Dear Sir/Madam,

I have doubt that Person A has transfer shares to his wife account.
example
A bought Rs. 2 lac shares and he has transfered this shares to her wife account.
when he transfered at that time shares value was Rs. 3 lac.
Her wife has still not sold this shares.
Does Mr. A has to pay tax on ( STCG/LTCG ) 3 lac - 2 lac = 1 lac ?

Immovable property (Land & building) sold on 29th October 2024. Capital gain portion after indexation invested wholly in 54 EC bonds. But, when I fill up the capital gain schedule, it's not allowing me to avail both indexation benefit and investment in 54EC both. If I change the date of transfer to June, there is no Capital gain which attracts tax. Please guide.

Hi,

I purchased a Flat in FY 24-25 (19th Feb 25). I have sold Shares during the FY 24-25 and want to claim deduction under Section 54F for LTCG on the shares. Since both the transaction are in same FY, I didn't open any CGAS account. Accordingly, while filling the specific section in Schedule CG, I filled the date of selling original asset, price of property, date of purchase of property and the amount claimed as deduction while I left detail with regards to CGAS blank (amount deposited and account details etc.). However, while there no validation error on the JSON file, while uploading in ITR portal, it is showing an error - "CGAS bank account details not added or not matching with schedule A". Not sure the reason for the error as as per my understanding CGAS account is not required in my case. I have tried online as well as offline (utility as well as Excel tool). But the same error persists.

Any guidance / solution will be highly appreciated!

Assessee has received Proceeds from ULIP (does not have ISIN) Purchased in 2016. TDS has been deducted u/s 194DA.

Whether the same to be treated under Income from Capital gain or Income from other Sources.

SIR/MADAM, CAN I SHOW LOSS ON FNO AND INTRADAY BY SELECT NOT MAINTAIN BOOKS OF ACCOUNT IN ITR3?

Hi ,

I have LTCG and claimed 54f deduction , as I have spent entire sale proceeds before filing return , I do not have a CGAS account and have not deposited any amount under CGAS account , so I left these details empty under Schedule CG Section D , offline validation check were fine but upload level check failed with below error

'cgas account details is not added in or not matching with bank details '

Pls suggest how to file return in case of 54f deduction and amount is already spent on house and no CGAS
account

Thanks
Jibin

My building is going for redevelopment shortly. I have been given some extra area free of cost. I propose to buy another 50 sqft area for which I have to pay 15 lacs. Can I sell my shares and adjust the ltcg tax on shares to pay off the developer and avoid paying tax.

In case of assessment If return u/s 148 is filed then interest of 234A and 234B of income tax act shall be counted till the date of filing of return u/s 148 or shall be counted till the date of assessment order?

Sir, kindly help me out the above subject services as on today as is notified by the board in the official gazette

Dear Sir,
Income from other sources under section 56(2)(x):
the following income Under Section 56(2)(x) shall be chargeable to income-tax under the head "Income from other sources”:
persons on or after the 1st day of April, 2017,—
(a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum;
(b) any immovable property,—
(A) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;
(B) for a consideration, the stamp duty value of such property as exceeds such consideration, if the amount of such excess is more than the higher of the following amounts, namely:—
(i) the amount of fifty thousand rupees; and
(ii) the amount equal to 70[ten] per cent of the conside-ration:
Provided also that where the stamp duty value of immovable property is disputed by the assessee on grounds mentioned in sub-section (2) of section 50C, the Assessing Officer may refer the valuation of such property to a Valuation Officer, and the provisions of section 50C and sub-section (15) of section 155 shall, as far as may be, apply in relation to the stamp duty value of such property for the purpose of this sub-clause as they apply for valuation of capital asset under those sections:

Sir

My Query:
In calculation of Consideration of immovable property for Income from other sources under section 56(2)(x) can stamp duty, registrar fees, Taxes paid as GST/VAT, one time lease rent, Transfer charges paid to Authority can be included or not?
Please guide me.
Regards
K M Goyal