Respected Colleagues,
A person had received Interest (194A) on enhanced compensation of Compulsory Acquisition of RURAL Agriculture Land in FY 2017-18 and filed ITR with only FD Interest Income without taxing 50% Interest on enhanced compensation in ITR with the intent that interest on Enh. Comp. was fully exempt being rural agriculture land not a capital asset, Now kindly advice whether 50% Taxed or fully exempt?

If Mr. X Brings Immovable property as capital contribution in partnership firm then such property shall be booked by partnership firm at the book value in the hands of partner which is mutually agreed by all the partners then whether such clause is to be mandatorily mentioned in Partnership deed?

One client have 40 lac business income and 30 lac professional fees income . Can client file 40lac income in 44AD and 30 lac in 44ADA in ITR-4 form?

Gift received (i.e. immovable property) from relatives without consideration should be recorded at which value (i.e. either Stamp Duty Value at the time of gift received or Cost of the Previous Owner) in the receiver’s books of accounts?

IN FY25-26 if my total income, including LTCG, is below 12 lacs. (87A rebate of Rs 60k) Do I have to pay LTCG tax? .can LTCG be offset against the shortfall in total income, and 12 lacs . LTCG is 9 lacs. other income below 3 lacs?

Section 64(1)(iv) His & her spouse
Section 64(1)(vi) Daughter-in-law
Sir

As per section 45 (1) Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54, 54B, 54D, 54E, 54EA, 54EB, 54F , 54G and 54H, be chargeable to income-tax under the head "Capital gains", and shall be deemed to be the income of the previous year in which the transfer took place.

Capital gains from property received by gift or will are calculated based on the cost of acquisition by the previous owner, as per Section 49(1) of the Income Tax Act.

Calculation of capital gain:

Capital Gains = (Sale Price - Cost of Transfer - Indexed cost of acquisition - Indexed Cost of improvement) x Applicable Short Term/Long Term Capital Gains Tax rate.

Sir
Can Capital gains from sale of property received u/s 64(1)(iv) & section 64(1)(vi) (house property transferred to his or her spouse and Daughter-in-law otherwise than for adequate consideration) be clubbed as per section 45 (1) or clubbed as per section 64(1)(iv) and section 64(1)(vi) with the income of transferor?
Regards
K M Goyal

Sir,

I am purchasing from a supplier applicable for TDS under section 194Q on interstate purchases. I have got an invoice dated 31-05-2025 on 5th June 2025. The said invoice was booked and TDS collection was accounted during the month of June 2025 and paid on or before 7th July without interest on TDS. Whether this treatment was correct or may I liable to interest on the said transactions.

Imps payment can be made to vendor through current account as per income rules? It's payment for business purposes

What remedy is available to the assessee if the rectification request filed u/s 154 against the Order of CIT (A) was not disposed within 6 months, the limit prescribed u/s 154(8) ?

Dear Sir,

If we have an Indian company, and not paid any Equalisation levy tax during the year FY 2024-25

it is mandatory to file NIL Return of Equalization Levy Form No. 1.

If yes then

Any option available on portal for file NIL return.

Please suggest.