The Case of Mr. A and the Redevelopment:

In the case at hand, Mr. A owns two residential flats in XYZ society, which underwent redevelopment through an agreement with Mr. B (Builder). In exchange for his two residential flats, Mr. A is set to receive two residential flats in the newly constructed building. Mr. A has diligently fulfilled all legal compliance and GST liabilities. Notably, during the redevelopment phase, Mr. A found a buyer for one of his residential flats, resulting in a sale agreement with Mr. C (purchaser).


Key Questions:

1. Is Mr. A liable to pay any GST on the sale of the redeveloped flat to Mr. C?
2. Is Mr. C required to pay any GST on the purchase of the flat from Mr. A?

one client Paid 100EUR out of india, for publication of his article in the magzine .
what purposed code and RBI code have to file in 15CA. and 15Cb is require for this due to amout not more than Rs. 5 Lakhs .

Hi
Anybody has a project cost and financial projections workings to make a decision on Takeover of another university and construction of Building.

Client has been served a show cause notice u/s 148A (b). Upon checking on the portal it was noticed that the return for AY 2020-21 was not filed.
Kindly let me know how to proceed in answering this notice. Also let me know the penalty that would be charged

Hello Friends,

I am 38 years old and the father of two young loving daughters.
Apart from the regular investments, I also invest in unlisted equities and startup seed funding.
To date, I have made these investments in my name. Off lately I had a thought to set up an LLP with my wife and do these investments (unlisted equities and startup seed funding) through this LLP entity instead of an individual name.
A few of the raw benefits that I can see of channelizing them through LLP are,
1. Easy management of these assets (since the returns are received after a longer tenure)
2. Easy transfer to kids
3. Arm length distance from these investments
4. In case any unforeseen event happens to me, the family knows the holding entity and it will be easy to get control. (That's why I mentioned the father of two daughters in the beginning)
These thoughts might be incorrect or incomplete as well.

From the vast experience of esteemed members of this group, I would like to understand if I should continue making investments through a personal route or should I create an LLP or should I opt for any other mode?

Thanks.

As per section 285BA of the Income Tax Act 1961 & under rule 114E of the Income Tax Rule, 1962. It is mentioned under SFT 005 that "One or more time deposits ( other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year of a person" shall be reported to Income Tax Department.

Does it also apply to transactions on NRE accounts as these are non-taxable? I understand @CA R SEETHARAMAN had mentioned that there are circulars from IT department to confirm these don't have to be included for reporting by the bank but haven't found them myself.

Anyone can point me to the circular?

Sir,
Demand raised for inoperative PAN (Pan not linked with Aadhaar on the date of filing TDS return). Now PAN is linked to Aadhar and status of Pan is operative.
Do we need to pay total tds @ 20%. Or since PAN is operative now, can we file correction statement without paying 20% tds. Plz guide. This is for 26Q for Q2 of FY 203-24.

Dear Sir,

Please guide us on the rejection of the ITC claimed in GSTR 3B filed beyond the prescribed limits mentioned u/s 16(4) of CGST Act. The interest & late filing fees were paid along with Form GSTR 3B. A notice is received from the dept rejecting the ITC claimed and the payment of this ITC.

Can an assessee challenge this further? or he has to pay these ITC??
Kindly guide.

Regards,
Suraj

Please suggest me good book which should be practiced for CA Inter May 2024 Exams in Cost accounting

dear sir

i filed individual itr-1 for ay 23-24 on 30.06.23 and forgot to mention long term capital loss in the same
now i am trying to file updated return-2 under 139-8a using the income tax utility it is giving me following error:-
string does not match pattern pls advice