As per explanation 5 to section 32(1), it is mandatory to claim depreciation. what is the reason for making it mandatory, even when unabsorbed depreciation can b c/f for the indefinite period?

IF HOUSING LOAN IS BORROWED BY A PERSON. LOAN STATEMENTSHOWING THE NAME OF BORROWER AS HIS SON, AND PERSON'S NAME IS SHOWN AS CO-BORROWER. AND ALL THE REPAYMENT IS DONE BY HIS SON. HIS SON IS SALARIED PERSON. CAN WE CLAIM HOUSING INTEREST + PRINCIPAL REPAYMENT IN INCOME TAX DEDUCTION IN PERSON A/C.

Dear Sir,

I have sold a plot of land and he purchase a residential house and cliamed deduction u/s 54F for purchase of residential house.

Even after taking deduction u/s 54F i am liabe to pay capital gain tax.

I have also paid some construction(renovation) expence in my newly aquired house property (renovation expence is much necessory to stay fit).

so my question is that can i take as dedction of construction (renovation) expence paid by me u/s 54F.?????

if any case law regarding this plese also suggest.

Thankin you.

sir,

my income tax return of a.y 2015-16 is filed on 01/08/2016 can i revise this return.
if it can be revise than please tell me procedure how to revise it

Dear Expert

My client - senior citizen - filed ITR 2 with capital gain out of jewelry sold & rent income & interest on fd for A.Y.15-16.

In year F.Y. 15-16 assessee purchased property in metro city worth Rs. 1 cr out of fund received from her two sons. & given on rent.

Right now assessee is in out of india.

Notice received form limited scrutiny - issue - purchase of property. via mail & post.

how to resolved it. ?

Authority letter not made due to not present in india.

same type of notice also served on my friend with othe issue.

which paper submit on & how to resolved it with officer.

kindly reply how to attended ?

In case of an assessee who has not filed his return and now wishes to declare his income under IDS, will he get the benefit of exemption limit? For example, if his total income for that year is Rs 5 lakh, then should he declare Rs 3 lakh as undeclared income and pay tax on Rs 3 lakh or should he disclose Rs 5 lakh as undeclared income and pay tax on that amount. Income Declaration Scheme 2016 Section 183 states that," a declaration of any income chargeable to tax under the Income Tax Act". This means that the declaration should be made only of the amount which is above the exemption limit. Please share your views.

one person trasfers rs.50000in my account on 28.3.16to utilise that amount to pay his insurance premium .and i hav withdrawn that amount to pay his premium on 1.4.16.Because of that transfer my account shows balance as on 31.3 is 80000.so how i will show this amount in balance sheet

if the turnover of the business is Rs. 89 lakhs and net profit is Rs. 3.5 lakhs. and deduction u/s 80c available Rs. 120000.

now the my question is, in this case tax audit is required or not.

please explain with applicable provision.

I HAVE THIS QUERIS ON THIS TOPIC

1. ANY PERSON WHO SOLD ANCESTRAL LAND BY DIVIDING IN SMALL PLOT ,INCOME FROM THIS TRANSACTION HIS INCOME WILL COSIDER AS CAPITAL GAIN OR BUSINESS INCOME ?

2. AFTER SALE OF RURAL AGRICULTUER LAND BY PLOTTING INCOME WILL COSIDER AS BUSINESS INCOME OR CAPITAL GAIN OR FULLY EXMPTED INCOME BECAUSE RURAL AGRICULTURE LAND ARE NOT A CAPITAL ASSETS BUT IF IT WIIL SALE IN SMALL PLOT WHAT WILL IN THIS CONDITION

3. IF ANY IDIVISUAL ASESSE HAVE PURCHASE ANY LAND IN 2010-11 AND NOT TREAT IT AS STOCK IN TRADE IN HIS ACCONT BOOKS NOW HE WANT SALE HIS LAND BY PLOTTING ,WILL HIS INCOME CONSIDER AS CAPITAL GAIN OR IT WILL CONSIDER AS BUSINESS INCOME

Dear sir, A company purchased software as per its requirement so it has to deduct TDs u/s 194 J or not ?