Dear Esteemed experts,

I had purchased an under-construction property (property A) from a builder in March 2022, for which construction stage-wise payments are still going. In FY 22-23, I had sold another property (property B) and used that money to pay for Property A.

I had claimed exemption of LTCG arising on sale of property B for FY22-23 as I had invested that amount towards partial payments for property A. A registered sale deed agreement was executed by the builder of property A and the property is still under construction.

Due to some circumstances, I am planning to cancel property A and shift my purchase to another under-construction unit in a different tower by same builder (say property C). To do this, the builder suggested that we need to cancel the existing sale agreement of property A, and they will be making a fresh booking for the new unit as property C. The builder will not make an internal transfer of already paid money and will be returning it back to me. Thereafter, on registration of property C sale deed, he will be raising fresh demand letters based on current construction stage of new property and I will need to pay him for it as a fresh booking.

In such a case, how will the LTCG claimed as investment in Property A be handled? There is no real income arising from cancellation of property A as the builder will only pay me the amount I paid to him so far less the TDS deducted by me.

Will this cancellation and transfer to new unit be treated as Sale/Transfer of Property A and fresh purchase of Property C?

I will be thankful for your insights on this scenario.
Thanks.

Is section 43B applicable to charitable trusts?

Dear Experts,
1 A company is remitting the specified amount to its Chairman and Managing director towards Branch Ambassador Fees.
2 Whether the company needs to deduct the TDS u/s 194C or 194J

How to get refund of Closed Partnership Firm in partner Account, in which assessment has been made & refund failure due to account closed.

Is there any specific procedure to be followed by a resident when he made investment in a foreign business

Situation :
Bought house in April-23 on loan in India.
Sold US Stocks in December-23 on long term capital gain.

Can we use 54F to offset these capital gain by paying loan amount?

Sir,
A NRI individual wants to transfer some amount say Rs 9 lacs from his NRO a/c to his resident parents here for their maintenance and well being. Hence queries :-

1. Is there any upper limit up to which he can give funds from NRO a/c to his parents for their use ?
2. Will the receiving parent be required to show this receipt while filing their ITR ?
3. Is there any requirement to create any formal gift deed for this transaction ?
4. Will there be any requirement to create gift deed if amount for transfer to parent is even more say upto Rs20 lakhs .?
5. Will there be any requirement to create evidence of transaction which otherwise is already a bank transfer only.?

Pls guide.

I wrongly upload 10B instead of 10BB. What is the solution?

IF MR.X HAS TURNOVER NOT EXCEEDING RS. 10CR IN PREVIOUS FINANCIAL (I.E.2022-23)YEAR SO SECTION 194Q IS NOT APPLICABLE TO MR.X
HOWEVER MR.X WANTS TO CUT TDS U/S 194Q OF ANY SELLER IN CURRENT FINANCIAL YEAR (I.E.2023-24) SO CAN HE DO SO?
AND IF YES WHAETHER HE HAS TO CUT TDS OF ALL PARTY EXCEDDING RS. 540LAKH IN CURRENT FINANCIAL YEAR OR CAN HE CUT OF ANY SPECIFIC PARTY ONLY?

Pl note that I gave loan of Rs700000/ to a party .now the party is not returning my money.I want income tax department adjust this money for my taxes .How to start the process?