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 IT Law
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 […]
19. A, an assessee filed a return of income on 25.7.2021 in respect of assessment year 2020-21 disclosing an income of Rs 8,00,0000 from his business. It was not accompanied by any proof of payment of Tax due on self assessment. Discuss the validity of such return.
1. Facts of the Case 2. Issues in the Case 3. Legal Principles Covered to Support Case Proceedings and Judgements A. Section 139(1) – Filing […]
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 […]
18. A, a publisher of a news paper sells the unsold copies of the paper as waste. Is such sale liable to VAT ?
1. Facts of the Case 2. Issues in the Case 3. Legal Principles Covered to Support Case Proceedings and Judgements A. Definition of ‘Goods’ and […]
16. A promised to marry& girl B and gifted to her 10,00 shares, having face value of Rs 100 each share on 10™ April 2008. He then married B. in August 2008. During the year 2008-09 the shares so gifted yielded 2 gross dividends of RS 100000 Explain in whose hands the amount is taxable ?
1. Facts of the Case 2. Issues in the Case 3. Legal Principles Covered to Support Case Proceedings and Judgements A. Section 64(1)(iv) of the […]
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 ₹3,00,000 as the Annual Value from a house property for […]