Respecting Sir/Madam,

"Sale of Agricultural Land in Rural area is not a Capital Asset" so no capital gain tax is applicable.

But,
1) Whether Sale consideration is accepted in the mode of 'cash' ?
2) if, in case " mode of cash is acceptable", Whether he can Deposit the cash in Bank?
3) The client wants to sell his 5 acres of agricultural land in rural area @ Rs.15,00,000. but stamp duty value is Rs.10,00,000.

Whether he can Deposited in Total amount of Rs. 75,00,000. in his bank account or he can only Rs.50,00,000. and also is there any tax complications.

4) Whether he can Receive Total amount of Rs.75 Lakhs in a mode other than cash WIthout any tax impacts.

Please give me proper advise.

RESPECTED SIR
HIGH VALUE TRANSACTION ALREADY INCLUDED IN ITR RETURN FOR AY 23-24 AND RETURN ALREADY PROCESSED. IS IT NEED TO RESPONSE E CAMPAIGN NOTICE? ASSESSEE IS A LIC AGENT. IN E CAMPAIGN NOTICE IT IS MENTION THAT IF HISH VALUE TRANSACRION ALREADY ACCOUNTED IN ITR THEN IGNORE THIS MASSAGE.

We filed returns correctly for the A.Y.2023-2024. But, we got below mentioned error for every Educational Society / Trust claimed exemption u/s 10(23C)(iiiad) for the A.Y.2023-2024. Please suggest us.


Income due to disallowance of exemption under clauses of section 10 entered at Sl. No. 1(e) of Schedule OS is less than the difference between the "Gross receipts" in Sl. No. 3 of Schedule IE-4 and exemption claimed in Part B2 of Part B TI. Hence, the amount mentioned at Sl. No. 1(e). 'Income due to disallowance of exemption under clauses of Section 10' in Schedule OS is recomputed accordingly.

Plot of land purchased in FY 2008-09 and sold in FY 2020-21. The sale receipts were deposited in capital gain account and Sec 54 deduction was claimed. Subsequently the assessee dropped the idea of constructing the new house and it was decided to withdraw the amount from capital gains account in FY 22.23, necessary capital gain tax is paid. Now how to show this amount in return of income.

Hello,

Below are facts of my situation:

1. I booked a under construction property in FY 2018-19 jointly with my wife.
2. Loan in joint name.
3. Total purchase price is Rs.1 cr. Funded through - bank loan Rs.30 lacs, myself Rs.50 lacs and my wife Rs.20 lacs.
4. Property registered in FY 2022-23.
5. TDS for payments to builder from FY 2018-19 to 2022-23 are reflecting only in my income tax account.
6. Both of us received e-campaign email. For both of us it shows transaction amount as 1 cr and number of parties as 2.

Questions:

1. Should we correct the transaction amount for self as Rs. 50 lacs. Add another row, select 'information belongs to other pan', update spouse's PAN and mention Rs.50 lacs for spouse? Do this in the account of each of us?
2. or should confirm that information is correct for both us? But in that case, will it not duplicate the amount. Also my wife's ITR is smaller than me.

Greatly appreciate your help.!

Dear Sir
How much is the tax relief in the case of the following scenario ?

Fy 23-24
Gross income-10 lakhs
Deductions-pf 1.5 lakhs and housing loan 1.5 lakhs and standard deduction 50000
Gross total of arrears of fy 22-23 received in fy 23-24-4 lakhs
Deduction of pf from arrears-1 lakh


Fy 22-23
Gross income-7 lakhs
Deductions-1 lakh pf and 50000 standard deduction


Old regime is opted in both the years

Sec 78 and Sec 79 speaks about Set off and Carry forward of Loss in case of
i) change in constitution (Retirement/Death of Partner) and
ii) Closely Held company
The above sections talks about Business Loss ( I checked in bare act too)
My query :- Does speculative loss also included in above Business loss meaning? Do we need to calculate share of retired partner in speculative loss and carry forward remaining partners share in loss.
Or Do we need to ignore speculative loss in total and Firm cannot carry forward as Business loss in bare act means only normal business loss.

Under which head should the maturity gains be shown- capital gain or other sources. specifically under 56(xiii), ulips are excluded for determining income from other sources so it should be treated as capital gains only, but definition of capital asset does not explicitly cover these kind of ULIPs. They only cover ULIPs not exempt under 10(10D) because of fourth and fifth proviso.

As part of business group consolidation process, the investors are decided to form a holding company and transfer their shares to the holding company. The transferred number of shares includes shares acquired by them via bonus allotment, in this case as part of share transfer to holding company is there any capital gain impact for investors

Sir,

If total income exceeds Rs 50 Lakhs,, it is mandatory to disclose the details of moveable and immovable assets in AL Schedule of ITR-2 along with liabilities incurred in relation to such assets. Hence following queries :-

1. Is this schedule refers to only those assets and liabilities which are located /existing/situated in India and is mandatory to disclose , if income exceeds threshold limit of RS 50 Lakhs ,irrespective of residential status of an individual ?

2. Is schedule AL of ITR 2 is mandatory for individual NRI, to disclose his Indian Assets and Liabilities even if his total income is below threshold limit of Rs 50 Lakhs ?

3 Is Total Income limit of Rs 50 Lakhs , is only applicability condition of this schedule AL .irrespective of residential status of an individual .

Pls guide urgent.