Kindly advise

Can I accept funds from outside India in my local bank account and deposit them into his (NRE) local chitty investments from my bank account?

Is there any limit to accepting funds from foreign sources in our local bank account?
Are the same treated as income to us?

Dear Sir / Madam,

My query is as follows:
Mr A sold his flat on 23-09-2024. He entered into an agreement to purchase a new flat on 30-05-2023, which is still under construction. To claim the exemption of LTCG, he must purchase the new property one year before the date of sale of the old property.

In this case, it is more than one year (30-05-2023) before the sale date of the old property (30-09-2024), but still under construction.
Will he be eligible for LTCG exemption?

Kindly guide.
Regards,
Suraj

Probably a dumb question but if I as a tenant rent a property in USA from a foreign person or NRI, Do I need to deduct TDS? Initially I paid the security deposit and 1 month rent From my Indian account when I went for employment abroad.

Is 15CA or 15CB needed in this case? I paid using my Indian debit card and also used the Indian debit card for initial expenses like food, travel.

Dear Sir/Madam
Plz guide

In latest Budget announced in Feb 2025 “individuals earning up to ₹12 lakh annually would not have to pay income tax”
Plz clarify whether individual having Business Income of 10 lakh and Interest income of 5 lakhs and opting New Regime liable to pay tax as per the Budget amendment

If a person purchase flat of value 55 lacs which is under construction can tds be deducted and paid on full value of consideration instead of on each installment

Whether Assessee is laible to pay Interest levied u/s 234ABC & Other penalties other than disputed tax if he opts for payment of tax under Vivadh se viswas scheme 2024

Sir,
Assessess sec 44ad provision declared net income rs:8 lacs f.y.24-25 and purchase of silver and gold jewellery transaction rs:10 lacs two times f.y.24-25
Question:
Assessess purchase of silver and gold jewellery transaction how many times and how much purchase worth one fincial year of it act
2.assessee declared income vs purchase worth difference tax applicable or not.

Dear Sir,

I have won the prize for card games of Rs.31000/- and they deducted TDS Rs. 9300/-.

Can I get the refund for the same?

Thanks

Dear Sir / Madam,

I wish to know about taxation, in layman's language, in the case of the redevelopment of a building for its members. I have read a few articles, but I did not get clarity on taxation, its reporting in ITR, etc. My queries are as follows:

This building is a Pagdi building situated in Mumbai, where the tenants have come together for the redevelopment of the building. They will receive 450 sqft in exchange for their earlier 240 sqft. The building was constructed in 1945.

There are two types of tenants: A) Tenants who are not going for additional area other than what they are eligible for, i.e., 450 sqft. B) Tenants who are going for additional area beyond what they are eligible for, i.e., may go up to 600 sqft.

The development agreement is entered into on 14-02-2025. Also, note that the tenant is not selling the flat.

My questions are as follows:

1) Is the tenant required to show this transaction in their ITR for AY 2025-26 as a sale of property? If yes, what could be the cost price and sale value? Will there be any capital gain in both cases mentioned above?
2) Is the tenant required to obtain a valuation report as of 01-04-2001 and 14-02-2025?
3) If not shown in AY 2025-26, and the construction is completed after two years, say on 14-02-2027, is the tenant required to show this transaction in the ITR for AY 2027-28? What would the cost price and sale value be in this case?
4) Is the rent received from the developer for relocation to another place taxable?
5) Is any hardship allowance received taxable in the hands of the tenant?
6) Is GST payable by the tenant at any point during the entire redevelopment process?

I would be grateful if someone could clarify the above points and also provide any additional points to consider from a taxation and ITR reporting perspective.

Kindly revert.
Regards,
Suraj 

Dear Experts,

ABC Pvt. Ltd. (Company) has setup Gratuity Trust in FY 2016-17 and started gratuity investment with LIC. At that time, LIC informed to Company that they just need to intimate Income Tax department and don’t need any other approval.

Company has further started another manufacturing plant Gratuity Trust investment with another private Company.

So, in current situation, Company has Gratuity Trust Deed & PAN, but don’t have any approval of Income Tax Department. They just have intimated to Income tax department in FY 2016-17

Now in FY 2024-25, Company wants to switch to other Company by way of withdrawing funds from LIC, because of higher interest rate and other benefits.

Now for withdrawal of fund from LIC, LIC is asking for permission of income tax department. My questions are:

1. What is the process to obtain permission from the Income Tax Department for withdrawing funds from LIC?
2. What will be tax implication on withdrawal of funds from LIC?
3. Since the company only intimated the Income Tax Department in FY 2016-17 and did not obtain approval, does the existing Gratuity Trust qualify as an "Approved Gratuity Trust" under the Income Tax Act, 1961?
4. Are there any potential penalties, interest, or disallowances under the Income Tax Act due to the lack of prior approval for the gratuity trust investment?
5. Will the withdrawal and transfer of gratuity funds impact the tax treatment of past gratuity contributions made by the company?

Your guidance needed.

Regards,
Sandip