Hello,
suppose I am proprietory concern and filed Tax audit report and I am paying rent exceeding 50000 to resident person for residential use then tds to be deducted under what section 194 I or 194 IB ?? should I deduct TDS @ 10% or 5%

Please reply

Part A: I bought a property from a builder at 1.5 crore. After 3 years I sold it at 2 crore. As the property was still under construction at the time of sale and a pending payment of Rs 40 lakhs, the buyer paid me 1.6 crore and remaining 40 lakhs would be directly paid to builder as per demand schedule.

Q. A.1 : The buyer deducted 1% TDS on 1.6 crore on my side. The argument is that since he is paying me only 1.6 crore, he would deduct TDS on amount paid to me. The remaining TDS would be deducted from the builder as and when he is making payment to builder. Is it correct to deduct TDS on 1.6 crore or should the TDS be deducted on full amount 2 crore?

Q A.2 : In Capital gain calculation what should be my buy value and sell value. I assume following. Please correct me if I am wrong
Buy Value : Indexed cost of 1.1 lakhs (Indexation based on date of payment of each installment)
Sell Value : 1.6 crore (As seller paid me only 1.6 crore and deducted TDS on same amount).

Is my calculation correct? Or do I need to show sell value as 2 crore and buy value as indexed cost of 1.5 crore

Q A.3 I want to claim exemption under section 54F. Do I need to invest 1.6 crore or 2 crore to claim full exemption?

Part B: I purchased another under construction property at price of 1.52. I paid Rs 1.26 to seller and remaining 26 lakhs to be paid to builder later. There is also expected expense of about Rs 10 lakhs for registration and Rs 15 lakhs for interiors.

Q B.1 Assuming I do not put any amount in Capital gain account, for section 54F, on what amount I can claim exemption. Is it only 1.26 that I paid to the seller or should I use 1.52 the total amount I paid to purchase the property or 1.77 total cost + expected registration cost + expected interior cost). If I show as 1.77, how things work if actual expense on registration and interior is less than 25 lakhs determined at a later date

Q. B.2 If I can not use 1.77, can I put remaining amount in capital gain account and use this account to pay for remaining amount to builder, registration cost and interior.

Q. B.3 Can I also claim 54 EC by investing in certain bonds in addition to section 54 EF

An assesee has paid Interest on hsg. loan Rs.325000 in F.Y.22-23 , Loan Sanctioned date 5-4-22, on Single House Loan Amount Rs.35 lakh, Whther he can claim the said interest under both the sections ? i.e.u/s.24 (Rs.2,00,000) & 80EEA (Rs.1,25,000)?

Is TDS applicable on court stamp fees

The Assessee has given their plot to Develop to a builder under a Registered Joint Development Agreement executed in the year Apr 2021. The said plot was purchased in the year 1980.

Query:

Should the Assessee take the Fair Market Value or stamp duty value as on 01.04.2001 for the purpose of calculation of capital gain?

Thanks & Regards

Respected Experts,

While preparing Financial Statements of one of my friends Prop Business, i observed that he has erroneously omitted few Sales Transactions in GST, which resulting variance between IT Turnover and GST

It is a Non Tax Audit Case

Since we are declaring 100 % Actual Sales in Income Tax, will there be any consequences for the variance happened in GST?

Kindly advise

Respected sir
Could you please ascertain LTCG in the following case
land purchased in 2006 (6.50 ares )--Rs.300,000
sold 2.23 ares in 2012 --Rs.600,000( for constructing house(partial)at a cost of Rs.14 lakhs
Renovated the house in 2018-19 at a cost of Rs.30 lacs
Sold the house property in 23-24 for Rs.75 lakhs
Brokerage--Rs. 2 lakhs
Please also inform how to save LTCG
Thanks in advance

MY CLIENT INADVERTANTLY PAID RS 3937490 INSTEAD OF RS 39374.90
TDS ON 07.5.2023 FOR MONTH OF APRIEL U/S 194Q
NOW HE WANT TO TAKE REFUND IMMEDIATELY
HE COMPLAINT THE BANK THE BANK ASKING ABOUT THE NAME OF BANK OF INCOME
TAX DEPARTMENT AND IFSC CODE
WHERE TO GET THE DETAIL OF THE BANK AND ALSO
HOW CAN REFUND BETAKEN IMMEDIALTELY AS INVOLVE THE BIG AMOUNT

Dear Experts,

What will be the Deprecation rate for solar power plant as per
Income Tax Act,1961.
Companies Act,2013.


Also whether the company claim the additional depreciation of 20% as per Section 32(1)(iia) of Income Tax Act,1961.

Pl clarify

Respected Sir, I had tried too many times to fill up and then upload the above forms offline mode (as advised) but each time message shows " do not fulfill the object". I used Windows 10 (all are up to date). Is the above form in order or defective? Kindly let me know your valuable direction to do the needful. Regards, Tarak Kumar Roy, 150/1/1, Banerjee Para Road, P.O. Naihati - 743165, West Bengal.