Hi,

I have a query regarding capital gains tax. I sold my father's property (my father is no more) around 1.5 years back, for which the capital gains comes around 20 lakhs. I sold my apartment around 8 months back, for which the capital gains comes around 15 lakhs. I have bought an apartment 5 months, which i will be taking possession in Jan 2015. The cost of the apartment comes upto around 60 lakhs. So, I want to know, whether the total capital gains (35 lakhs) can be shown as investment being made for the apartment, which i bought for 60 lakhs.
It would be helpful, if you could please clarify the same.

Thanks & Regards,
kumar

How to fill in the ITNS 280 challan for a deceased person? The IT department has raised a demand pertaining to AY 2003-2004 & 2006-2007 for a person who expired in March, 2014. The last Return was filed for AY 2014-2015. My query relates to the old demands which have been raised by the IT Department:

a) What name should be mentioned in the ITNS-280 challan? The name of the deceased person on whom the demand has been raised or of the legal representative/heir?

b) If we have to mention the person's name in the challan, should we write/type the name as ABC or (Late)ABC? Is the prefix "(Late)" essential/advisable?

c) Should the deceased person's PAN be mentioned or that of legal representative/heir?

d) Minor head code 400 is to be mentioned. Is this okay?

e) The AY to be mentioned on the challan will be the AY for which the demand has been raised, that is, AY 2003-2004 & 2006-2007 respectively. Right?

f) It is better to make online challan payment so the question of "who should sign" the challan does not arise.Right?

g) Once the payment of both the amounts has been made, will the CPC (which has sent Intimation u/s 245) automatically come to know that the payment has been made? Or, will we have to take copies of the challan acknowledgements, make covering letters and submit the same with the "Jurisdictional AO" to get the demands nullified? (26AS for AY 2003-04 & 2006-07 are not available; hence I'm referring to the challan acknowledgements.)

Many thanks for your advice.

I am handicap person and i have handicap certificate of civil hospital.

If i liable to pay professional tax?

gold include the assessable value under wealth tax or not

I have paid interest to a non banking Company in 2013-14.But I don't have TAN during the period.Later for filing my IT I want to claim this expense,so I applied for TAN and i get my TAN on September 2014.Later I have filed my TDS return for the FY 2013-14 Quarter wise(paid the interest also for late payment).Then there is a notice received from the TDS Department to pay 200/day for Late filing of TDS Return. Actually i got my TAN only on September,paid the TDS and filed the return on that month too.Now what should i do to waive this penalty and avoid prosecution from the Department.

Hi Friends,

One of my friends has not filed ITR returns for last 3 years.He was a salaried person in f.y.11-12. He quit the job to start his own proprietorship business in the middle of the year. As his total income was below taxable income he did not file tax return for 11-12.
In f.y. 12-13 he started a new business and suffered a huge loss in the year and did not file the IT return.From some business transaction TDS deducted was around Rs.5000.
In f.y.13-14 , he changed the nature of activity in view of the losses suffered by him in previous activity and TDS deducted in this year is around Rs.50000.


In view of the above , please suggest 1.whether he should file IT returns for all these years now?
2.If yes,under which section for each year?
3.Whether the Assessing officer will allow carry forward of loss suffered in the year 12-13 to the next financial year keeping in mind that it was the first year of business operation in spite of non filing the return for the year till date.
4.Can he claim refund of TDS of 5000 as he has suffered loss for the year 12-13, as taxable income was nil.
5.In f.y. 13-14 , He has not changed the name of the business and is continuing the same VAT registrations for the newly started activity. He wants to change the name of the business now ,what formalities ,procedures should he follow now under diff. acts?
6.What will be the nature of queries raised by Assessing officer in this case?

Without paying tax i file the return as tax payable. but now i paid the tax. what is the procedure whether i file rectification or revised return. Please reply as soon as possible.

r partners separately liable for tax when they have already paid it from their partnership business?? will it nt amt to double taxation if the ans is yes??

I am a small farmer. recently my land was taken by the Central Government and TDS was charged when payment was made. I don't have taxable income. How can I get back the amount of TDS by filing online? I have created an account in https://incometaxindiaefiling.gov.in. But then I could do nothing.

Can a assessee claim life insurance premium
paid for his grandson u/s 80c in his IT
Return. Thanks . K H Mahajan