Client has purchased A.C on 29-03-2022 and he has opted Composition Scheme From 01-04-2022
Can he take benifit of ITC on A.C. ??

Sir,
I would like to clarify some doubt regarding Investment of Long term capital Gain.
Whether full Exemption available in the following scenario? or Only Reinvestment in Land and building only available
i.e. Mr. Venu sold the property(Land & Building) in 1st Mar.2022 for Rs.2.5 Crore and arrived LTCG for Rs 1.27 Crore .If he invest Rs.80 Lakh in Land & Rs.50 Lakh in REC Bond , can he claim both investment U/s 54 or only one allowed as Investment ?
2.Whether he needs to pay Advance Tax against LTCG ?
3.In case he invest Rs.80 Lakh in vacant land by 31.7.2022 and started the construction , whether he needs to invest the remaining amount , in CG A/c Scheme ? or he can keep the amount in his hand to manage the construction

Hello

Property purchased in 1990
Went under redevelopment in Jan 2022
Assuming we will receive the OC in 2024

Case no. 1- In the year 2021-22 – No capital gain tax
Case no. 2 - In the year 2024-25 – again no capital gain tax as redeveloped property is received within 3 years.
Case no. 3 - So now only capital gain will be taxable in the year in which the redeveloped property is sold.
In case no. 3- Cost of Acquisition will be indexed cost of purchase taking base year as 2001 till 2022.

Am I right?

1. A person owns a two bedroom flat in a co.op society.
2. The conveyance deed has been executed. Hence the land ownership is with the Society.
3. A builder approached the Society and offered 30 % additional area to each existing flat owner, if the Society enters into a Development agreement.
4. In addition, the builder offered Solar panel system, battery back up for the lift, rent for alternative accommodation, and shifting charges.
4. There was no offer for any other monetary compensation, except where a flat owner opts for not availing 30 % area offered by the builder.
5. In such cases, will the provisions of Sec.45(5 A) apply attracting capital gains for any flat owner,either opting for additional 30 % or accepting compensation for NOT availing 30 %.
Your views are solicitated, preferably with decisions of Court.

What about UPAS LC? Should it be required to book the UPAS payment in the book as well? UPAS payment is not in our control. Confirming Bank discounts the bill with some other banks and disburse the payment to beneficiary. LC liability lies with confirming bank until it matures. And upon maturity if i do not book the liability to to my book, will that be a problem which may trigger restatements of the previous accounts?

Hi ,Could you please provide clarity on acceptance of virtual address as address for the purpose of registration of a company by MCA /any other statutory body?

Thanks in advance.

Building Owner giving a building on rent to the tenant (Hospital) and Collecting Rent Rs. 48,00,000/- yearly as per rent agreement signed by both parties.
Building Owner is unregistered in GST and Demand raised against Building Owner but who will be liable to pay that amount. The landlord demanded from Tenant but Tenant said Landlord didn’t issue an invoice to him and Hospital paid rent as per the rental agreement.
Who will be liable to Pay GST Demand?

While issuing a GST invoice what tax we will charge if invoice is billed to a registered person but shipped to a unregistered person. states are different for both persons.

We have an unregistered Association of Persons(AOP) having PAN in the name of the Association.
In our Agreement of Association of Persons, there is no mention of holding Annual General Meeting . Can it be held now without the amendments of the Agreement?[lease suggest.

Hi

Can anyone help me with the following queries?
1. Flat purchased on 1.5.1990 went into redevelopment in Jan 2022.

Will there be any Capital gain arising in the F.Y 2021-2022 where the flat was surrendered to the builder?

TIA