If one residential property is Purchased on 29-May-2024 and another residential property sold on 18-Mar-25(both residential property owner is same). i.e. both transactions are in same financial year.

please suggest what will be the income tax implications.

Thanx

what is the due date for filing of income tax returns of a pvt family trust?
itr form no.?
the trust has been formed on 31/3/2025
documents reqd
what is the bascis exemption limit for trust

Hello Accounting Experts,

Kindly assist me with the following Purchase transactions entries comes under which head in accounting Direct Purchase or Indirect Expense, in a machine manufacturing company ?

1) Hardware Components Such as Screws, Bolts, Nuts, Fasteners, Washers, Etc.

2) Purchase of Paints, Varnishes, Solvents & Thinners, Etc

3) Millstones, Grindstones, Grinding Wheels, Sand Paper, Etc.

4) Welding Rods / Electrodes

5) Lubricants such as Machine Oils, Gear Oil, Hydraulic Oil, Cutting Oil, Grease, Etc.

Please let me know if you require any additional information from my end.

Your insights & guidance would be greatly appreciated

Thank you for your time & support

in schedule BP,A3, receipts credited to profit loss account considered under other heads of income cannot be greater than the total receipts offered in schedule P&L

please check the value entered in SI.NO. A3 of schedule bp

Whether Updated return can be filed after receipt of notice u/s 142 (1). Since assessee filed ROI without disclosing capital gain for the Asst. Year 2024-25. Assessee ready to pay tax and file updated return. Meantime assessee received notice u/s 142 (1) request to produce bank statement and other supporting documents. Updated return can be filed to avoid penalty

Dear Sir,

Mr A is a share trader. He is preparing proper PL BS for his share trading business. While filing his Income Tax return, where to show the sales value of shares in P&L section of ITR ? as Sale value of Products/Goods or as Sale value of services?

Please guide.

Thanks & Regards,
Suraj

Sir,
Request someone, please advise

My wife's mother left a flat, in which she invested 30 lacs. Now the other parties agreed to give the 1/3rd.share ( cost only) ie. 10 laks in my wife's account and not any appreciation on the flat. Is it taxable? Do we have to pay tax on this amount. And, are the other parties have to give any affidavit stating that this amount is the share of investment.
Thanks

Shailendra Kumar

I have received commission of 32 lakh in financial year. How much deduction can I claim in filing ITR

Dear Sir/Madam,

I have doubt that Person A has transfer shares to his wife account.
example
A bought Rs. 2 lac shares and he has transfered this shares to her wife account.
when he transfered at that time shares value was Rs. 3 lac.
Her wife has still not sold this shares.
Does Mr. A has to pay tax on ( STCG/LTCG ) 3 lac - 2 lac = 1 lac ?

Immovable property (Land & building) sold on 29th October 2024. Capital gain portion after indexation invested wholly in 54 EC bonds. But, when I fill up the capital gain schedule, it's not allowing me to avail both indexation benefit and investment in 54EC both. If I change the date of transfer to June, there is no Capital gain which attracts tax. Please guide.