One client have 40 lac business income and 30 lac professional fees income . Can client file 40lac income in 44AD and 30 lac in 44ADA in ITR-4 form?

Gift received (i.e. immovable property) from relatives without consideration should be recorded at which value (i.e. either Stamp Duty Value at the time of gift received or Cost of the Previous Owner) in the receiver’s books of accounts?

IN FY25-26 if my total income, including LTCG, is below 12 lacs. (87A rebate of Rs 60k) Do I have to pay LTCG tax? .can LTCG be offset against the shortfall in total income, and 12 lacs . LTCG is 9 lacs. other income below 3 lacs?

Section 64(1)(iv) His & her spouse
Section 64(1)(vi) Daughter-in-law
Sir

As per section 45 (1) Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54, 54B, 54D, 54E, 54EA, 54EB, 54F , 54G and 54H, be chargeable to income-tax under the head "Capital gains", and shall be deemed to be the income of the previous year in which the transfer took place.

Capital gains from property received by gift or will are calculated based on the cost of acquisition by the previous owner, as per Section 49(1) of the Income Tax Act.

Calculation of capital gain:

Capital Gains = (Sale Price - Cost of Transfer - Indexed cost of acquisition - Indexed Cost of improvement) x Applicable Short Term/Long Term Capital Gains Tax rate.

Sir
Can Capital gains from sale of property received u/s 64(1)(iv) & section 64(1)(vi) (house property transferred to his or her spouse and Daughter-in-law otherwise than for adequate consideration) be clubbed as per section 45 (1) or clubbed as per section 64(1)(iv) and section 64(1)(vi) with the income of transferor?
Regards
K M Goyal

Imps payment can be made to vendor through current account as per income rules? It's payment for business purposes

What remedy is available to the assessee if the rectification request filed u/s 154 against the Order of CIT (A) was not disposed within 6 months, the limit prescribed u/s 154(8) ?

RESPECTED SIR, I WANT TO KNOW THAT MY INCOME TAX CASE UNDER SECTION 142(1) FOR THE FINANCIAL YEAR 2020-21 VIDE ITS NOTICE DATED MAY 2025 AND IN THIS NOTICE AO FACELESS ASKED TO PRODUCE THE CASH BOOK , BALANCE SHEET PROFIT AND LOSS ACCOUNT, CAPITAL ACCOUNT FOR THE FINANCIAL YEAR 2019-2020.SIR CAN THE ASSESSING OFFICER DEMAND TO PRODUCE THE ABOVE SAID DOCUMENTS FOR THE YEAR 2019-2020, BECAUSE AS ON 31ST DAY OF 2025 6 YEAR HAS BEEN COMPLETED. THANKS

Sir,
Tax audit f.y.24-25 due date September -25 or extended dec-25.

Mr. X has a plot in his books of accounts which was shown as stock in trade. Now, If Mr. X has relinquished their rights against his relative of this plot. Is it valid?
1. It should be treated as capital gain or stock in trade?

Hello All,

We are the importers of Industrial Machines .

We have received Rs. 19.00 lac USD 22 k from our offshore vendor under P1006

How to account for it and under which section is TDS payable.