MR. A HAS SOLD A RESIDENTIAL PROPERTY IN F.Y. 2022-23 WHICH WAS RECEIVED BY HIM AS A GIFT IN F.Y. 2021-22. HOWEVER, MR. X WHO GIFTED THE PROPERTY TO MR. A ALSO RECEIVED THAT PROPERTY VIA GIFT IN F.Y. 2021-22.

NOTE: THE GIFT TRANSACTIONS DISCUSSED ABOVE ARE BETWEEN BLOOD RELATIVES.

QUESTIONS:
1) WHAT WILL BE COST OF ACQUISITION FOR ARRIVING AT THE CAPITAL GAINS FOR MR. A GIVEN THE FACT THAT THE PREVIOUS OWNER (MR. X) ALSO RECEIVED THAT PROPERTY AS A GIFT?
2) WHAT WILL BE THE PERIOD OF HOLDING TO BE CONSIDERED FOR CAPITAL GAINS CALCULATION IN CASE OF MR. A?

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Say, I have bought an asset for Rs. 12 Lakhs on 1 December 2022. The expected useful life of asset is 1 year. Where the asset is shown in balance sheet on 31 March 2023?

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My daughter's current status is NRI and she is having an NRO account in India. Can I being his father deposit say Rs 2 lacs in her NRO account as a gift. Are there any tax implications on both of us from point of view of the status of giver being RI and beneficiary being NRI? Do I have to do any documentation for this?

Sir.
Can get LUT for human recuitment export service. Fund will get from Dubai.job interview and visa process is down in India.
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Dear Experts,

If a commercial property (currently in name of individual) , 50% ownership of the same is transferred to his wife as gift without any consideration, will it be taxable in hands of wife or husband? Required stamp duty on registration of the gift deed will be duly paid

Please advice

Regards,

We received a notice regarding Discrepancies in the FY 2017-18 returns. The department has raised a demand for tax for the returns filed in the 1st quarter of 2017-18. reconciling the same we found that the order is correct and liable to be paid. However, the reply was not submitted by the due date and we are yet to pay the tax. My query is how do I pay it off now that the due date has passed?

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i have taken input claim for car purchased in feb 2018.i have got notice in june 2023 asking for penalty almost double the input claimed. i have not got any notice earlier . my auditor has also not informed in any financial years about this.how can i get waiver off.
kindly help