Respected Sir,

Can we claim interest on housing loan on account of income from house and property even after the due date as the 31st July has gone? Whether still there is a chance to avail the benefit of the negative income?

PLEASE GUIDE ME AND OBLIGE.

1. Does sale of rural agricultural property amounting to approx (1.5 milion INR) taxable under any provisions of Indian Taxation Laws?
a.) If YES, @ what %?
b.) If NO, is it required to be shown in ITR filings?
2.Does the sale proceed needs to be shown in ITR, where and which form to use?
3. If the sale amount is transfered to bank account through any of the online deposit mode. Will it attract notice from Income Tax Dept. for depositing amount of 1.5 million in a financial year?
a.) Or the notice is just served for cash transaction of and above 1 milion.

P.S. The account holder is still pursuing studies & not earning.
Does the account holder need to file ITR for sale proceeds?

for the past three years i was getting the tax audit done -- 44AB and filing the ITR from my CA
though not mandatory/applicabe as per law -- this year also i have income from share market transactions
(cash and F & O) and other income like interest/dividends/professional (lawyer ) etc
can i discontinue the tax audit and file my ITR in the normal manner. thanks
of course the late filing will be attracted. PLS guide

I work for a MNC in India which has it's stock listed on NASDAQ in USA. I get RSUs of the US stock as a part of my compensation (listed under perquisites in form 16).

Scenario:

Note that my mother, father and the HUF have almost no income.

I gift "x" amount of those vested stocks to mother, "y" amount to my father and "z" amount to my father's HUF.

Assumptions/Understanding:

(1) These gift transactions would not trigger any tax payment at both ends (giver and receiver) as they are exempted relatives.

(2) Given this transaction happens electronically (from my trading account to the receiver's trading account), a record is always available of this transaction so a Gift Deed is not required.

(3) Since the gift is not given to the spouse here so clubbing provision don't apply here.

(4) NASDAQ listed equity is counted as unlisted shares and STCG at tax slab is applied for sale under 24 months, LTCG at 20% with indexation after 24 months applies.

(5) The cost and date of acquisition of the gifted stock in the receiver's hand would be the same as me (the giver).

(6) If my mother sells "x" amount of stocks within 24 months of the date of acquisition (not gifting), STCG would apply on the profit derived from "x" amount of stocks (sale price - cost of acquisition) as a part of her normal income as per her tax slab. And given her income is almost negligible that profit (upto a max of 10 lakhs) gets taxed at a rate much lower than 34.32% (had I sold them, I would have paid at 34.32% or had I waited for LTCG to kick in, 20% with indexation benefit). Is this understanding correct?

Sir/Madam

Two days before i was tried to submit 10E for getting relief of arrear salary received during 2021-22. Mobile no is not linked with my adhar card so OTP is not generated. So 10 E form not successfully submitted online. I summited ITR V on the same day.

What to do for form 10E?? Can i will take printout and submit with ITR V at Bangalore Office??
Is any option to generate OTP.? Netbaking is not possible and OTP generate through ATM machine, i tried it but option is not found out.

Please guide me at earliest.

Its more of a academic query. I recently came across income tax computation of a person where his professional friend had attempted to show most of his receipts of income as hand loan thereby trying to avoid tax on genuine income. Now I was wondering what are the ways through which Income Tax department would ensure that such an assessee cannot escape taxation. Also can you point out ways through which this kind of tax avoidance method would fail ?

Namaste,

I am trying to file ITR 5 for a Housing Owners Association (non audit AOP/BOI) for AY 2022-23 primarily to take refund of some TDS on our deposit in bank. I have used Offline utility to fill the form. Form is validated successfully but on submitting the JSON in portal I get following error -

"PAN mentioned in the return in verification part does not match with PAN of authorized person"

The PAN in verification section is added as Key Person in My Profile. PAN is also added in partner list in General Information section.

Any suggestions to solve this will be of great help to me. Thank you.

Sir/Madam

Please resove below doubt for taking deduction of Housing Loan -Interest & Principal for the fy-2021-22--
> One of my client have taken housing loan in joint account with his wife - proportion is 50 % each

In last year he was taken deduction of housing loan interest & principal 50 % individually.

In this current year can his wife taken 100 % housing loan interest and principal from her total taxable income?? because his spouce income is not taxable income and tax payable??

Installment is paid from saving bank account- jointly holder

thanks in advance

Sir,
I am employed with an NGO on salary basis & tds is deducted u/s192 for AY 2022-23.I have also travelled in india on official tour during the same AY for which expenses on Air travel,Lodging ,boarding & conveyance are reimbursed by the Director of NGO from his account , and TDS has been deducted on such reimbursement & deposited with govt u/s 194JB under his own TAN no. The Salary TDS TAN is different & as such this reimbursement is not reflected in my salary form 16.
Please clarify whether I can claim exemption u/s10(14)(ii) for such reimbursement, if yes then how to claim in ITR under which head.I have only interest income other than above & as such am I required to file ITR 1 or2? I tried claiming the reimbursement by first adding as income from other sources & claiming deduction u/10(14(ii) but the return does not go through as deduction u/s10 (14)ii) should be included under the head salary as per return.
Thanks.
Ashok

Dear Experts, as you know that last year income tax site was not working properly, hence we had submitted Form 15CA Part-D manually in the bank.
Now I am trying to file online Form 15CA Part-D for the previous dates but after filing its shows "The proposed date of remittance cannot be before the date of submission of this Form".
How to submit old Forms online as the status has shown "Failure" and showing the above reason.
Income Tax helpline numbers are not responding.
Thanks in advance