Hello CAclubIndia Team:

I bought a plot of land some years ago and sold the same last year. Since I am an NRI, I had to travel from my overseas residence every time during (a) Booking (b) Registration (c) Negotiations and (d) Sale.

Can I include my travel cost (airline tickets) / Hotel stay in the cost of acquisition and sale?

Also, if I paid my CA for applying for Form 13, can that be included in the cost as well?

Regards.

One of my clients (SANSTHA) has not filed a return till now. Suddenly when the committee changed, he received a notice which assessed his donation of Rs. 50 lakhs for FY 2015-16 with a demand of Rs. 70 lakhs along with 30% tax and penalty on the total income. After that, he filed the return for the year 2023-24 for the first time.

He does not have 12AA & 80G
Is there any way to remove the penalty or to reduce the penalty to a minimum?

Dear Experts,
My client is Exporter, his almost 90% importers asked him for under billing. In this scenario how to manage the amount other then commercial invoice.

Pls suggest
Thanks
ASAP

I sold an apartment in a 30-year-old building after holding for 23 years in April 2025 to cover my daughter's marriage expenses. Can I show improvement costs after indexation to reduce LTCG? I had about 8 tenants during this 23-year tenure. For every new tenant, I got the apartment freshly painted with minor plumbing works like changing taps, doors, and commode, etc. Can I take these expenses for improvement costs?
During 2002, before occupying the apartment by doing a vastu pooja. I made a few alterations to the walls and included the balcony in the master bedroom to get more carpet area. Can these costs be included towards improvement?
Please advise In detail?

I’m converting a partnership firm into a private limited company. The firm has capital of Rs. 2.5 Cr. After conversion, can the company be incorporated with authorised capital of Rs. 10 Lakhs and the remaining Rs. 2.4 Cr treated as an unsecured loan from the partners (who will be directors/shareholders)? Will this affect the exemption under Section 47(xiii) of the Income Tax Act?

Dear Sir,

We would like to bring to your kind attention an issue related to a High Seas Purchase transaction carried out during the financial year 2016–17.

At the time of filing the Bill of Entry (BOE), our Customs House Agent (CHA) inadvertently inserted our AD Code (i.e., the buyer's AD Code) instead of the original importer’s AD Code. As a result, the BOE reflects our AD Code, although we were not the original importer.

Due to this discrepancy, our bank is reflecting pending entries in the ORM system, and is levying charges of Rs. 1,000 + GST per BOE for the same.

We kindly request your guidance on the following:

Whether it is possible at this stage to request an amendment in the BOE to reflect the correct (original importer’s) AD Code.

We would appreciate your support and direction on how best to proceed in order to resolve this issue and avoid further charges from the bank.

Hii..
My son is 2 years old. Usually during festival and other occasions he get gift (money) from relatives. Can i open bank account in his name and deposit cash in that account and use that money for LIC in his name?

Will it be clubbed in parents ITR?
Is their any other better investment option for children's?

WE OPTED IN 44AD SCHEME
AND PURCHASE GOOD FROM MSME
SO THIS SECTION WILL APPLY OR NOT
THANKS IN ADVANCE

I want to know if company can pay employees fuel reimbursement and internet reimbursement as allowances outside of cost to company. What is maximum permissible amount that can be allowed as reimbursement to employees?
Can company reimburse employees cab or auto expenses instead of fuel reimbursement ?

Our business has obtained a separate GST registration for a business vertical that was previously part of the existing GST registration. From the date of the new registration, we have commenced billing under the new GST number and have transferred all existing stock to the new GST unit.
In this context, all the assets pertaining to the new unit are currently vested with the old GST registration. Is it mandatory to transfer these assets to the new GST registration? If so, what will be the GST implications on such a transfer?