A person sold units of UTI MEPUS in 2023. The same was bought in 2003. The UTI sent the CG statement which shows the acutal purchase price in 2003, the grandfathered value as at 2018 and sale price and shows the applicable CG earned. However the statement does not indicate the ISIN number of the scheme. On enquiry the UTI has replied vide email that this scheme does not have ISIN as it is not traded in secondary market.
How can the LTCG in this case be reported. As this is an equity oriented scheme (the name itself says Master Equity Plan Unit Scheme) we decided to report in Sch 112A of the CG section in ITR 2. However, as there is no ISIN we are unable to report the same.
Please guide as to how this can be reported.
Kindly advise how to treat gain on sale of Car Bought a second hand car 290000 and sold after one week of purchase @ 370000
How the tax liability will arise on gain
In 53rd GST Council meeting held in 2024 it is decided to waive interest and penalty whether it will applicable to show cause notice or DRC-07 order?? or both ??
Should I be declaring my personal F&O profit in
Trading Account -> Revenue from Operations -> Sales / Gross receipts of business -> Other operating revenues as "Profit from F&O trading"
Or, should it be in
Profit and Loss -> Other income -> Any other income as "Profit from F&O trading"
Last year, I had loss from F&O and I had put it under
Trading Account -> Direct Expenses -> Other direct expenses as "Loss from F&O trading"
Sir, An NRI assessee who has sold long term capital assest otherthan Residential House situated in India, is claiming exemption under section 54F. He has one residential house in India and one residential house out-side India, as on the date of transfer of long term capital asset. 54F restricts the benefit only for those having one house property. Because the assessee is having one house property in India he intends to claim the benefit of section 54F and contends that his having one house property out-side India also at the time of transfer of capital asset, though amounts to owning more than one house property, will not come in the way of claiming the benefit of Section 54F. Whether 54F benefit can be claimed by purchasing / constructing one house property in India withing the time allowed, even though he is having one house in India and one house out-side India, with the contension that, he does not own more than one house property in India. Thanks in advance.
Experts, please provide your opinion on the below query:
In table A3 we have 2 columns,
(I) Total gross amount paid/credited with respect to the holding during the period. (Dividend, interest etc.)
(iI) Total gross proceeds from sale during the period.
For converting the foreign currency into INR, is it accepted if I use the previous month closing rate with respect to transaction date.
Say transaction date for above two cases is 13 March 23. For converting to INR I apply the closing month end rate for February.
Query No 2.
In the same table, we have a column Initial value of investment:
Does the initial value of investment include brokerage paid on shares?
Eg: share price 10 X No. Of shares 100
Gross payable 1000
brokerage 50
Total payable 1050
Query No3.
In the same table gross proceeds from sale or redemption of investment.
Should I deduct the brokerage paid from the sales proceeds and report?
I apologize for the above silly queries, but a second opinion gives me comfort that I am not misreporting any information in ITR
is salaried person can file 139(8a) under 115BAC for FY 2022-23 return previously not filed
A pvt. ltd was incorporated in 2015. Initially in INC 1 for name availability A Partnership firm was taken over and the pvt ltd co. was formed. But while submission of INC 7 in the MOA the taking over of partnership clause was by mistake not taken. This has come to our knowledge now i.e. in 2024. Can any one suggest is there any way to rectify the same please.
Kindly revert urgently.
ACCOUNTING ENTRAY