Displaying all posts within 1 days
Posted On : 12 January 2026
In Reply To :
Treatment of Proceeds from sale of Jointly held Flat
Thank You Sir! So does that imply Cost incurred by A would be the cost for B,D and E. For C, amount invested through Loan would be the cost? Kindly Advise?
Posted On : 12 January 2026
In Reply To :
Treatment of Proceeds from sale of Jointly held Flat
Consider equal shares of all the three A B & C...A's consideration inherited by B D & E..
Posted On : 12 January 2026
80G deduction eligibility
Dear Sir/Ma'am,This query is pertaining to AY 2024-25.
I had filed the return u/s139(1) under old regime where I had claimed 100% deduction for donation made to "The National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities constituted under sub-section (1) of section 3 of the National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities Act, 1999". However, few days ago I have received an SMS alert from the income tax department saying that "Our records show that you claimed charitable/relief fund donation deductions in your AY 2024-25 ITR. However, based on the PAN you provided, the organisation you donated to may not be eligible for the deduction you claimed.
You need to update your ITR to either add the correct PAN or remove the deduction. To do this,visit https://www.incometax.gov.in. Once logged in, navigate to “e-File” → “File Income Tax Return → “Select Assessment Year” → “Select Filing Type” → choose “139(8A) - Updated Return” → “ Select ITR Type” → “Continue” and update section 80G/80GGC".
As per the provisions of section 80G, donation to the above entity is eligible for 100% deduction.
Now I am getting a tax payable along with interest u/234A, 234B and 234C to pay the tax on this donation amount.
Can anyone please guide me how to resolve this query.
Also is there any way in which I can verify the PAN of the Donee Entity.
Posted On : 12 January 2026
Share valuation MTHOD
In case of Pvt. Ltd. Co. Incorporated 2 years back and at the time of formation shares were subscribed by key management persons as a promoter of Company. They were holding the shares in a capacity as a legal members and not as beneficial member and undertaking was given by the management persons. Now shares are to be transferred to actual beneficial owner and share value per share as per net Asset Basis is more than face value. If the shares are to be transferred what price should be considered whether face value or net assets method value??
Posted On : 12 January 2026
When the late filing credit will available to ISD for Distribution
my client is input service distributorone party of our client filed return for the month dec 2025 on 11/01/2026 but they have missed to raised isd invoice. now they are filing the gstr 1a and showing the ISD invoice on 12/01/2026.
now the query is when the ISD will take the credit 1) in the month of JAN ( for dec return) or 2)in the month of FEB( for JAN return). and when this credit will reflect in gstr 6a of ISD( dec or jan).
Posted On : 12 January 2026
In Reply To :
Treatment of Proceeds from sale of Jointly held Flat
Thank You Sir! What about cost of acquisition for determining Long Term Capital Gain in the respective hands?
Posted On : 12 January 2026
In Reply To :
ISSUANCE OF TAX INVOICE IF CAR/BIKE SOLD SHOWN IN FIXED ASSET
If margin value is negative (loss) then tax invoice with zero tax or bill of supply need to issue ?
Posted On : 12 January 2026
Input credit on sports event
Can we claim GST Input credit on expenses incurred for Sports meet for Staff/employee
Posted On : 12 January 2026
In Reply To :
LTCG loss on delisted shares
Thank you, that is helpful.
Posted On : 12 January 2026
In Reply To :
Treatment of Proceeds from sale of Jointly held Flat
B: 44.44% D&E : 11.11% each % C: 33.33%.. accordingly TDS can be deducted.
Posted On : 12 January 2026
In Reply To :
Money returned by sons given as gift
• बेटे पैसा वापस कर सकते हैं — कोई दिक्कत नहीं• Unsigned gift deed legally irrelevant है
• Father को वापस पैसा लेने में tax नहीं
• Son to Mother gift पूरी तरह tax free
• Gift ITR में exempt income में दिखाना चाहिए
• Past ITR non-filing कोई problem नहीं
• Mother की ITR केवल interest के आधार पर बनेगी
• सब transactions bank route से करें
Posted On : 12 January 2026
In Reply To :
ISSUANCE OF TAX INVOICE IF CAR/BIKE SOLD SHOWN IN FIXED ASSET
• Sale of car/bike used as fixed asset is taxable under GST• Tax invoice must be issued even to URD
• GST rate normally 18%
• Margin scheme may apply if ITC not claimed
• Must be reported in GST returns
Posted On : 12 January 2026
In Reply To :
LTCG loss on delisted shares
• Delisting alone does not allow loss• Loss allowed only on transfer
• Off-market sale is valid
• Family transfer is allowed only if genuine sale
• AIS mismatch does not invalidate claim
• Loss must be reported in Schedule CG
Posted On : 12 January 2026
In Reply To :
Treatment of Proceeds from sale of Jointly held Flat
No percentage was mentioned in the Purchase Agreement as it was in the family. Kindly advise!Thanks & Regards
- LTCG ON SALE OF RESIDENTIAL LAND
- Amount received in account which was given to sons as gift
- Refund of return filed for deceased
- ISSUANCE OF TAX INVOICE IF CAR/BIKE SOLD SHOWN IN FIXED ASSET
- LTCG loss on delisted shares
- Want to zero reversal electronic credit reversal ledger
- GSTR 1 CAN NOT BE FILED AFTER 3 YEARS
- Guidance Required on Raising Sale Invoice & E-Way Bill for Machines Already at Customer Premises
- Money returned by sons given as gift
- TDS REFUND CLAIM RELATED
- 80G deduction eligibility
- Share valuation MTHOD
- When the late filing credit will available to ISD for Distribution
- Input credit on sports event
- Treatment of Proceeds from sale of Jointly held Flat
- GST on Tobacco - as per new notification
- Cant amend a 26QB
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
- TDS under section 195.
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