The property belongs to the owner 'A' who transferred the property to 'B' by way of sale agreement (agreement not registered) after receiving consideration from 'B'.

'A' filed the Income tax return under capital gains.

Meanwhile 'B' appointed POA 'C' on behalf of 'A' on the same day of sale agreement.

'E' purchased the said property after paying sale consideration to 'B' and deducted TDS from 'B'.

Is it correct? From whom TDS should be deducted and paid ('A' or 'B')

Respected Sirs,
I transferred 8 lakhs to my wife's bank a/c with intention to purchase a plot of land in her name by utilizing the transferred money . Thereafter , a plot of agricultural land has been purchased vode a registered sale deed in my wife's name by utilizing that transferred money . Now my confusions/queries are as follows;
1) What have I gifted to my wife in the eyes of income tax laws -the money(8 lakhs) or the agricultural plot?
2)How to show (documentation) that the same was gifted?
3)Will the income be clubbed with my income??!!
4)How will agricultural rent be treated?who will show it in returns?
5)If the agricultural land is sold whose capital gains will it be.mine or wife's?

reply soon thanks

If an AOP which is exempt u/s 10(23C) of Income Tax, Act, 1961 gives salary to relatives of a member who are highly qualified and experienced for administrative and teaching jobs,

can this exemption be cancelled on this basis?

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I have filed ITR-4 for AY 12-13 stating my salary income, bank interest and trading loss from F&O transaction under profits and gains from business or profession other than speculative business. Iam not liable to comply under the provisions of sec 44AA and sec 44AB. Under BS part in ITR no details are filled in No Account Case and under P&L, particulars under no account case are filled i.e. gross receipts, profits expenses and net profit/loss.

Now I have got a letter from IT under sec 139(9) stating certain errors:

1. Assessee has claimed loss under the head “Profits and gains of Business or Profession”; however,
he has not filled Balance Sheet and Profit and Loss Account and has not got the books of account audited.

2. Assessee entering negative amount in gross profit or net profit.

3. Where assessee furnish total of amount deducted in Sl.no.2,3,4 and 5 of Schedule BP should be consistent with Total credits in the P and L Slno.5

Query:
1. Is F&O transaction speculative or non speculative and whether it should be shown in business or profession or capital gains.

2. Am I required to maintain books of accounts. My loss from F&O is 3 lac rs on a gross rceipts of rs 31 lacs.

3. How to rectify the return and what all details are now required to be filed in new xml sheet to make it complete.

Need to resolve this query urgently. Pls help.

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