A owns multiple houses. He sells 2 houses in this financial year and has capital gain on both. He had purchased a house in last financial year with in a period of 12 months of the sale of first house, so he takes benefit of sec 54 against capital gain on first house sold. He buys another house in next financial year and invests capital gain on second house in the new purchase. Will he get benefit of sec 54 on investment of the new purchase made in next financial year, being investment made with in 2 years of sale?
I think the answer is in negative, reason being, Capital gain on both houses has arisen in the current financial year and must be offered to tax this year. The benefit of sec 54 can be taken this year, while offering capital gain to tax. Sec 54 benefit is on purchase of ONE property only and not on 2 properties, and is not separately for each property i e not property wise with in a financial year. Please advise if I am correct?

While calculation for exemption of House rent allowance in our office, there is confusion about addition of Dearness Allowance (DA) received by employee in total salary. Before, 7th CPC HRA is admissible based on Basic Pay plus DA but in 7th CPC, HRA is admissible only on Basic Pay. Some office has calculated exemption limit of HRA based on salary excluding dearness allowances received by employees but in some office Salary+DA is taken for computing exemption of HRA. In view of above, kindly enlighten whether both salary+DA is to be taken for computation of HRA exemption or only Salary is to be taken as HRA is admissible only on Basic Pay under 7th CPC for Central Government Employees.

Sir,

I want to know whether 40A(3) disallowance was applicable to a Charitable trust in case of Donation Payments. Whether identity of each and every person to whom donation paid was adequate in case income Tax. whether any legal issue for receiving anolymous donation.
In case when a TV was purchase from a third person and the same will be donated to another person, how accounting entry can be passed.

My client want to get a Personal Loan of Rs. 20 Lakhs ,Bank officials said that his income should be 10 lakhs to get a loan,he is a director and owner in a pvt company and that is his only income he gets,but his income comes around only 4 lakhs ,he wants to me show this as a 10 lakhs ,But tax liability comes around 1.2 lakhs now how i should i reduce the tax liability and which ITR form i need to file

Sir

Can the tax on long term capital gain on sale of industrial land be avoided if the amount is reinvested in the purchase of another industrial land or there is some other way to avoid this tax on long term capital gain ? Kindly advise.

Regards

HDFC Securities Ltd profit and loss statement shows (date wise) that the amount of Rs. 85822.68 has been paid/credit into my bank a/c as dividend but F/No.26AS shows that dividend amount is 87356.68. Mostly this is happened due to TDS U/s 194. Will I have to be taken Rs, 87356.68 as dividend income and this amount would have to be entered in quarterly break up? Kindly let me know also from what dividend (Rs.85822.68 or 87356.68) deduction of interest expenditure U/s 57(i) to be allowed? Kindly send your opinion so that I will able to submit ITR-2 for the A.Y. 2021-22. Regards, Limpa Chakraborty

Dear experts,
I need advise on below :
1. if my supplier add TCS in his invoice after july 2021, TDS deduction on purchase above 50 lk is is compulsory ?
2. if TDS is not deducted, whether expenses will get disallow.
advise

I invested in FD in wife name from my income. my queries are
1. interest on interest of FD is it required to be clubbed with my income?
2. As int on FD reflected in wifes 26AS it has to be shown in her ITR apart from my ITR where I show the int in clubbing provision. But it will also be shown in wife ITR as reflected in her 26AS. Where to show in her ITR ?

Suppose X paid the profession fees on behalf of company y to Mr z for Rs 11800(10000 basic and 18% as IGst ).
Mr x failed to deduct the tds .now the question is that while making reimbursement to x .we have passed this following entry.

Profession fees A/c Dr. 10000
Igst A/c. Dr. 1800
To. Z. 10800
To tds payable. 1000


Z A/c. Dr 10800
To X A/c. 10800

What about Rs 1000 which is paid extra by X to z. Who will collect Rs 1000 fromZ. And rs 1000 is less payable to X is right .pls resolve


Regard

Sir,
TDS was deducted from Bank interest and Mutual Fund Dividend in FY 2019-20 and it is shown in Form 26AS . As TDS does not come in my Income range , it will be refunded . But at last page of online efiling ( ITR 1) in new apps , TDS is shown ZERO , Tax payable zero and tax refundable zero . I have not submitted return finally. In old apps of Incometax efiling return there was no such problem . Please advise me what is the solution in my case.

With regards,

Sudhir Saha