Respected sirs
My client is nominee to capital gains account scheme in which his brother deposited the capital gains money to claim exemption. Being only brother, he nominated my client in the account to pass over the proceeds in case of any eventuality. Unfortunately due to covid he passed away. My client being nominee approached the bank for the funds to be transferred to his deposit account in the same bank. The proceeds are not intended to be utilised otherwise. The nominee intends to purchase a property. The deposit was made in July 2019 and have some more time for purchasing property. On being approached the banker handed over an application to my client, in which amongst other information, approval of original jurisdictional income officer approval is required. When my client approached the ITO, he said that the department has nothing to do either the bank can release funds to the seller on behalf of nominee or tax to be paid @ 20%.
My question is under section 159 of income tax legal Representative is liable for assessment and tax . I quote the section
Legal representatives.46
159. (1) Where a person dies, his legal representative shall be liable to pay any sum which the deceased would have been liable to pay if he had not died, in the like manner and to the same extent as the deceased.
(2) For the purpose of making an assessment (including an assessment, reassessment or recomputation under section 147) of the income of the deceased and for the purpose of levying any sum in the hands of the legal representative in accordance with the provisions of sub-section (1),—
(a) any proceeding taken against the deceased before his death shall be deemed to have been taken against the legal representative and may be continued against the legal representative from the stage at which it stood on the date of the death of the deceased;
(b) any proceeding which could have been taken against the deceased if he had survived, may be taken against the legal representative; and
(c) all the provisions of this Act shall apply accordingly

Thus the section clearly envisages that, which the deceased would have been liable to pay if he had not died,

The statutory time is not yet expired and some more time is left and the nominee is not willing to take away the money but to deposit the same at the same place under the same scheme.

I request your kindselves, to advice, whether the transfer of proceeds to my clients account requires approval from ITO and whether the same amounts to closure of the earlier account

Thanks and regards
Subrahmanyam

Dear Experts,

My organization had turnover of less than 10 Cr. in previous year, if we have not received declaration u/s 194 Q from buyer ( we have not confirmed whether they will deduct TDS).

Now, we are liable to charge TCS or Not , as in previous year my turnover is less than 10 Cr.
If Buyer will deduct TDS there is duel taxation ?

EPF A/c remains active for three years after retirement and keeps earning interest.
Please tell me about taxability of interest earned or received if amount is not withdrawn on retirement but kept deposited for the 3 years of grace period.

Dear Sir,
Kindly inform if Knee Replacement is taken in CGHS empanelled hospital ( empanelled for treatment of central govt. servant self and family members) then does Income Tax apply if reimbursement is made by the employer about Rs.2 Lakh.

Secondly, does CGHS empanelled hospital comes under purview of section 17(2) of IT Act.
Regards

Hi All

Sale as per 3B and 1 are different as one of the sales invoice has been cancelled after filing GSTR -1.
Can details be modified while filing GSTR-3B.

Thanks in advance.

Sir,

Could you please explain the procedure of filing additional grounds of appeal before the CIT(A)? The circumstances in which one can or cannot file additional grounds of appeal? And a sample format of the same..?

Return of income of charitable society filed for asst year 2019-20. Return processed u/s 143 (1) (a) with demand due as 12 a registration not available. Application for 12 a registration was rejected as details called for not submitted in due time.
Can the society apply for fresh reign u/s 12 a? What are the options available for the society? Can it file an appeal disputing the processing of return and rejection of 12 a application on the basis of covid 19 situation?

Dear Sir,

If I am earning a rent income of suppose Rs. 52,000/- a month from an individual person then is it mandatory to deduct TDS on this amount. The property is in the name of 2 persons.

Is there any way to avoid the tds compliance?

Regards,
Divyesh Jain

we ( mywife first holder and myself joint holder eventhough i have not contributed any money ) had bought a flat for Rs 8 lacs in 2000 in pune. now we want to sell the same which may fetch around Rs 50 lacs .due to pandemic we are not getting a buyer for our rate but we want to buy another flat in pune only which is costing around Rs 80 lacs. now my query is if we buy the new flat from our savings now and sell the old flat later shall i get exemption from long term capital gains when we sell the old flat if yes within what duration we should sell the old flat to get the benefit of incometax on long term capital gain . if tax is payable ,do both of us have to pay incometax on long term capital gains or only my wife as my contribution was zero in buying that flat. also whether the new flat has bought in the same names and same order(my wife first holder and myself joint holder) as per the old one if we want to claim the tax benefit .

Sir

We have received an Invoice for an amount of Rs.52 Lacs which is prepared by our Vendor on 19.03.2021(Invoice Date 19.03.2021) against our Purchase Order. Now we have to release the payment in July 2021. whether TDS u/s 194Q is applicable? he also claimed TCS @0.075%.
Our company's turnover is more than 10 Crores hence, not liable to pay TCS as per the New Provison.
pl. advise.