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 […]
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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 […]
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 […]
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) […]