Section 64(1)(iv) His & her spouse
Section 64(1)(vi) Daughter-in-law
Sir

As per section 45 (1) Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54, 54B, 54D, 54E, 54EA, 54EB, 54F , 54G and 54H, be chargeable to income-tax under the head "Capital gains", and shall be deemed to be the income of the previous year in which the transfer took place.

Capital gains from property received by gift or will are calculated based on the cost of acquisition by the previous owner, as per Section 49(1) of the Income Tax Act.

Calculation of capital gain:

Capital Gains = (Sale Price - Cost of Transfer - Indexed cost of acquisition - Indexed Cost of improvement) x Applicable Short Term/Long Term Capital Gains Tax rate.

Sir
Can Capital gains from sale of property received u/s 64(1)(iv) & section 64(1)(vi) (house property transferred to his or her spouse and Daughter-in-law otherwise than for adequate consideration) be clubbed as per section 45 (1) or clubbed as per section 64(1)(iv) and section 64(1)(vi) with the income of transferor?
Regards
K M Goyal

Dear All,

"One of my clients was running a salon business and he already registered under GST (He want to close). Now he started one hotel business and he wants to register under GST also in this hotel name.

My question is:

Can I close the salon GST registration and take a new GST registration in the name of the Hotel, or

Can I change the name of the salon to the hotel and change the salon services to hotel services?

Please help me with this
Thank you

Regards,
Sanjay
99 6460 6463

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Dear Experts,

For our Gratuity the plan assets is LIC. So we make contributions every year and the amount is reduced from our Gratuity provision in Books. Now, One employee transferred from Group company to our company. So the gratuity of his is transferred to our LIC Account. Now, the LIC Fund statement shows the premium received is Rs 39 lacs paid by us from our bank account. And the gratuity of the employee Rs 2 lacs is also shown as premium received in LIC fund statement. The issue is for the 39 lacs paid, we can pass entry as

Gratuity provision A/c Dr Rs 39 lacs
To Bank Rs 39 lacs

But for the employee's gratuity amount Rs 2 lacs what entry should I pass in books. The Actuarial Valuation report shows that the total employer contribution is Rs 41 Lacs (Rs 39+Rs 2 lacs).

I will debit Gratuity provision with Rs 2 lacs but what ledger should corresponding credit carry. Our company follows Accounting Standards.

Sir,

I am purchasing from a supplier applicable for TDS under section 194Q on interstate purchases. I have got an invoice dated 31-05-2025 on 5th June 2025. The said invoice was booked and TDS collection was accounted during the month of June 2025 and paid on or before 7th July without interest on TDS. Whether this treatment was correct or may I liable to interest on the said transactions.

Sir/Mam,

We have exporters, and Our RODTEP in Shipping Bills all FY 2023-24 shown Rs. 6,72,587 We have to File RoDTEP Annual Return or not?

Plz clarify my doubts and explain when we file RODTEP Annuarl Return.

Thanking you

Imps payment can be made to vendor through current account as per income rules? It's payment for business purposes

What remedy is available to the assessee if the rectification request filed u/s 154 against the Order of CIT (A) was not disposed within 6 months, the limit prescribed u/s 154(8) ?

I have some business income - freelance (presumptive tax) plus other income. Till now (FY-23-24), I had filed tax in old regime in ITR4 or 3.

Last year (FY-23-24) as default was new tax regime, I filled 10-IEA to opt for Old tax regime for filling my returns.

This year (FY-24-25) and moving forward wanted to use new tax regime with ITR4 / 3 (with Business income).

So do I need to file 10-IEA to "opt in" for new tax regime this year (FY-24/25) for ITR4 /3 or will it be automatically default to new tax regime.

Kindly clarify.

We have filed GSTR-1 for Jun-22 on time, in this return B2C outword supply of Nov-21 amended in Table-10, by mistake taxable value filled 1 digit excess (i.e. 10,000 instead of 1000) now 9000 difference shown between GSTR-1 & GSTR-3B.

No GSTR-9 filed,

what should I do?