Hi,
I sold a property in April 2026, which was acquired by my grandfather in 1956, no buy/purchase deed and purchase cost is available

I am unable to get FMV Certificate from valuers as it is very rural property and valuers ask for heavy fee which is not affordable (in view of transaction value)

My grandfather died in 1970, and father died in 1993 & I am a senior citizen

I sold my share of the property in April 2026 for Rs 8 lakhs

Now I want to know can I assume purchase price at Rs 1 only as of year 1956, and claim Rs 19000 towards renovation during year 1993

Can I get indexation benefits on Rs.1 or Rs. 19001 as above, I have already invested Rs 7.1 lakhs in REC Capital Gains Bonds, is it enough or i should invest full amount of Rs 8 lakhs. Further, I have STCL (on sale of shares) during same year of Rs 1 lakh

Pl suggest what to do in this case
Thanks in Advance 🙏

Whether the Assessing Officer was justified in denying deduction under Section 80P(2)(b) of the Income-tax Act, 1961 merely because the appellant had inadvertently claimed the same under Section 80P(2)(f) in the return of income, despite the appellant being otherwise eligible for such deduction?

Company formed private employee fund.
For this purpose company yearly deduct certain amount from employee salary & company add his double contribution ( double of employee contribution ) in welfare fund.
Can we claim company's ( employer ) contribution as expenses in profit and loss account as per income tax act. Also what is the implication regarding gst

Respected colleagues,
I would like to seek clarification regarding the determination of the cost of acquisition of a property for capital gains purposes.

The property was originally purchased in 1997 as agricultural land and was subsequently converted into residential plot after obtaining CLU approval. The property was sold in October 2025.

In this regard, I have the following queries:

1. How should the cost of acquisition as on 01.04.2001 be determined?
Whether the same should be calculated based on a valuation report obtained from a Registered Valuer or through any other suitable method as per the provisions of the Income Tax Act.

2. If a valuation report from a Registered Valuer is obtained, whether the report should reflect:
the Fair Market Value (FMV) of the property as on 01.04.2001, or (Because FMV is always higher)
the Circle Rate/Collector Rate prevailing on that date.

3. Since the property was agricultural land as on 01.04.2001 and was converted into residential plot at a later stage, whether the valuation report should be prepared considering the nature of land as:
Agricultural Land, or
Residential Plot.

4. As the valuation report will be prepared during FY 2026-27 for a property sold in October 2025, kindly clarify whether the provisions of the Income Tax Act, 1961 or the Income Tax Act, 2025 would be applicable for determining the valuation and computation of capital gains.

You are requested to kindly suggest the most appropriate and legally acceptable approach so that we may proceed accordingly.

Regards

One of my relative Senior Citizen Age 72 yrs(F) having Family Pension up to Rs. 3,00,000/- p.a. and Interest on Fixed Deposit up to Rs. 30,000/- p.a.. She has submitted form 15H/G every year to the Bank having Fixed Deposit.
In FY 2023-24 Bank Deducted TDS on Interest on Deposit up to Rs. 8000/-. Can she filled ITR return to claim Refund of TDS deducted . Is there any Penalty/ Late Fee Charges for filling Return of more than One years.
Please advise.

We have submitted all the documents to TDS circle officer they told after 15 working days Challan will show in our System. Then they immediate transfer from PAN to TAN.

Please confirm they told 15 days. In goggle the time shown 7 days.

A CLIENT RUN A CSP BRANCH OF STATE BANK OF INDIA HE WITHDRAWL CASH FROM BANK AND DISTRIBUTE TO THE ACCOUNT HOLDERS OF CSP ACCOUNTS
DEPARTMENT SEND HIM NOTICE TO EXPLAIN THE REASONS OF CASH WITHDRAWL
HOW TO MAKE REPLY TO NOTICE

Can educational trust in india buy luxury car on its name?

Sir,
one of my friend has daughter . She is stay in Canada. She has currently getting income from rent Around 45,000 per year in India . She become Canadian citizen with in 2 month.
let's me know
1. If any problem after become Canadian citizen , she earn rental income in India.
2. best tax plan method which one .
Please advise
with regards
Binu

tax year 26-27 me tds on rent in non-audit case, tds amount on rent payment - monthly or yearly.
agar monthly hai to challan me point no. 6 me is the income tax being deducted due to the end of the tax year or due to end of the tenancy- ye do option kyu aa rahe hai?
and no. 7 me bhi total amount of rent credited / paid during the tax year aa raha hai, but no.7 me total amount of rent credit/paid in last month aa raha hai.