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 […]
Category: LLB 6th Sem Law of Taxation [Case Laws]
Osmania Univerisity 3YDC 6th SEM Law of Taxation
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 […]
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 […]
14. ‘X” Ltd. is an Indian subsidiary of an American company manufacturing and selling copier machines. The Indian company among other things purchases and sells these copier machines also. Does any part of the profits of the sales of American company to the Indian company accrue or arise in India? Discuss.
1. Facts of the Case 2. Issues in the Case 3. Legal Principles Covered to Support Case Proceedings and Judgements A. Section 5 and Section […]
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 ₹5,50,000 in a Fixed Deposit (FD) […]
12. The assessee’s dependent mother a senior citizen had open heart surgery performed by a general surgeon in a private hospital, and he has incurred expenses towards surgerysand treatment a sum of Rs. 3.00,000/- and claimed exemption u/s 80DDB a sum of Rs.60,0001 The assessing officer rejected the claim and levied tax. Is the assessing officer correct or not? As department counsel defend the assessing officer with reasons
1. Facts of the Case 2. Issues in the Case 3. Legal Principles Covered to Support Case Proceedings and Judgements A. Section 80DDB of the […]
10. X estimated his income for F.Y.2015-2016 and calculated tax a sum of Rs.25,000 for the purpose of advance tax. He has paid the 1st installment in time i.e. before 15 September 2015. He has failed to pay balance two installment i.e. before 15th December and 15th March 2016. He paid the balance by way of self assessment tax and filed the returns on 15th December, 2016. Calculate the interest for default of two advance tax installment and for late filing returns.
1. Facts of the Case Mr. X, an assessee, estimated his tax liability at ₹25,000 for the Financial Year 2015–16 (Assessment Year 2016–17) and intended […]
11. The assesse is a senior citizen and he has a house property which was purchased in the year 1967. He has invested sufficient amount for extension and improvement in the year 1983. He sold the house for Rs.56 lakhs in the year 2006. After calculating the index value of the cost price of the property as on 2006, the capital gain arise was Rs.49.80,000. The assesse has deposited the capital gain in capital gain account with SBI for a lock in period of 3 years. The assesse failed to invest the capital gain in purchase of the house nor in constructing the house. After maturity of the deposit can the assess withdraw the deposit, if so what is the procedure? Whether the assesse is liable to pay capital gain tax or he need not pay the tax?
1. Facts of the Case 2. Issues in the Case (Questions) 3. Legal Principles Covered to Support Case Proceedings and Judgements Section 54 of the […]