Sir, An NRI assessee who has sold long term capital assest otherthan Residential House situated in India, is claiming exemption under section 54F. He has one residential house in India and one residential house out-side India, as on the date of transfer of long term capital asset. 54F restricts the benefit only for those having one house property. Because the assessee is having one house property in India he intends to claim the benefit of section 54F and contends that his having one house property out-side India also at the time of transfer of capital asset, though amounts to owning more than one house property, will not come in the way of claiming the benefit of Section 54F. Whether 54F benefit can be claimed by purchasing / constructing one house property in India withing the time allowed, even though he is having one house in India and one house out-side India, with the contension that, he does not own more than one house property in India. Thanks in advance.

Experts, please provide your opinion on the below query:

In table A3 we have 2 columns,
(I) Total gross amount paid/credited with respect to the holding during the period. (Dividend, interest etc.)

(iI) Total gross proceeds from sale during the period.

For converting the foreign currency into INR, is it accepted if I use the previous month closing rate with respect to transaction date.
Say transaction date for above two cases is 13 March 23. For converting to INR I apply the closing month end rate for February.

Query No 2.
In the same table, we have a column Initial value of investment:
Does the initial value of investment include brokerage paid on shares?
Eg: share price 10 X No. Of shares 100
Gross payable 1000
brokerage 50
Total payable 1050

Query No3.
In the same table gross proceeds from sale or redemption of investment.
Should I deduct the brokerage paid from the sales proceeds and report?

I apologize for the above silly queries, but a second opinion gives me comfort that I am not misreporting any information in ITR

is salaried person can file 139(8a) under 115BAC for FY 2022-23 return previously not filed

A pvt. ltd was incorporated in 2015. Initially in INC 1 for name availability A Partnership firm was taken over and the pvt ltd co. was formed. But while submission of INC 7 in the MOA the taking over of partnership clause was by mistake not taken. This has come to our knowledge now i.e. in 2024. Can any one suggest is there any way to rectify the same please.

Kindly revert urgently.

Hello Sir,
I am Salaried person and coming in 30% tax slab.
My mom is pensioner and her income is not taxable . We are filling ITR for my MON from last 8 years.

I have Open FD (of very Good amount) on my mom name with her bank name. Because of 2 reason to get more interest rate for senior citizen and to save some tax on FD Interest (30 % vs 0 or 5% as income is not taxable).
But I have some where heard that if you open FD more than 10 L in 1 calendar year then income tax may send notice to you and ask source of Fund.
In My case will it cause any issue ? If such notice receive to my Mom can we tell this amount transfer from account holder's son ?

Dear Experts,

The assessee has purchased 1000 shares of company A in 2010. The company got demerged in 2023 and 1000 shares of company B(demerged entity) were issued. The assessee sold shares of company B in FY 2023-24 resulting in long term capital gain on listed equity shares.
What would be fair market value of shares of company B as it was not listed separately before 31/01/2018? FMV of original company is to be taken as a whole or as per the demerger ration of original company and demerged company?

Please guide.

Thanks

Buyer belongs to sikkim, billing address is also sikkim but ship to address is Delhi.
In this case I consider igst or cgst & sgst.

If someone is retired person in India and having Pension + Interest Income in India.
And Also he moved out of India and having Income in Out of India

So if he files his Income Tax Return in India should he need to show NRI Income in India

I AM A CENTRAL GOVT EMPLOYEE AND RECEIVED LEAVE ENCASHMENT WHILE IN SERVICE. MY OFFICE DEDUCTED 30% INCOME TAX ON THE AMOUNT PAID TO ME AS LEAVE ENCASHMENT. CAN I CLAIM DEDUCTION UNDER SEC. 89 FOR THE INCOME TAX DEDUCTED. KINDLY CLARIFY.

URGENT CLARIFICATION PLEASE

I paid the last installment of 15L for 84L property. While filing 26QB
Chose last installment
I wrote in the installment -15L (Previous paid 69L)
Total consideration -84L
Stamp value -1.1 Cr

I paid 1.1L TDS via Challan (calculation based on cricle rate). Builder was paid 14L
My TDS was deduced as 1L based on circle rate but 16B only show 40k and 70k I can see as unclaimed

Pls advise
I understand I might have to amend 26QB
Should I put as Lumpsum 84 and Circle rate 1.1 Cr. I don't recall last set of TDS payments as was done 10 years back. Risk is that IT might to me as actually have not paid 84L but only 15L

Pls urgently help as am clueless