Dear Experts,

The assessee has purchased 1000 shares of company A in 2010. The company got demerged in 2023 and 1000 shares of company B(demerged entity) were issued. The assessee sold shares of company B in FY 2023-24 resulting in long term capital gain on listed equity shares.
What would be fair market value of shares of company B as it was not listed separately before 31/01/2018? FMV of original company is to be taken as a whole or as per the demerger ration of original company and demerged company?

Please guide.

Thanks

If someone is retired person in India and having Pension + Interest Income in India.
And Also he moved out of India and having Income in Out of India

So if he files his Income Tax Return in India should he need to show NRI Income in India

I AM A CENTRAL GOVT EMPLOYEE AND RECEIVED LEAVE ENCASHMENT WHILE IN SERVICE. MY OFFICE DEDUCTED 30% INCOME TAX ON THE AMOUNT PAID TO ME AS LEAVE ENCASHMENT. CAN I CLAIM DEDUCTION UNDER SEC. 89 FOR THE INCOME TAX DEDUCTED. KINDLY CLARIFY.

URGENT CLARIFICATION PLEASE

I have short term carry forward.loss of 22-23 Rs. 2lakhs.
In 23-24 I have gain 400000 but tax is zero and below exemption limit. Can I skip setting off of carry forward loss and setoff in future years where there is tax

Resolved and deleted.

Dear Expert,
In this case the ownership of the house property is in the of the mother while Son is Taken house property loan and paying whole EMI by himself. So can he take the deduction of Loan interest & Principal u/s 24B & 80C respectively. Also bank issued loan certificate to him.

Scenario:
- My wife and I are co-owners of two properties with active home loans.
- The first property was purchased nearly 7 years ago, and the second property's loan was acquired in FY23-24.
- We are living in the second property.
- I am solely responsible for repaying both home loans.
- Rent from the first property is credited to my wife's account.
- Under the old tax regime, my gross income before tax exceeds 50L annually; however, my income after taxes is less than 50L.

Queries based on this scenario:
1. Which ITR form should I file—ITR1 or ITR2?
2. Can I claim the annual interest on both properties' home loans (approximately 1 lakh for the first property and 2 lakhs for the second property)?
3. Is it legally permissible to show rental income in my wife's ITR while I am responsible for loan repayments?
4. Can I claim deductions under all applicable sections: 24(b), 80EE, and 80EEA?

Experts, could you please help with all these queries.
Please feel free to ask if you have any more questions or need further clarification!

Dear Experts,
We Received the Property as a Gift from my brother through Gift Deed, We Construct the houses on this property & Now we sale 2 house and 2 remaining for sale.
So this is my business income or Capital Gain Income.
Under which head we can define my income (Under PGBP income or Capital Gain Income)

My itr 1 for AY 24/25 has been duly processed and I received intimation for refund u/s 143(1)
My qs is
Whether still I can recive notice u/s 143(2) within 3 mts from end of said financial yr??

Following Charges are incurred during security transaction in both STCG & LTCG

1. Brokerage
2. Exchange transaction charges
3. CGST & SGST ( in total IGST)
4. Securities transaction tax
5. SEBI turnover fees
6. Stamp duty
7. Dp Charges
8. Annual maintenance Charges ( AMC)

Can we account all the above charges as expenditure while we calcualte STCG & LTCG