Sir,

We are required to obtain a TAN for the foundation. Under which category does the foundation fall, and what documents are required

I am seeking guidance on the potential tax implications for a property that is intended to be sold soon. The property, located in New Delhi, was inherited from my grandfather who passed away in 2016. After his demise, the property underwent a freehold conversion in December 2023 and was registered in my father’s name, who is 60 years old. We completed the necessary family agreements for the freehold conversion last year, with all siblings signing off.

We are currently looking for buyers, with an expected selling price of Rs. 85-90 lakhs. We aim to use the proceeds from this sale to purchase a residential property in Bengaluru. We are looking to understand the capital gains tax liability, considering it was inherited and only recently converted to freehold. The key points are:

- The property was originally purchased by my grandfather (exact purchase year and cost unknown).
- It was inherited by my father in 2016 but only transferred in his name in 2023 after conversion to freehold.
The expected sale year is 2025 after being in the family for an extended period.

Also, is there any circle rate of any area? That maximum price for which the flat is x lacs so is it true that one cannot sell the flat beyond that price?

We are interested in understanding potential tax exemptions or benefits associated with reinvesting the sale proceeds in another residential property.

Could you please advise on the anticipated calculation of capital gains, applicable tax exemptions, and any strategic advice on reinvestment for tax relief?

we are paying salary to worker around 2 crore for that we have hired one supervisor for arrangement of worker we are paying amount to that supervisor and supervisor paying that amount to different different worker on monthly basis as per their respective work. and we are also paying salary to that supervisor for worker arrangement.

Question is whether tds liability will arise on us for paying amount to supervisor ? if arise than under which section??

I had invested in NSC in 2020 which matured on 2/2/25. I didn't file ITR for AY 21-22 onwards till AY 24-25 as my tax liability were NIL for all those past five years including NSC interest on accrual basis and total income were below exemption limit. But for AY 25-26 I've to file ITR as I'm taxable. Now do I have to offer tax on NSC interest on accrual basis only for this year or on receipt basis on maturity interest for AY 25-26 this year ? Please help.
Thanks

is a doctor liable to deduct tds if he pays rent for his clinic?

Please share how much New tax regime exemption and deduction for government employees NPS Tier1 available
i .e. 80ccd(1b)
80 ccd(2)

CIT Exemption has condoned the delay in filing audit report. What is the procedure to be followed next? Should the trust file a rectification petition u/s 154 . How to inform the cpc about the condonation of delay granted by CIT Exemptions.
I request the experts to kindly give their expert opinion on the procedure to be followed

Respected Sir

As per section 45(3) of the Income Tax Act 1961, When an individual(Partner) transfers a capital assets (Stocks, Mutual fund, Real Estate, etc.) to a Partnership Firm as a capital contribution, it is considered a 'transfer' under capital gain tax provision and chargeable to the tax when such transfer take place. Value recorded in the books of the firms is consider as a full value of consideration.
Our question is on which value firm will recorded such assets (Stocks, MF, Real Estate) on Fair Market Value of the Such assets or cost of acquisition of the individual (Partner).

Ancestral property will be sold in March 2025 / April 2025. What is the time limit to deposit the sale proceeds in Capital Gain accounts scheme and the time limit to purchase the specified bonds?
Please also inform incase it will make any difference if the land to construct the new property has been purchased in January 2025

I am applying for TAN Number of Limited Liability Partnership

Which type of deductor should i select Firm Or Branch of Firm

I am applying for TAN in Delhi State which is our branch & Our Head Office is in Maharashtra

Please guide