Mr.X has been accepting in bank and declaring rent income of a residential property in his personal ROI which was purchased in FY 2017-2018. Now in FY 2021-2022 the said property is sold for financing sons migration to foreign country for higher study and stay. Now when capital gain was required to be calculated, it came to knowledge that the said property's purchase and sale agreements are in the names of spouse and son but purchase was funded by Mr.X by borrowing loan in his name. The entire sale proceeds were received in sons bank account. Under the circumstances, who is legal owner, who and how capital gain to be declared. Please give references of sections, case laws etc.

An assesssee who is an NRI sold an apartment in india during Fy 2019-20 and incurred long term capital loss. She kept the sale consideration in NRO a/c in india. During the Fy 2022-23 she purchased a an apartment in india by utilising the above sale consideration. Balance Rs.1558200 is available in her NRO a/c. This amount is out sale of consideration during FY 2019-20. No taxable income arises in both the years. She wants to repatriate 1500000 to united kingdom. What is the procedure & what form to be filled in .

During the F.Y.2021-2022 trust's income is more than expenditure and transfer to corpus @ 15% u/s 11(1)(a) is done still the trust want to transfer the surplus to further years. whether it is allowable ? at present surplus funds are deposited in saving bank account. please advise what is the procedure. Thanks in advance.

A company puts coupons in its products having different-different values in points. Ultimate consumer collects these points and after accumulating certain points, redeems those points against which company has to deliver the gift as per its policy to that person. Now if the value of that gift is more than Rs. 20000, then TDS u/s 194 R will be applicable or not. Generally, with such consumers company has no direct relation. The company also has no information about these consumers except name and address which they provide at the time of redemption of points only through company’s application for this purpose. So, PAN etc also not available with the company. So, if the company decides to deposit TDS from its own then how this should be tackled because no of transactions are in large quantity.

Dear All,

Can any one please share TRC format for Taiwan..

A general query:

We are following %tage completion method in case of Promoter-Builder activity.

It so happens that the TDS is deducted by Flat owners as per their own dates (we do advise them to pay TDS at the time if booking but then it may or may not be paid then) Now while offering Sales we are offering sale as per our completion irrespective of TDS deducted or not.

Example
1) In a given year we are offering 50% of total sale value of say 3 flats of 1 cr each say 1.5cr.
2) TDS deducted in a given year is of only one flat of 1cr and balance two flats have not deducted TDS.
3) Now turnover as per 26AS is 1cr and as per books is 1.5cr which is OK and the ITR will be processed.
4) Issue arises in next year when the turnover as per books will be 1.5Cr but as per 26AS will be 2cr when the balance two flats will deducted TDS.

Any practical way out in this because we will surely get defective return notice for next year as T/O as per 26AS greater than T/O as per books.

As per provision when a similar transaction falls between both sections 194Q and 206C(1H)....194Q Overrides.

My question is I was liable to deduct u/s 194Q however the seller has already deducted on the same amount under 206C(1H).

Accordingly,
1)Whether I am still liable to deduct under 194Q?
2)Is non deduction of TDS on purchase attract sec 40a(ia) ?
3) Treatment of TCS collected under 206C(1H).

Sir,
We have purchased 10 kva UPS for an amount of Rs.2,34,000/- vendor added installation charges extra. i.e, 4,000/- Total bill value 2,38,000/-
Is TDS applicable on only installation ? or total bill value ? and which section ?

Please help me

There is a Trust whose Corpus is around 1.42 Cr. how can trust use this Corpus fund for charitable activity in future years Like Capital Expenditure or Revenue Expenditure? is Charitable Trust require to take Permission from the Registrar of Trust or From Income Tax for utilisation of Corpus. what is the Procedure to utilise this Corpus fund for Capital Expenditure & Revenue Expenditure.
Please explain me in details

Regards

Thanks in Advance.

Sir/Madam;
If one sold residential house property surrounded by some vacant land.
Then it is to be treated as ??
1. Transfer of Residential house property only Or
2. Transfer of land only Or
3. Transfer of both residential HP & land proportionately. I.e. Consideration received needs to be bifurgated between house & land. FMV as on 1st apr 2001 needs to be obtained separately for land & house. ??
And then he purchased another house surrounded by vacant land; for claiming exemption u/s 54/54F; can he claim full amount paid as exemption or amunt paid only to acquire house needs to be bifurgated & exemption will available only for house purchased amount and not total amount paid inclusive of land ??? Plz reply.
Thanx in advance.