Hi Expert, I have sold my residential flat and arise a LTCG of rs.25 lacs after considering index cost of acquisition. I have an another residential flat in the joint name with my father. Can I purchase the share of my father in residential flat by paying rs.25 lacs and claim deduction u/s 54 and save LTCG. Please reply.

Sir,
A partnership firm purchase of new car .but car purchase value show name of one of a partner name car
partnership firm used purpose.
Question:
Above transactions purchase of car show in firm account or partner individual account books in it act.

I have heard that if a person files income tax returns regularly and he passes away, then IT department gives his nominee claim of average income of diceased person. Is it true? If yes, then how can it be claimed?

Sir,
It assess source of income details mentioned below
1.salary income from private institute rs:1,20,000/- yearly
2.rental income from residential property rs:60,000/- yearly
3 rental income from commercial property rs:1,20,000/- yearly
Question:
Assess commercial rental income transferred and show in it returns to wife or huf allowed in it act.

Kindly clarify the following:

Case 1. Sales consideration received from 01-04-2020 to 30-09-2020 : INR 1 Crores
Sales consideration received from 01-10-2020 to 31-03-2021 : Nil
Amount of TCS?

Case 2. Sales consideration received from 01-04-2020 to 30-09-2020 : INR 45 Lakhs
Sales consideration received from 01-10-2020 to 31-03-2021 : INR 1 Crores
Amount of TCS?

Is it advisable to take all the receipts from 01-04-20 to 31-03-2021 for calculating the threshold for section 206C(1H)?

Is it advisable to show TCS on invoice or issue a debit note whenever threshold limit crosses?

Sir,
Sec 44ada it returns filed professional income person gross receipts rs:10 lacs 50% income declared rs:5 lacs show in it returns and house expenses rs:1,50,000/-
Question:
Assess rs:10 lacs income -expenses rs:5 lacs -1,50,000/- house expenses remaining balance amount Rs:3,50,000/- cash deposit in bank account correct procedure.

Is the Form 10A available in the new income tax website? How to upload this Form?

As per my understanding after reading on section 44AD.

Business with a turnover of less than 2 crore can avail benefits
of sec 44AD. (Excluding commission, agency and plying).

I trade in FNO my turnover is around 1.5 crore,

Can I Declare my profit @ 6% i.e., 9 lakhs and pay tax accordingly.
Whereas my actual profit is around 20 lakhs.

What to do in such a case. Please Advise.

Thank you.

Hi,
The assessee has paid entire consideration on 31.12.2014
The sale deed is dated 31.3.2017
Physical possession is taken by the assessee on 31.3.2021

The question is: if the assessee wish to sale this property on 30.6.2021, whether he is liable for short term or long term capital gains.

As per your advised, revised return of income u/s 139(5) submitted on 31/05/2021 AGAINST Original return u/s 139(1) WHICH was submitted on 06/09/2020 for the A.Y. 2020-21 BUT non furnishing B/S and P/L a/c , it was defective as per CPC but in this regard I did not receive any notice U/s 139(9). Despite several request to the CPC through e-Nivaran - original or copy of notice did not send to me. Lastly you advised to submit said return u/s 139(5) - as per your valuable advise I submitted return U/s 139(5). But PRESENTLY I AM UNABLE TO OPEN THE NEW PORTAL TO KNOW THE DECISION OF THE CPC. Kindly advise. Regards, Tarak Kumar Roy