In case the assessee has purchased a flat. Full consideration for flat has been paid by assessee only , however on sale deed assessee included his wife name also as purchaser no. 2 & the property is jointly held by them as per deed. Now if the assessee is selling a property then capital gain is chargeable equally in the hands of husband & wife OR full capital gain will taxable in the hands of husband only since the wife contribution is nil at the time of acquisition ?
2nd Query is
From FY 2019 20 incase the capital gain is upto 2 crore rupees then exemption us 54 can be claim for 2 properties. But this exemption only once in a lifetime. It means if I take this exemption now for 2 properties then suppose after 5 years can I take exemption us 54 for one property or no more exemption us 54 in lifetime ?

Dear Sir,

Is TCS @ 0.1% (U/S 206) is still chargeable (from 01/04/2025) on sales.

A partnership firm having turnover of 5100000 for FY 2024-2025. Net Profit after partner salary and partner interest is 9000.Total cash receipt are 25 % of total receipts and total cash payment are 6.65% of total payments. For last 5 years tax audit was done under 44AB(e) of Income Tax Act. Will tax audit be applicable for FY 2024-2025?

While preparing the Correction file _TDS -24Q-Q4- FY-2024-25- Validation is blocked with the following message even though the required values are given.
"T_FV_6364 Value to be provided is Mandatory from Financial year 202425"
If anyone resolved the issue ,please share

I have booked a flat of 2crores with joint application in my name, wife's name and my son's name. Tds need to be deducted.which applicant will deduct and deposit the tds amount.How will I divide the ownership between all the applicant.pl clarify the process of showing in books of accounts.

Hello Experts,

If one bill if above 35000 but the total bills for the year are below 89000, should we deduct tds on entire 89000 on 35000

Please guide

A pensioner whose annual pension and other income were below Rs.500000 for the year ended 31/3/2024. He has not filed return of income for the Asst year 2024-25. No TDS deducted by employer upto 31/3/2024 and no form 16 issued. On viewing pass book Rs.61014 is deducted as short deduction and penalty in passs book on 6/11/2024 for the year ended 31/3/2024. Form 26As reflected as transation Date as 31/3/2024 and Date of booking as 6/11/2024 amount TDS deducted 55553. What remedies available to pensioner to take credit of TDS deduction in passbooks or how to get refund from income tax department?

Hello CAclubIndia Team:

I bought a plot of land some years ago and sold the same last year. Since I am an NRI, I had to travel from my overseas residence every time during (a) Booking (b) Registration (c) Negotiations and (d) Sale.

Can I include my travel cost (airline tickets) / Hotel stay in the cost of acquisition and sale?

Also, if I paid my CA for applying for Form 13, can that be included in the cost as well?

Regards.

One of my clients (SANSTHA) has not filed a return till now. Suddenly when the committee changed, he received a notice which assessed his donation of Rs. 50 lakhs for FY 2015-16 with a demand of Rs. 70 lakhs along with 30% tax and penalty on the total income. After that, he filed the return for the year 2023-24 for the first time.

He does not have 12AA & 80G
Is there any way to remove the penalty or to reduce the penalty to a minimum?

I sold an apartment in a 30-year-old building after holding for 23 years in April 2025 to cover my daughter's marriage expenses. Can I show improvement costs after indexation to reduce LTCG? I had about 8 tenants during this 23-year tenure. For every new tenant, I got the apartment freshly painted with minor plumbing works like changing taps, doors, and commode, etc. Can I take these expenses for improvement costs?
During 2002, before occupying the apartment by doing a vastu pooja. I made a few alterations to the walls and included the balcony in the master bedroom to get more carpet area. Can these costs be included towards improvement?
Please advise In detail?