My IT return for FY 2017 - '18 included the following house properties:

House A - Self-occupied, purchased with housing loan,
House B - Deemed Let-out, purchased with housing loan

The scenario during FY 2018 - '19 is:

House A - sold in Jun '18, resulted in Long Term Capital Gain of Rs. 15 lakh,
House C - purchased in Aug '18 for Rs. 30 lakh with own contribution of 3 lakh and housing loan of Rs. 27 lakh,
House B - remains Deemed Let-out.

In view of the above, can you please let me know the following information?

1. Cost of C was higher than Capital Gain from A, and C was purchased soon after sale of A. Although C was purchased with housing loan, hope I can avail the capital gain exemption under Section 54 (as per many judgments of tribunals/courts). Can you please confirm the same?

2. Agreement date for House C (ready-to-move) was 10/07/2018, major/full payment date 25/07/2018 and possession date 04/08/2018. Registration not yet done due to some issues at developer's end. Which date should be considered as date of purchase/construction? Is it possession date or some other date? Can section 54 exemption be availed even if registration not yet done?

3. House A was self-occupied for 3 months before its sale and House C self-occupied for 8 months during the FY.
I am not sure if I need to show both House A & C in 'Income from House Property' head for IT return FY 2018 - '19 i.e. AY 2019 - '20. Shall I consider House A as self-occupied and House C deemed let-out? Or, can House A be deemed let-out and House C self-occupied, as Gross Annual Value is much higher for House C (and hence more deduction if it's self-occupied)? House B is deemed let-out as before.

this is for my one client.....



ITC as per GSTR-3B Rs.485452/- but ITC as per GSTR-2A Rs.124580/-.  now what i do.

my dealers says that already we file GSTR-1 so we are not revise that purchase details (dealers file without entering my GST number in GSTR-1).

A partnership firm has a turnover of Rs 2.50 Crores during FY 2018-19. They wish to opt for filing return U/s 44AD. What books / documents they have to keep ready for Audit?

If an resident assessee of India has business in Australia and he earns profit there.
How to disclose this transaction in Income Tax Return.

Hi
Every One

our ultimate final product is tax free goods, first we have show ITC on purchased in GSTR 3RB, and then reverse same in said GSTR-B for the financial year 2017-18

My questioned is that whether we need to show ITC on Purchas in Table No. 06 of GSTR 09 and then reversed In Tabale.no. 07

DEAR SIR KINDLY HELP ON THIS MY CLIENT INCOME FROM 1.SALARY IS 1200000. 2.CAPITAL GAIN FROM STOCK MARKET. SPECULATIVE EQUITY GAIN = 40220 SHORT TERM EQUITY LOSS = -290280 LONG TERM EQUITY GAIN = 110552 SO TOTAL LOSS IN STOCK EXCHANGE IS 139508.. ON THE OTHER HAND HE RECEIVED DIVIDEN FROM EQUITY TRADING AS ABOVE IS 110520 AND FROM MUTUAL FUND IS 296600. NOW QUESTION IS 1. AS PER READING SPECULATIVE GAIN ON INTRA DAY WILL BE REPORTING IN BUSINESS INCOME AFTER DEDUCTING EXPENSES RELATED TO.ITS BUSINESS INCOME? 2.SHORT TERM AND LONG TERM GAIN LOSS IS EQUAL TO -179728..(-290280+110552).. UNDER CAPITAL GAINS. 3.AND DIVIDEND FROM TRADING OF SHARES AND MUTUAL FUND IS 407120.IS EXEMPT FROM TAX?

Read more at: https://www.caclubindia.com/experts/income-from-shares-2758414.asp

The buyer was expected to deduct 20.8 percent TDS from the seller an NRI. He omitted or ignorant to deduct the same. The transaction was completed without TDS on 8th July 2019 However the discrepancy was noticed by the seller and immedietly tried to set things right but could not do. However the seller remitted the TDS amount as ADVANCE TAX 17th July 2019 to Income Tax authorities in order to comply with the norm.of IT authorities.

Please guide as to the implications on the above.

What are the possible solutions while filing GSTR9 for the following scenarios:

1. Amount disclosed in books as purchases : NIL
but availed Input tax credit of Rs 45000 each for CGST and SGST in GSTR3B.

2.Amount auto populated in GSTR2A is lesser than the amount in GSR3B.(All the purchases were eligble for ITC)

3.Amount of purchases are different in books, GSTR3B and GSTR2A.

Dear Sir,

I have question regarding Income tax, One of my client (Nilesh) inform me that he has one joint account with their another two friends. for example, Joint account consist of Amit, Suresh and Nilesh. My client inform me that all the payment deposited in Joint account was in the name of Amit and suresh. There is no direct involvement of my client. He inform me during the F.Y 2018-19, The total receipt was 480000/- ( In the name of Amit-240000/- and suresh 240000/- against salary received from any other private limited company.) My client inform me that he has withdrawal authority provided by bank and he has withdraw Rs. 480000/- during the F.Y 2018-19 which is not belong to him. My client has a pan no. and other two member not have a pan number. So my question is that who will be liable to pay income tax on the income of Rs. 480000/- which is not belong to him but he only withdraw and utilized it. Whether it is compulsory to show income by amit & suresh by his friend but they have not pan number. So my question is that whole income of Rs. 480000/- which is not belong to my client , it is compulsory to show income by my client and pay income on that amount. So please advise me.
Thanks & Regards
Vicky Narad
9271388736

Dear All,

One of my client has file Income tax return in below mentioned ITR
AY 2014-15 ITR4
AY 2015-16 ITR4
AY 2016-17 ITR4
AY 2017-18 ITR3 (Profit shows more than 8 %)
AY 2018-19 IRT3 (Profit shows more than 8 %)

Now Can in file IRT 4 for AY 2019-20?
Is there any restriction of 5 Year Section 44AD of Income Tax Act, 1961?