I have Agricultural Land close to main road of the town. Now i want to develop commercial complex over there after obtaining NA permission.
I have intention to sell these commercial shops after receiving BU permission. Hence no issue of GST remained.

Now i have two option to avail for income tax treatment

Option 1:- I need to convert Capital Assets i.e Land or Fully constructed Complex in stock in trade then make sale as goods.

Option 2 :- Sale of each commercial shop as a Capital assets.

Which option is should i go ? If any other option available for Income tax treatment then please inform.

Dear Expert,

Can anyone confirm that how much cash deposit savings account and salary account in a financial year? As per income tax point of view.

After the death of mother can son take the debtors and creditors of mother and receive collections and make payments on her behalf after her death. As bank account to be closed after the deaths of mother. Whats happens to collections and payable of business.

Mr C is son of Mr. A and Mrs B. Mrs B expired Mr A already has pan under HUF status now Mr C wants to apply status as kartha and continued business of Mrs B. can Mr C take HUF Pan when fathers HUF pan is continued and he is still alive

We don't file 10IC for A.Y 2021-22, but my consultant opted 115BAAA sectiion at the time filing.
for this reason huge amount demand by I.T department.
What should we do against this.

dear sir
while validating correction statement of Q4 for the FY 2011-12 the following error messages displays "T_FV_6262 Invalid count of section 194P detail record "
Kindly provide suggestions for the above query
Thanking you in advance

I have lost my original PAN Card. What is/are the procedures to get another PAN card from the Income Tax Department ? I want to apply offline / physically through NSDL - TIN Facilitation Centres. Please help.

Best regards

Hi,

will company put the gratuity and PF amount in Form 16 when they give it after retirement?
if yes then how it will be excluded from income tax.

Thanks.

Trust registered under 10AC as per finance act 2020 is for which permission is granted up to A.Y.2024-2025 being registered provisionally which is again required for re registration.

Mr X sold his house for 40 lakhs
after indexation (long term) he got 26 lakhs as capital gain
he wants to invest in new house
New house value 60 lakhs
bank agreed to give loan 48 lakhs and he will use 12 lakhs from capital gain amount

is he now eligible for Section 54 deduction in capital gain because he is using 12 lakhs only out of his gain 26 lakhs???