1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 64(1)(iv) – Clubbing of Income Under Section 64(1)(iv) […]
Author: Sunny Shettipalli
34. An assessee is the owner of an old flat built in 1983. There are 16 flats, and all flat owners decided to hand over their flats for redevelopment. The builder agreed to hand over a new flat along with a compensation of Rs 8 lakhs to each flat owner and retain the rest of the flats by the builder. Whether the compensation is taxable or not? What will the tax liability be for the exchange of new flats for the old one? If the assessee is liable for any tax, advise your client how to avoid the tax liability?
1. Facts of the Case The assessee seeks clarity on: 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 2(47) – Definition […]
33. The assessee is a salaried doctor and has a house loan of Rs. 8 lakhs. He has been paying EMI for the past 2 years. His father is a retired government servant and planning to sell his 2 acres land, the proceeds of which he will pay for the loan of the assessee. The assessee seeks your advice whether the assessee have to pay tax on the amount which his father is paying for his housing loan or is there an exemption on the amount earned by the fertile agricultural land? whether the assesse’s father is liable to pay tax on amount earned from agricultural land?
1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Taxability of Loan Repayment by a Relative Therefore, the […]
32. Under 80 C of IT Act exemption for tuition fees paid to any college or school can be claimed to an extent of Rs.12,000 per annum, for two children, clarify whether any tuition fee paid for self-education can also be claimed as deduction under above section (80C)
1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 80C(2)(xvii) of the Income Tax Act, 1961 Section […]
32. Under 80 C of IT Act exemption for tuition fees paid to any college or school can be claimed to an extent of Rs.12,000 per annum, for two children, clarify whether any tuition fee paid for self-education can also be claimed as deduction under above section (80C)
1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 80C(2)(xvii) – Deduction on Tuition Fees Under Section […]
31. Mr. Prakash is a member of HUF, and he throws his self-earned property into the common hotchpot of the family. The members are his elder brother, brother’s wife, their two minor sons and his own wife and two minor daughters. The self-earned property is Rs. 20,00,000 and it fetches income of Rs 3,00,000 Per annum. Asses taxable income of HUF.
1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Conversion of Self-Acquired Property into HUF Property Therefore, Mr. […]
30. The assessee is a naval officer, he is. planning to take 2 housing loans of Rs 20,00,000. The assessee seeks your advice if he gets the possession of property of the house only after one year. But he starts paying interest, will he get an income tax rebate? Advice properly.
1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 24(b) – Deduction on Interest for House Loan […]
29. The assessee and his wife owned a joint property with a joint home loan. which is given out on rent. The assessed share of the joint loan is 40: 60. Both are earning members and income tax assesses. In fact, the assessee is paying the entire EMI. Can both claim EMI as exemption and only assessee can claim since he is paying the entire EMI? Your client seeks your advice. Advice your client appropriately with reasons.
1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Ownership and Deduction – Eligibility In this case, both […]
28. Mr. A’ is ga government employee and has borrowed Rs. 2,00,000 for higher education of his son ‘B’, who’s studying medicine. in tax returns which deductions he can avail?
1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 80E of the Income Tax Act, 1961 – […]
27. The assessee is a retired employee, and he has income from salary pension. Along with pension and house property and from other sources. His taxable income for the financial year 2019 -202 was Rs 2,90,000. In the month of April 2020, he became a senior citizen. Since he attained 60 years of age his income is much below the exempted income of Rs.2,50,000 and Rs 3,00,000. He has filed nil return. The assessing officer assessed the income and levied tax and interest. You as the consultant advise the assessee.
1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Definition of Senior Citizen – Section 2(42A) of the […]