There was an ancestral property of around 75 years back which was inherited. There were 8 inherited co-owners as the family was very large. Property sold 5 years ago by 1 of the co-owner who was having the largest share. However, proportionate sale proceeds transferred by that co-owner to others only on FY 2022-23. The largest co-owner did all the transaction but did not share the sale documents with others due to family disputes.

Hence, the following information is not available to the other co-owners for LTCG calculation:

1) Value of property as per stamp valuation property not known

2) Fair market Value of 1.4.2001 also can't be calculated (only way to calculate that was by back calculating the Circle rate at time of sale with CII as base of 100, but stamp value not known).

3) Name and contact details of buyer of the property not known for mentioning in ITR

4) Also the amount was received FY 2022-23 for the actual sale transaction done 5 years back, so does it apply as income in previous year, also which year will be considered for indexation.

It is a peculiar case. Is there is any workaround for showing it in ITR. Or an assumed value of profit be shown in Income of Other sources as other income.

Thank you

Sir, Please Kindly help for GST registration for minor as proprietor. and what are required document for registration and process is normal or special.

Hi

Kindly guide one of client pensioner of national insurance company receiving pension through Lic and received arrear of pension and commuted pension separately during fy 2022-23 .now come to taxation point regular pension will shown under head salary under pension column ,secondly arrear of pension will also taxable under head salary (pension column) but subject to filing to form 10e to take relief under 89.Thirdly commuted pension will show under head of salary but under commuted pension column.Now if we are govt employee then commuted pension fully exempt but non govt employee we can half of commuted pension exempt under 10(10a) now question can we claim exemption under 10(10a) just put figure under exempted income or we need to file 10 e also for commuted pension exemption or just putting figure under 10(10a) is sufficient?

Dear Sir/Madam,
My query is as follows:

Mr A filed his return for AY 2021-22 within due date and show Long Term capital loss of Rs. 250,000/- to be carried forward.

He also filed his return for AY 2022-23 within due date, Paid the taxes. However he forgot to show last years LTCLoss of Rs. 250,000/- in losses brought down section.

Now while filing the return for AY 2023-24, he realised his mistake.

I wish to know:
How can he claim this LTCLoss of Rs. 250,0000/- in AY 2023-24?
Can he file updated return for AY 2022-23 and show this loss? and then show this loss in AY 2023-24 return?
Or he can not claim that loss now as it was not shown in earlier return?

Kindly guide.
Regards,
Suraj

DEAR SIR,

WHILE FILING INCOME TAX RETURNS WE SHOULD DECLARE TURNOVER DECLARED IN GST RETURNS OR THE RECEIPTS CREDITED IN BANK ACCOUNT. WHICH ONE TO BE CONSIDERED AS TURNOVER IN THE FINANCIAL YEAR. MEANS SOME ONE IS FILED LIKE IN THE GST RETURNS SALES DECLARED RS. 1,12,32,112/- BUT THE RECEIPTS RECEIVED IN THE BANK ACCOUNT 78,39,33389/- WHILE FILING IT RETURNS HE JUST TOOK THE AMOUNT RECEIVED IN THE BANK FILED U/S 44 AD PRESUMPTIVE TAXATION PROFIT @ 6%. IS THAT CORRECT WAY TO SHOW TURN OVER IN IT RETURNS.

I SAID WE SHOULD CONSIDER TURNOVER DECLARED IN THE GST RETURNS ONLY THE PAYMENT RECEIVED IN ELECTRONIC CLEARING MODE WITHIN DUE DATE WE SHOULD FILE U/S PRESUMPTIVE TAXATION .

WHICH ONE IS CORRECT WAY DEAR SIR

CLARIFY ME

THANK YOU

Sir,
Please Kindly help for GST registration for minor as proprietor. and what are required document for registration and process is normal or special.

if TDS is deducted US 194DA on maturity of Life Insurance policy can we claim this amount ? policy is tax free or not ? please suggest

Sir i have 2 queries :
1. If i have received upi from my son of small amounts like 5k during the year aggregate amount is around 1.5 lakh.

2. If i have paid credit card bills aggregating to which around 10lakh , however in some of the cases i have ordered things for others and received amount in my savings account or by cash . How will i deal with it in itr filing.

PLS REPLY.

Hi all,

My father invested in NSC in my name 5 years ago when I was a student with no income, so I was not filing return.
Now in FY 2022-23, I have received Interest of 300k on maturity which is reflecting in my AIS and TIS.
I have not shown previous years income and not taken deduction for investment in NSC in previous 4 years as 2022-23 is my first year of filing the return.
Please suggest if I can only show 5th year interest as income or whole 300k will be shown as Income.