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Dear Client,
Regardless of the use of the capital gains arising out of the immovable property, you have to pay tax on long-term capital gain(LTCG) unless you follow the provision of Section 54 of the Income Tax Act to claim a rebate of tax on LTCG. To claim a tax rebate under Section 54 of the Income Tax Act, capital gains arising out of the immovable property have to be reinvested to buy another residential house. The new residential house property should be purchased either one year before th

Dear Client,

When your mother’s brother sells the portion of the property that he agreed to allocate to you and transfers the sale proceeds to you, there are some tax considerations to keep in mind. Here's a breakdown of the process and tax implications:

Since your mother signed a release deed 15 years ago, she gave up her share of the ancestral property to her brothers, meaning the property is now legally in their names. For your brother (your uncle) to sell the property and transfer procee

Dear Client,

Yes, you can include stamp duty, registration charges, and GST paid during the purchase of the property as part of the cost of acquisition. These are considered incidental expenses to the property purchase and can be added to the purchase cost, reducing your Short-Term Capital Gain (STCG).

In your case:
Stamp Duty: ₹8.4 lakh
GST: ₹6.8 lakh
By adding these amounts (₹15.2 lakh) to the purchase price of ₹1.36 Cr, the effective cost of acquisition becomes ₹1.512 Cr. This wil

Dear Client,

It seems your tax refund is delayed despite correcting the defective notice and submitting the required information. Here are possible reasons for the delay and the steps you can take:

The correction of the defect might not have been verified successfully by the tax authorities. Sometimes, the tax department's systems may take time to process corrections, especially if they involve manual verification. There could be other issues with your tax return, such as a mismatch in your in

Dear client
You will have to pay capital gain tax on remaining three00,00,000, and since you are going to use one crore out of the sale proceedings to buy a residential house. Therefore, no capital gain tax will be applicable on that amount of one crore..
For a detailed analysis and amount of tax capital gain tax that has to be paid, you must consult a very good chartered accountant who should be able to calculate the exact amount that you will be required to pay

Dear Client,

Hope this reply answers your query. As it is earned by your father, taxe implications are for your father. Any gift received is not taxable.

Dear Client,
Deduction of TDS without crediting the amount paid to the payee to take the benefit of exemption allowed to a Salary income under Section 10 (13A) of the Income-tax Act, 1961 is a violation of Income Tax Laws. In the given scenario, if you are aware of the tenant's PAN, serve a legal notice to the tenant informing that unless he or she paid the outstanding rent within 10 days of receipt of the notice, then the matter may be informed to the Income Tax Authority. In case the notice do

Dear Client,
Any woman who enters the Hindu Undivided Family by way of marriage is only considered a member and not a coparcener. Hence, wife cannot become kartas in an HUF. If you are currently the karta of the HUF, then in case of your death, your wife can only act as its manage. As such, she can manage the property and business or file taxes, but cannot sell or borrow against the HUF’s assets. The High Court held that a daughter can serve as the Karta of a HUF, as the acknowledgement of da

Dear Client,
In the given scenario, visit the official website of the Income Tax Department.(https://www.incometaxindia.gov.in) and look for the option "file complaints on tax evasion/violation of tax laws" or a similar link. Online reporting is available for reporting tax evasion and black money cases. Apart from this, you can file a complaint against the person online to the Financial Intelligence Unit(FIU) - India, a wing of the Ministry of Finance or at their email address at complaints[at]

Dear Client,
For a residential individual (age of 60 years or less) or HUF, interest earned savings bank account upto Rs.10,000 in a financial year is exempt from tax under Sec.80TTA of the Income Tax Act in the new tax regime. A deduction of Rs 50,000 or the income amount, whichever is lower, is allowed exclusively to Sr. Citizens as a deduction from the gross total income under Section 80TTB. With the introduction of Section 80TTB exclusively for senior citizens from the FY 2018-19, deduction