1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 56(2)(x): Gift Taxation Conclusion: The receipt of property […]
Author: Sunny Shettipalli
25. The assessee an NRI wants to sell the House Property of his father who purchased it 40 years ago and died leaving behind his heirs i.e. his wife, son and his two daughters. The assessee needs your advice on the following issues.
1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Capital Gains on Inherited Property – Section 49(1) & […]
24. Assessee, an individual, was entitled to 1/3rd share of the estate of his deceased husband. The remaining 2/3rd share was transferred to the name of the assessee’s minor daughter. The daughter’s share was deposited as a fixed deposit in the Bank, and the fixed deposit receipt was produced before the Court for safe custody until the daughter attained majority. Assessee preferred an application under section 197(1) seeking a certificate for non-deduction of tax with respect to interest accruing annually on such fixed deposit. However, the Income- Tax Officer rejected the application on the grounds that the income of the minor had to be clubbed with the income of the assessee for the purpose of taxation under the Act.
1. Facts of the Case 2. Issues in the Case 3. Legal Principles Covered A. Section 64(1A) – Clubbing of Minor’s Income As per Section […]
23. M. X has 3 house properties, 2 are self-occupied: 1 of them is offered for rent. Interest paid on a home loan of both the self-occupied: property is Rs 3.00 lakhs and interest paid on let out property is Rs. 2.5 lakhs. What deductions can be claimed by him under house property income? PTR.
1. Facts of the Case Mr. X now seeks to determine how much deduction of interest he is eligible to claim under the head “Income […]
22. A bequeathed his property to B under his last will. Does this amount to a transfer for the purpose of charging capital gains?
1. Facts of the Case 2. Issues in the Case 3. Legal Principles Covered A. Definition of “Transfer” – Section 2(47) of the Income Tax […]
21. Mrs. Y made certain cash gifts for her husband, which he invested in some interest yielding securities. The interest realized on securities was included in the income of Mrs. Y by the income Tax department which was objected to by Mrs. Y. Discuss and decide whether the action of the assessing officer is correct.
1. Facts of the Case 2. Issues in the Case 3. Legal Principles Covered A. Section 64(1)(iv) – Clubbing of Income of Spouse As per […]
 A sold his only house property occupied by him as a residential house for Rs.15,00 000 in December 2008. The house property was purchased by him in the month of January 1984 for a consideration of Rs.10,00,000. Determine the capital gain.
1. Facts of the Case 2. Issues in the Case 3. Legal Principles Covered A. Section 2(29A) & 2(42A) – Definition of Long-Term Capital Asset […]
17. A, a non resident for the assessment year 2020-21 has Rs,5,00,000 in India under income from other sources. He drew a salary of Rs.50,00,000 from his employer at USA. What is his Tax liability under Income Tax Act .
1. Facts of the Case Mr. A seeks advice regarding: 2. Issues in the Case 3. Legal Principles Covered to Support the Case A. Residential […]
15. A has earned a sum of Rs. 3,00,000/- as annual value from house property. Outline the deduction that can be claimed by the assessee under the income from house property
1. Facts of the Case Mr. A, an individual assessee, has earned a sum of â‚ą3,00,000 as the Annual Value from a house property for […]
13“The assessee during the financial year, has invested FD a sum of R5.5,00,000/- in the name of his wife who is a house wife having no income of her own and not an assessee. The assessee doesn’t want to show the interest accrued on the FD and seeks your clarification and advise, As a Tax Consultant advise your client.
1. Facts of the Case The assessee (your client), during the relevant financial year, has invested a sum of â‚ą5,50,000 in a Fixed Deposit (FD) […]