Dear sir

1) One client has land and building purchased in 1974 and 1.4.2001 value as given by SRO adopted. Falls under Sec 54F

2) The landover enters into Joint venture agreement in 2022 whereby total 5 units to be constructed, out of which 3 will go to owner and 2 will go to developer

3) 3 units for land owner got constructed by Developer for a cost of Rs7,80,00,000


4) Developer sold 2 units as UDS of vacant land during oct 2023

5) Consideration for landowner being

a) Monetary consideration Rs ,40,00,000
b) Sale of 2 UDS given to Dev Rs 1,00,00,000

Total Rs 1,40,00,000
6) Investment made

3 units involving construction cost Rs 7,80,00,000

7) Apparently the full value consideration invested in new building hence it would be exempt

8) In Sec 54 , if the entire sale consideration is invested in purchase/construction of one residential house within a period of 1 year before or 2 years after purchase and for construction 3 years.

9) My question is, since the client got 3 units as a consideration will he be hit by one residential house that one can buy/construct under sec54F

A NRI who have capital gain in sale of house in india and purchased an apartment in india and availed exemption u/s 54. NRI assesssee's father originally purchased the house in 2000 and by family partition during 2016 the NRI assessee got the above said house and sold it during Fy 2022-23 and same year purchased an apartment and claimed exemption u/s 54. He is a resident of United kingdom. He wants to file return of income in uk, He wants market price of sold house to file return their and compute capital gain in UK. During partition in 2016 the stamp valuation of the proprty is 25,00,000. I want to know cost of acquisisiton to be adopted in UK 2500000 or market value to be arrived by fixing registered valuer and find the value in the year 2016. In India we take previous owner value. The assessee says in UK the cost of acquisition to be considered only on the date when the assessee is owner of the propery.

Sir/Mam,

we are proprietor concern we required Tan No. What are requirement of documents to apply Tan and what is procedure, plz kindly explain

Thanking you,

I have booked a flat Jaypee wishtown Noida in 2010 for basic cost of Rs 47.5lakh. Subsequently, in betwen payment GST made applicable. Till date I paid approximately 49lakh in phases till 2017.(Say equal amount each year for simple calculation)
It is still not complete. I want sell it for appx 100lakh. What will be in incom tax liability.

I(having professional income) had opted for 115BAC for FY 21-22 by filing form 10-IE but the scheme was rejected due to return filed after due date.For FY 22-23 the return was again filed under 115BAC and the details of form 10-IE were also provided in the return.However we received the intimation calculating the tax as per old scheme and now have a tax payable.Please provide guidance

IF INADVERTANATLY ITR-V HAS NOT BEEN SENT WITHIN 30 DAYS SO NOW UPDATED RETURN FOR FINANCIAL YEAR 2022-23 CAN BE FILED WITHOUT VERIFYING EARLIER RETURN ?

Sir,
There is lot of opinions that how a resident individual can send money abroad to his " Specified Relative '.

A ) It could be a direct transfer thru bank to bank a/c abroad of a NRI Specified Relative under LRS
OR
B) Resident individual can also gift money to a close relative NRI vide a cheque or net banking to his NRO account in India, subject to overall limit of USD 250,000 in a financial year. The NRI can take out the money already lying in his NRO account subject to a limitation of USD 1 million per financial year.

Hence following queries:-
1 Which of the above alternates is correct.
2. Is there any prescribed limit beyond which alternate ' B ' is required to be adopted
3 Is there any difference if amount is transferred as ' Maintenance ' or ' Gift '.

Pls guide.

Respected Sir/Madam,
Anyone have format of agreement between buyer and seller covered under MSMED Act........Latest update in section 43B under Income tax act ?

IF INCOME TAX RETURN IS NOT VERIFIED WITHIN 30 DAYS OF FILING ITR AND THERE IS NO CONDONATION REQUEST AVAILBALE IN PORTAL AND THERE IS HIGH VALUE TRANSACTION NOTICE RECEIVED FROM DEPARTMENT
THEN FIRST HIGH VALUE TRANSACTION REPLY TO BE GIVEN OR INCOME TAX RETURN TO BE VERIFIED?

I paid ITR challan US 234F which should be paid US 140B
how can resolve please suggest