Dear Experts,

One commercial property was purchased by a partnership firm in 2005 consisting of 5 partners.

However in a span of 4 to 5 years , 4 partners retired from the partership due to losses in business and partnership firm was dissolved. Also in land records , the property was transferred to the 5th partner who then continued the business as a proprietory concern. However no compensation was paid to 4 retiring partners due to losses in business as per agreement.

Now if the 5th partner i.e the sole proprietor sells the property what will be the cost of property for purpose of Capital gains? Will it be only his share when the property was originally purchased or entire cost of the property?

Please advice

Regards,

For FY 2020-21, the income tax return was filed under new tax regime but while filing Revised return (ITR 3) The return was processed without considering the same as it was not opted within the the orginal due date. The income tax return for the subsequent two years was filed under new tax regime without filing the form but within due date and the same was processed with demand ( Old regime). Can you please advice the resolution of this issue.

Thanks in Advance

Dear Experts

one of my clients received an advance amount in FY 18-19 for goods supply from the party and he deducted TDS 5% showing that commission expenses..now the income tax department wants to add this income under section 147. when he filed an income tax return he did not claim this tds while filing income tax..

Kindly suggest a reply and provide me with reference case any

Dear Sir

Please clarify whether the following taxable income calculation is correct or not,as the total deductions are more than the taxable income

Gross income-1819876

Standard deduction-50000
Chapter vi deductions-601206
Hra exemption-120762
24 b-200000
-----------------------------
Total deductions 971968

Taxable income-847908

in F.Y 2021-22 we missed a TDS payment of Rs.1,00,000 under 194j now we are paying this in Q4 f.y 23-24. in which year this TDS will be reflected

Is ltc encashment taxable ?
Is ltc allowance taxable ?
Is ltc reimbursement taxable ?

Dear Sir,
Is TDS on purchase of software from resident is applicable ? If yes, section under which and rate please explain.

Is it possible to carry forward the tds for A.Y 21-22 to A.Y 24-25 ? If it is possible whether we ne need to carry forward the income with tds while filing updated return for A.Y 21-22 in case original return is not filed

Dear Sir,

The accumulated interest on EPF account at the time of withdrawal of EPF amount after continuous 5 years service is Taxable or not ?? Please explain.

what clause should be put in JDA / GPA so that capital gain is not realised on the date of signing JDA/GPA.

as per the new rule is only the payment of capital gain pushed to year of obtaining OC or even the transfer date is pushed. This causing a problem in treating asset as long term vs short term.