1/2/2011 house(A) sold and LTCG Rs.200,000. On 3/2/2011 house(Z) purchased for Rs.12,00,000 and claimed exemption u/s 54 of Rs.200,000. Again on 1/9/2011 another house(B) sold and LTCG recorded Rs.500,000. So the question is whether assessee claim the exemption u/s 54 for house(Z) [As the said house is purchased within 1 year before the date of transfer of original asset].

I was recently joined in CA firm which have mostly clients for income returns filing. i don't know anything about incometax .
so, please show me a path in which i have to go.

Hi

I have received a letter from IT that 31991/- is outstanding tax demand under sec 143 (1) for AY 2008. I am very confused as website is also showing same. I have checked my Form 16 for FY 2007-08 and it shows Tax payable as 31039 and TDS as 38217/- so it clearly shows refund of 7178/- . However I dont seem to remember if I have filed return for year 2007-08 nor I have any proof of challan. What shall I do in this situation ? Please help !!!

Rgds
Sumit

a father transferred a residential property in the name of his 2 sons by mentioning it in the will in the year 2008. That house was a part of chawl system.

Now that chawl has been redeveloped to a building. So these 2 sons were allotted 3 flats each - 2 adjacent and 1 on separate floor. Also they were given cash consideration of Rs 15,00,000/- each.

So can these 3 flats be claimed for deduction u/s 54?

pls answer in detail and kindly give reference to any case law to support the answer....thanks in advance!

Dear Experts

I have some queries relating to death of proprietor.

Proprietor dies in the month of December and given his power of attorney to elder son.


1) From January onwards Elder son carries out the business in his name. whether the income of Deceased Proprietor(DP) from Apr to Dec is clubbed with the income of Elder son.

2) what is procedure for transfer of assets from the business say there are three sons to the DP.

3) Power of Attorney given to Elder son by DP whether he is owner of the business or not if not what is the procedure.

WHAT IS THE DATE OF ACQUISITION IN A CASE WHERE AGREEMENT IS REGISTERED ON 08/04/2010 AND DATE OF FIRST PAYMENT OF RS 100000 IS 01/12/09.

Can a farmar can purchases Agricultural Equipments with cash payment more than 20000/- will this affect the seller under any section of INCOME TAX like 269SS or 40A(2)


In My Knowledge This should not Affect the the seller position Please Give Your Reply.and it is yes please Quote under which section.

Respected Sir/ Madam,

We are seeking your help and valuable guidance for the understated circumstances:

While we are filing up the ETDS Form 26Q (Q3- 3rd Quarter) for the Financial Year: 2012- 2013 in RPU software, due to clerical mistake, we have chosen Q4 instead of Q3.

It was come to our knowledge after filing the said ETD return to NSDL TIN FC vide PRN: 030080700538674 on 14.01.2013. As we have one more day to file the ETDS Q3 (3rd Quarter) in time, immediately we filed the proper ETDS Return for Q3 (3rd Quarter) on 15.01.2013 vide PRN: 030080700544086 to NSDL TIN FC.

Moreover, as the Challan Details and Deductee Details are same and identical in both the Returns Q3 and Q4, it has been considered overbooked by the Income Tax Department.

Now my object is to file the Revised Q4 (Revised 4th Quarter) Return so that the Challans and Deductee Details be deleted from your record (as the same has already been filed in 3rd Quarter).

Therefore, I am seeking your help, instruction and valuable guidance so that the wrongly filed ETDS Q4 (4th Quarter) Return be deleted from your record and we can file the fresh ETDS Q4 (4th Quarter) Return in proper time.

Your kind cooperation in this respect is highly solicited.

Thanking you.

Yours truly,
Srikanta Adhikary

Dear All,

Please clarify about Interest to be paid on delayed deposit of TDS U/s 200.

If Tds deducted on say Deposited on

1) 02.01.2013 08.02.2013
2) 08.01.2013 07.03.2013
3) 08.01.2013 08.03.2013
4) 16.01.2013 15.04.2013
5) 16.01.2013 17.04.2013

Please reply for interest to be deposited for how many number of months.

Best Regards

Anil Jain

Can HUF take gift from its karta? Will it be tax free? Also will the income generated from this gift be clubbed in karta's income or will it be HUF's income?