the ITR-U?