Sir my client is a doctor with professional income around 36 lakhs. So he is filing ITR-4 under section 44ADA. during assessment year 2023-24 he purchased a flat worth 1.4 crores. Does he have to show or declare it in ITR-4 if so where? please clarify and guide us. Regards

i have trust i dont have 12aa certificate
i fill itr 5 with Status :AOP/BOI SUB STATUS: Trust other than trust eligible to file
return in ITR-7
WHAT WILL BE MY INCOME TAX SLAB
IF I SHOW ONE LAKH PROFIT IT SHOW TAX ABOUT 42000
PLESE MAKE REPLY

Can there be tow partnership firms with same partners and same profit sharing ratio, but with different business ?

Can both firm pay remuneration to partners based on their stand alone financial accounts applying limits of section 40(b) exclusively to each firm ?

Whether such firms are permissible under Indian Partnership Act, 1932.

Please guide.

A buyer brought a property for Rs. 1,00,00,000/- and deducted TDS Rs. 1,00,000/- and paid to the government under 26QB.

Now there were two joint holders of sellers A & B. Now While filing and payment of Rs. 1,00,000/- TDS PAN of seller A was filed and not of B. That is instead of Paying 50,000/- with PAN of A and 50,000/- with PAN of B. The Buyer only paid Rs. 1,00,000/- with PAN of A.

Now I need to rectify the same. What is the procedure?

One suggestion I received was to pay Rs. 50,000/- more with PAN of B and then Apply for rectification for Rs. 1,00,000/- paid. Lastly after the rectification File for Refund of Rs. 50,000/-.

Can someone guide be to the whole process? How much time will it take and How much a CA will charge for doing the said procedure.

Note: The case is from Mumbai.

If I bought an unlisted equity security in 2003 I would not have paid STT as STT is paid only if security is purchased through recognized stock exchange . But now when I sell the security in 2023 , it is listed and I pay STT on transfer. But section 112A specifically says that it is for listed equity shares on which STT was paid BOTH AT ACQUISITION AND TRANSFER . So now how will 112A apply to my securities? Or will section 112 apply instead?

Further I would also like more details about STT and how it is applied.

Thank you .

Hi Team,

We have a client who is a Professional claiming exemption under Section 44ADA for his Professional Income. He also owns a house in his home town of Lucknow for which he has taken Home Loan and claiming deduction under Section 24 for Interest Paid on Home Loan and for Principal under Section 80-C.

Since he is living away from his home town in Delhi on rent of Rs 10000, we want to claim Home Rent Paid of Rs 5000/0 Per Month under Section 80GG apart from Interest of home loan which he is paying as above.

We need to know whether he can claim both deduction in respect of Home Loan and Sec 80GG simultaneously in his ITR or will the system stop us from claiming one of them.

An urgent help in this regard will be highly appreciated.

With Regards,
Manik

As I understand, If I gift some money, e.g. Rs 1,00,000 to my major son, any income generated on this money will be taxed in the hands of my son.

As my son has his other sources of income, namely, salary and income from investments, he might gift some money e.g. Rs 50,000 to his mother, i.e. my wife.

My question is whether these two transactions together might be seen as indirect gift from me to my wife and will these attract the clubbing of income provisions?

Are there any suggestions on how to safely carry out such gifting transactions so that we are not inadvertently violating any income tax rules.

Suppose house property (jointly owned by husband and wife) is let out with one time lease amount for 10 years instead of monthly rental, how to calculate the income from house property for FY 2023-24 under new tax regime.
There is also loan taken for the house property in the name of joint owners. What are the tax implications for both?

When computing capital gains, the interest under section 24(b) from which the interest solely related to loan on acquisition or construction is deducted from cost of acquisition. Similarly, interests under sections 80EE and 80EEA are deducted.

My question is- Do they all have to be in the same previous year or can the deductions availed under these sections in any previous year be deducted from cost of acquisition in the year of transfer? That is, should all deductions of interest availed till year of transfer be deducted from cost of acquisition while computing capital gains?

Thank you.

DEAR SIR,

ONE OF MY CLIENT DOING VIDEO AND PHOTOGRAPHY BUSINESS ITS HIS FULL TIME BUSINESS WORK AND ALSO HE PURCHASED 16 WHEEL TRUCK BY BANK LOAN.

HE RECEIVED RENT FROM THROUGH BANK ACCOUNT SO CAN I CONSIDER THIS INCOME AS FROM OTHER SOURCE OR BUSINESS INCOME IF OTHER SOURCES CAN WE DEDUCT EXPENSES LIKE DEPRECIATION, DRIVER SALARY, DIESEL EXPENSES, TOLL, PARKING EXPENSES, VEHICLE MAINTANANCE. WHERE TO DISCLOSE THIS EXPENSES IN WHILE FILING ITR.

WAITING FOR YOUR GUIDENCE

THANK YOU