Hello,
I bought flat ~12years ago @16L and sold in FY 2021-22 in 40Lacs.
Sold property was Jointly owned by Me & my mother.
This sold transaction entry of 40lac (SFT-012) came in 26as & AIS of both me & my mother.
 
I need your help to understand,
Question 1 : while filing ITR how I need to show this
Option 1 - both me & my mother need to show full 40L
Option 2 - me & my mother need to show 20L each.
 
Question 2 : how the buy price needs to show for both the buyers
Option 1 - both me & my mother need to show full 16L
Option 2 - me & my mother need to show 8L each.
 
 
Question 3 : After 4/5 years, I have paid VAT charges of ~32000
How this can be shown in ITR to avail Tax benefit (with indexation)

Question 4 : I had some legal issues with my Tenant, who sublet my property to someone else.
In this case I had paid 25000 as lawyer fees.
and at the end paid 1 lac rupees to person staying in my flat to vacate.
How this 1 lac & 25 thousand can be shown in ITR to avail Tax benefit (with indexation)

 
I will be obliged If someone can help me on this.
 
Thanks

Mr. A sold a piece of land to Mr.B for Rs.3,50,000 on 17.06.2022 and entire payment was made in cash.
Please advise whether Mr. B would be liable for contravention of s.269T of the Income Tax Act, 1961 and liable for penalty u/s 271E ?
Whether Mr. A would be liable for contravention of s. 269SS and 269T both

IF A PERSON BEING AN INDIAN RESIDENT OPENS A COMPANY OUTSIDE INDIA THEN WHAT WILL BE THE TAXABILITY IN HANDS OF THAT RESIDENT AND IN HANDS OF THAT FOREIGN COMPANY AS THERE IS NO BRANCH OF THAT COMPANY IN INDIA. BUT THE OWNER OF THAT COMPANY IS RESIDENT OF INDIA.....

SIR,
It assessee chit fund monthly amount paid rs:50,000/- * 50 instalments total rs:25,00,000/- paid. if amount received rs:23,60,275/- from chit fund company.
Query:
Assessee differance amount show procedure in accounting books and treated in it returns.

Hi Sir/Ma'am,

I'm filing my ITR3 and getting the following error during validation. The "Gross Dividend" detail was prefilled.

Dividend Income must be equal to 1a(i) of Schedule OS - DTAA of Dividend - System calculated value of Interest expenditure u/s 57(1)] of Schedule OS

Dear Sir,
we have purchase one office in 1st August 1988 for Rs.318500 in the name of Partnership firm . We are getting Rs. 1,60,00,000 if we should sale it
Market value in August 2001 was Rs. 9245000.
what would be capital gain tax ?
If we should build new building or purchase new office would cost around Rs. 1500000 in partnership firm, can we save capital gain tax ?

Thanks
Girish

Hi Sir/Ma'am,

I'm a salaried person and I do intraday equity and I've STCG. I'm filing ITR 3 and while confirming "Nature of Business" schedule, I'm getting the following warning.

At least one Business Code is mandatory either in Schedule Nature of Business or at Point 61 (44AD Table) or Point 62 (44ADA Table) or Point 63 (44AE Table) in Schedule Profit & Loss A/c.

Dear Sir,
I am salaried employee (resident Indian). I had gone on foreign trip through travel agency. They have shown TCS of Rs. 6938 in my 26AS on total tour package expense of Rs. 138760. Is this TCS refundable? How I can show it in my income tax return and claim refund? Please advise.

Assessee got land settled from his father in 2021. Father had got the land on 31.10.2018 via court order on account of legal dispute with brother. (It belonged to assessees grandfather who did not leave a will. ) During the course of legal proceedings, valuation by govt surveyor was obtained in 2013. For computation of cost of acquisition, can the fmv obtained in 2013 be considered and index it to 2021?
Assessee sold the land in July 2021.

Dear Expert,

Could you please provide me some education on the subject with an example....

Thanks & Regards