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

income is 8% and no interest is claimed only elgible salary/remuneration to working partners claimed, in this case can we file ITR without tax audit

what would be the journal entry of short income tax refund received for FY 2022-23.
Please rely with example.

Refund of current AY 2023-24 is being adjusted AY 2010-11 without intimation even though there is no tax payable.
There are no proper or timely reply when replied to outstanding demand.
This has been happening with many client

Q1 Can the files dating 12-13 years back be opned
Q2 Asuming that there is no tax payable or demand for previous years how can we recover the adjusted refund. Kindly tell me procedure

Thanks in advance

If Professional person Opts for 44ADA in income tax then in second year of filing of Income Tax Return can he opts out ? In business, person opting 44AD in one year has to follow the same system for next 5 years. Is there any clause like this in professional person ?

a person stayed in india in FY 23-24 for 20 days, prior to that he was permanently residing in india. Now in FY 23-24 he is earning income from dubai..will it be taxable in india?

One of My Client mortgage his property to a lender . he received cash amount Rs 50 lakhs and IT investigation wing seized his cash during survey . What remedies avilable to release the said amount