Hi All!

A client of mine invested in a housing project and had paid most part of the cost of the flat after taking loan from bank. The housng project however could not be completed and the builder failed to deliver the completed flat to the client.
Letter of allotment however was issued to him at the initial level itself while entereing into the agreement.
My client and others filed a case in court and after about 7-8 years, the court issued orders that the cost of the property along with interest at 8% p.a. be returned to my client and others like him by the builder. So, my client received a big lump sum amount which included original cost of the flat plus interest for all the years together.

My query is that how should this amount be treated for taxability in his Income tax return?

- Should the total amount be taxed in the year of receipt as revenue receipt or should this be treated as capital receipt?

- Should I ignore the cost of flat part and just show te interest part as income?

- What should be the tax treatment of this interest part- revenue income or is this a capital receipt since it is related to a capital asset.

- Should not this interest part be bifurcated over all the years to which it relates and then taxed in the return of each such year thereby reducing the tax burden on my client?

There was a court case also which can be applied here, some experts have pointed this out on the caclubindia forum earlier:-

- https://www.caclubindia.com/forum/will-compensation-received-from-builder-attract-cgas-377748.asp

- https://home.kpmg.com/content/dam/kpmg/pdf/2014/01/Subhas-Chandra-Parmanandka.pdf

Would request all members and experts to help me out here.

Thanks in Advance!

QUERY
IN CASE BILL; TO AND "SHIP TO"PARTIES ARE DIFFERENT THEN HOW CAN E WAY BILL AND INVOICES BE GENERATED IN ORDER TO KEEP THE IDENTITY OF ACTUAL SELLER AND RECIPIENT CONFIDENTIAL TO MAINTENE THE BUSINESS.
EG; MR A (SELLER) BILLS TO MR B(BUYER) ON WHOSE INSTRUCTIONS GOODS ARE SHIPPED TO MR. C (RECIPIENT) NOW IN THIS CASE HOW THE E WY BILL AND INVOICES ARE TO BE GENERATED IN ORDER TO KEEP MR. A AND MR. C IDENTITY CONFIDENTIAL SO THE BUSINESS IS NOT EFFECTED.
KINDLY ,REVERT ASAP.
THANKS

Dear All
Company had 2 directors ( A & B). Company appoint one additional director (C) on 21/02/2017.
Company hold EGM and altered Name & MOA filed MGT 14.
On 15/04/2017 A resign.
On 15/05/2017 company appointed D as additional director.
20/05/2017 B resign.
Now as from 20/05/2017 onward company had only two additional director.
How company can hold AGM and pass resolution at AGM as additional director holds office till date of AGM.
Please advise what is the best course of action.

We have sold property in Dec 2016 capital gain tax has been fully paid in March 2017. The related Ay is 2017-18. Somebody has told me that the due date was 31st July 2017 for the said IT Return. Till what date the said return should be filed so that there should not be attracted any penalty on filing of the said return.

Sir,
I want to know the legal provisions relating to requirement of filing of IT returns a religious trust registered u/s 12A. Also whehter building construction fund received is taxable or not?



Thanks in advance.

Sir, my doubt is do we require to deduct TDS on food bills inclusive of GST if it exceeds the limit? If so on entire bill amount or exclusive of GST TDS to be deducted

I am a composition dealer.I made an interstate purchase of Rs 37500 .Rate applicable for the item is 28%.It was made after 13/10/2017.So whether i hav to put this amount under 4C(B2BUR).if this amount is put under this whether i have to pay Rs 10500 as reverse charge tax. I read that Reverse charge for purchase from unregistered party is postponed.So in GSTR 4 which sheet i have to put this details??

A manufacturer (X) who manufactured the bakery items having a own shop which was given for rent to his son (Y) for doing the same business.They have separate registration in GST. Now the query is can a manufacturer sell their products directly to the customer with out arising invoice in the name of business conducted by his son through that shop by fixing the swipe machine registered in the name of 'X". i.e all receipts were went to "X" with respect to their manufacture products. In this regard any provisions prescribed in GST Rule?

Good Day
We have received the product in a manufacturing company ( Machinery Parts), with the invoice mentioning for replacement , now the previous parts we are returning and the replacement parts taken.
Now the previously received parts is to be returned vide generating invoice or only challan ( not for sale).
Where as the replaced parts invoice not entered for accounting reason the full set machine already included the parts value.
what will be the correct procedure only challan will work for replacement ( No Cr. / Dr. note required).

Thanks
Mukesh

Dear Expert,
I have booked a flat in under construction property on which I paid service tax to builder. Now builder is buying back his property from me. He is providing Service Tax certificate to me and saying to collect the same from Service Tax department. Is it OK for me to collect the same from department on the basis of certificate.

Please advice on urgent basis.