Gift from relative is Exempt from tax under section 56(2)of the income tax act 1961 , however in ITR 1 , there is no such provision or drop down list in schedule exemption to show gift amount . where to report in Itr1

Note- ( No other income only Interest and exempt income therefore ITR1)

Dear Sir / Madam,

My query is as follows:.
A lawyer having gross bank receipts of 58 lakhs opting for 44ADA for FY 2025-26.
Will he be liable to deduct TDS from FY 2026-27 as he has crossed 50 lakh limit, though not going for Tax audit in FY 2025-26??

Kindly revert.
Regards,
Suraj

I am in process of buying a property where the source of funds will be my equity shares, funding from parents and home loan.
My parents would be selling their equity shares for this. However from what little I understand that they can alternatively gift those equity shares and then I can sell them from my demat account and use those funds to buy the property. With this route I wanted to understand what are the tax implications, will I be able to claim deductions under section 54f (or equivalent under latest tax laws)?
Appreciate your comments please.

What are the minimum books, records, and balance sheet particulars that should be Mandatorily Disclosed by a presumptive taxation assessee ( ITR 4 )for compliance purposes for AY 2026-27 .

Dear Members,
I am a salaried person 50 years of age. I want to give loan to my major daughter and son without charging any interest, The term of repayment will be 'on Demand'. Can I do it without attracting income tax authority concerns.

What I need to do for the same. I will transfer the money through banking channels (Net Banking). Any deed i shall make? if yes how much amount of stamp paper to be used for the same and any format. Is there any concern to me if they invest and earn money out of that money like clubbing etc.

To check if a property qualifies as exempt rural agricultural land under Section 2(14), how do we measure the 2/6/8 km distance? If the land is located near a Municipal Corporation, a Gram Panchayat, and a local authority like JADA, which boundary's population criteria determines the tax exemption?

I had filed my ITR on 13-9-25. One of my deductors had deducted Tds of 55000, but not paid to the Government. I had deducted this Tds amount from the tax liability amount in my return and the final amount was 29000 Tax Refund.
On 10-1-26, I received a Demand Order for the difference amount alongwith interest.
Afterwards my deductor paid the Tds amount with interest and filed the Tds return on 5-3-26.
This is reflecting in 26 AS, but in my IT portal, the Demand is still showing under Pending Actions.
Please guide me as I have to avail the Refund of 29,000.

Dear Sir / Madam,

I want to understand the taxation part in sale of business along with factory building and land.

M/s A, 30 year old a partnership firm, owns the factory building & land at Vashi and another Gala at Vikroli, Mumbai.

Now M/s A wants to wind up its business, which is not achieving break-even now and wants to sell the factory building & land at Vashi. They were claiming depreciation on factory building and gala. Land as such not shown separately in the balance sheet. They will continue with Gala, which is given on the rent.

I want to understand how this transaction will happen? What would the taxation?

Please guide me.

Regards,
Suraj

AI subscription paid in INR to foreign party.
Can tds liable. If yes in which sec. & percentage
Can gst rcm applicable

We want to strike off LLP. We have only one transaction that is sale of motor car and book loss in P & L in FY 25-26. In this scenario, shall we apply for Strike off in June 26 or we have to wait 1 year as there is rule for strike off after 1 year of ceased business.? Also Note that business activity is closed from last 3 years. No creditors and debtors are outstanding. we have applied for bank closer.