My client is a real estate developer & going to purchase land, in which party asks him to pay INR 20000.00 in cash and the rest of the consideration amount in DD (A total 5 parties involved in the purchase, 1 party fully paid by DD and the rest of 4 parties demanded INR 5000/- X 4), Is any restriction applicable u/s 269S, 269T or any other rule to pay this cash & record in memo page of deed?

Sir,

Can We quite ITR-4 to ITR-1 because no business income. income only from Salary. in FY 2020-21 Filed ITR-1 income from Salary+Other in interest from FDR+ tuition fees In FY 2021-22 Filed ITR-4 income from Boutique + Other in interest from FDR+ tuition fees So please guide to us Can we face any problem in future from IT department.

Respected Experts,

Can we prepare P&L, BS for Filing IT U/s 44AD of Income Tax Act 1961.

Im aware that there is no provisions for expenses and Depreciation in ITR4

Still drafting a P&L & BS is necessary?

I saw many of the CA's and Tax Consultants, are just providing Computation sheet for 44AD

Whereas it is not acceptable in the Banker's end - while the client submitting documents for Loan purpose, and the Banker asking to provide BS& PL.

Kindly advise

Mr A and Mrs are husband and wife.
Mr A gifted shares to Mrs A worth Rs 50,000 in 2010-11
Expecting the shares to be sold in current financial year, Mr A and Mrs purchased a house property (joint ownership between Mr A and Mrs A) for Rs 5 Lakhs in March 2022. Mr A provided Rs 2 Lakhs From his personal funds and Rs 3 Lakhs through joint home loan.
Mrs A sold the shares in June 2022 for Rs 5 Lakhs which is also the long-term capital gain for her. The sale consideration from shares was credited in her account and the home loan was disposed off.
Income from sale of shares is to be shown in the ITR of Mr A after application of clubbing provisions of section 64(1)(iv)
Mr A and Mrs A want to opt for co-ownership in proportion to their investment and also claim 54F for both Mr A (transferor) and Mrs A (transferee) investment. i.e., Mr A wants to claim exemption under section 54 F for investment done by both Mr A and Mrs A, in purchase of joint property, (Mr A provided Rs 2 Lakhs from his personal funds and Rs 3 Lakhs through joint home loan which was disposed from sale consideration of shares), the money was credited in bank account of Mrs A and loan was disposed through check.
Query - Whether or not eligibility claim of Section 54 F will be accepted by the Income Tax department regarding joint investment / joint ownership of residential house with both Mr A (transferor) and Mrs A (transferee) eligible to claim section 54F on sale of shares.
Please support with relevant case laws, if any.

I used to have sole proprietorship business in my name till FY 2016-17 which i transferred in the name of my wife( she files ITR 4) in FY 2017-18 but the person who used to file my return continues to file ITR 4 though i have only salary and dividend income....,now i want to rectify it ..,,can i directly file ITR 1 in AY 2023-24. Will i receive any kind of notice for that..,,my income shown below 4.5 lakhs ..PLZ HELP ME

Sir
Every year bank deducted TDS , even after submission of form 15H . If it is complained to the Branch Manager , his straight reply " File IT return , you will get refund ". Where Can I complain for wrong deduction of TDS ? Every year I have to pay Rs. 500 /- for submission of IT Return.
With regards ,
Sudhir Saha

For claiming deduction u/s 54F we have to invest amount in residential House and also hold such property for 3 year but my issue is 3 years is counted from which date from the date of payment or from the the date of possession of Flat.

HI,
I have recently created a HUF with my Dad, where I am karta (as per ITAT online ), and dad coparcener (my HUF DEED consist ONLY me and Dad )
For financial tax planning suggest safe ways to avoid clubbing provision and Tax Notices from below.

—----
Option 1: BRINGING RENTAL INCOME TO HUF
I am co-owner in a purchased office with my parents (during 2005, my age around 23 at that time), NOW, I want to bring in rental income to HUF without getting Clubbing provision.

> Query 1. From the following which is safest way without getting IT NOTICE, or tell me best solution available with you.
1. Making a registered gift agreement by karta (doner) to huf (donee) without any consideration, so, will that get clubbing provision on earned    or
2. making first LONG LEASE agreement between karta (landlord) and HUF (AS A TENANT) , (where 3000 rent paid by KARTA to HUF     &    In the second agreement, by way of sub tenancy or Leave & Licensing same office at 30000 license fees from licensee MR.ROHIT , so karta receives 3000 rent from huf, and huf receives 30000 license fees from its licensee? Here as HUF is receiving License fees and also paying rent to Karta so clubbing provisions will apply in such a case?. )    or
3. Karta makes will in favor of HUF, so inheritance is denied from karta’s side and SO DOES clubbing apply here.?
 
==========

Option 2. LOAN

To bring my investment in HUF  without clubbing,  Karta gives loan to HUF at 0.5 to 2% per year and huf makes investment , earns interest at approx 10 % per year

QUERY 2. 
1. Does IT Dept allows 0.5 to 2% annual interest Income tax??
2. How much loan can be given to huf safely? 
3. for  this , is it Required to make a notarised  LOAN  agreement for IT Dept?  And is this safe option?
4. How to disclose to income tax about transferred amount as loan?

============

 Option 3, GIFT

Any income from gift given by karta or coparrcener to HUF will bring clubbing provision so,
if,

QUERY 3
1 >>> My UNCLE’S SON , a BLOOD RELATIVE, BUT NOT MEMBER OF HUF , as was not included in HUF DEED., AND AS NOT MEMBER OF HUF he WONT GET CLUBBING, right?,
2. SO ANY GIFT FROM HIM OR DISTANT RELATIVES WHO ARE NON MEMBERS FATHER’S SIDE WILL BE TAX FREE?
3 . >> and DOES special OCCASION REQUIREd to validate GIFT?
most important >> 4. yearly how much gift from relatives and Loan from Karta to HUF should be transferred safely without getting Notice by IT Dept , in this HUF's first commencement year?

===============


Option 4 , INHERITANCE

1. In ancestral property from my mother’s side can i bring MY 33 % share+ additional 33 % share received as gift from my aunty?
2. Which documents (gift deed etc?) need to be prepared, where HUF will be mentioned as beneficiary ?    
3. is MOTHER'S LINEAL side property is allowed to be added in HUF as inheritance?
And 
apart from above , in first commencement year of HUF, SAFELY HOW I can RAISE HUF CAPITAL AND TRANSFER RENT AND  FUNDS  WITHOUT involving  CLUBBING PROVISION and  IT NOTICE ? 
>  (Our income includes from rent of co-owned property and interest from investments)
  

Thanks and kind regards,

ritesh shah - 8779496245

Is TDS applicable on twitter subscription charges paid to non resident

Dear Sir,

Its mandatory to Claim 80C deduction Can We file ITR without Claim 80C deduction taxable income before 80C deduction Rs.410000/-