I am writing to seek your expert advice on a matter related to the sale of a house located at my native place. This house was built by my late father approximately 40 years ago, and I do not have information regarding the cost of acquisition. ( may be 2 lakh ) The sale agreement has been made at a value of ₹30 lakhs.

There are three legal heirs, including myself, and each of us will receive ₹10 lakhs from the sale. The final sale agreement is scheduled to be completed in the second week of August.

As per the latest budget provisions, indexation benefits are available for properties acquired before 2001. I have a few specific questions and concerns that I would like your guidance on:

Fair Market Value (FMV) of 2001: How should I determine the FMV of the property as of 2001? Additionally, I incurred renovation expenses of ₹4 lakhs approximately during 2002 to 2005, for which I do not have any bills.

Calculation of Capital Gains: 1) How do I calculate the capital gains for all three legal heirs?

2) Tax Burden and Legal Options: What will be the tax burden, and what legal options are available to minimize our tax liability?

Transfer of Proceeds to HUF Account: I have a Hindu Undivided Family (HUF) account and would like to transfer my share of ₹10 lakhs to this account. However, the buyer is issuing the cheque in my individual capacity and is not willing to issue it to the HUF account. How can I handle this situation?

I would greatly appreciate your prompt advice on these matters.

Thank you for your assistance.

KG Shah

Suppose I missed paying TDS for an invoice dated 12-03-2024 and made the payment through a challan on 07-05-2024. Should I revise the Q4 return of the previous year, or can I include this in the Q1 return of the current financial year?

I have sold shares in fy 2023-24 and profit of Rs.400 was earned...i selected ITR2 to file but Schedule CG is not showing there...what to do?

HOW TO GENERATE 10 IEA acknowledgment number. Thanks in advance.

Dear Experts

One of my friend is doing F & O and Equity, He did a 5 Cr Purchase and sale 4.9 C in the FY 2023 - 2024. Do we need to maintain Tally? In ITR 3 do We need to provide balance sheet and Profit & Loss .? Or else can we update no accounts option?

Can you please help me

Thank you
Vijith T K

Good Morning Sir, If ones we have opted option of income tax audit, then whether it is mandatory to get audited for next 5 years ?

Owner of the House is wife as per deed and husband is co applicant for housing loan. In this scenario whether husband can claim tax deduction partially

Dear Sir,

My company had deducted tax from my bill for 10 months for fy 2023-24 but had paid the same t the government on 26th July, 2024 . So now i am under the tax liability . Kindly advise how to claim the amount. i had not yet filed the return.

Kindly urgently reply

Owner of the House is wife as per deed and husband is co applicant for housing loan. In this scenario whether husband can claim tax deduction under Section 24?

Dear Experts,

In previous year I was on my probation period for 6 months and my company have deducted TDS on my salary payment under 194C. I want to file my ITR for AY 24-25 but AI generated data shows my probation period salary under Income from business/profession. Can I file ITR-1 or I need to file ITR-3 to show that salary value as Income form Profession? In previous year I have filed ITR-3, Please assist me in selection of ITR form for AY 23-24