Clubbing provisions in revocable transfer

answered on 06-May-24 14:23

As per section 62, there is an exception for revocable transfer by way to trust... Here My doubt is what is the treatment if the property has been sold or transfers to trust with consideration that is a benefit for assesse ?

latest answer

If it is done for a consideration then it a clear case of transfer and that would be taxable.

Jashvanth.K

CA Inter

★ 9K+

1

34

House property

answered on 06-May-24 12:05

I need clarification in calculation of 1.Gross annual value 2.Municipal tax A or B which is correct???

latest answer

Right

Gautham Surya

CA Inter

★ 9K+

10

70

salary & exemption in gst

answered 7 hrs ago

1) salary employer paid tax on employee salary what will be the treatment ? 2) gst exemption services provided to charitable trust = import of service = when is it exempt and when taxable ?

latest answer

That’s right. Generally service to charitable trust is taxable but there are separate exemptions given right. So refer them also

Sushmita Chowdhury

CA Inter

★ 710

6

80

Circulars are binding on the income tax officers

answered on 06-May-24 14:26

What does this statement mean sir? "Circulars are binding on the income tax officers"

latest answer

Done.

Viveka R

CA Inter

★ 890

5

43

TDS Application

answered on 02-May-24 11:43

Whether Event management services comes under 194c / J . Why ?

latest answer

Right.

HEMAVATHYSUBRAMANI SUBRAMANI

CA Final

★ 2K+

5

74

Agriculture income

answered on 02-May-24 11:44

What is the answer if only manufacture?

latest answer

If it is only manufacturing tea then it is not agricultural income.

sradha krishna sunil

CA Inter

★ 5K+

2

47

Capital Gains on Compensation of Compulsory Acquisition

answered on 02-May-24 11:45

Dear Sir, Mr.A Land worth Rs. 30 lakh was compulsorily acquired by Govt. He got a part of Compensation Receipt in Year 2022 = Rs. 10 lakh For this Rs. 10 lakh, Can we show Rs. 10 lakh - Indexed Cost = Long term Capital Loss Further, On receipt of Enhanced Compensation on further years, Can we Set off this Long term Capital loss to Enhanced compensation receipt. Please kindly clarify sir.

latest answer

Even though he gets part of compensation, tax would be computed on entire compensation. Since as per Section 45(5), CG would arise in the year in which entire or any part is received. Even if part is received, CG would be computed on full amount of compensation.

Mamidi Vinisha

CA Inter

★ 970

1

48

Presumptive Taxation & Capital Gains

answered on 27-Apr-24 10:21

Respected Sir, Mr.A purchased land on Jan 1, 2024 for Rs. 40 lakh Mr.A converted Land into Stock in trade on next day Jan 2,2024. In this case, Can STCG be taken as ZERO as FMV and Cost of Aquisition is same sir ?

latest answer

Most welcome

Mamidi Vinisha

CA Inter

★ 970

3

39

Cap gains

answered on 27-Apr-24 10:11

What would be the date of transfer of house property for which aggreement to sell is there amd part payment done on or before date of aggreement and so SDV as on date of aggreement shall be considered My doubt is what is the date of transfer? Is it the date of handing over the possession or registration date ?

latest answer

If advance is received on or before the date of agreement by account payee cheque then SDV on the date of agreement can be considered.

Sai Akash rockster

CA Inter

★ 5

2

61

Query Regarding Presumptive Taxation

answered on 27-Apr-24 10:12

Respected Sir, If suppose, Mr.A purchased a land for Rs.40 lakh and develops it into 3 Plot layouts. Mr.A converted Land into Stock-in-trade. Mr.A sold plots for Rs. 1 Crore. Now, Can Mr.A opts for Presumptive Tax and show gain as 8% of Gross receipts of Rs. 1 Crore under Sec 44AD since his turnover is below 2 Crore ? Please kindly clarify this query sir. Thank you sir.

latest answer

First capital gain shall be taxable as per Section 45(2). However, business can be computed as per presumptive provisions.

Mamidi Vinisha

CA Inter

★ 970

2

82