Dear Sir,

I have following pertinent questions on the capital gain & would request your valuable advice.

Q1) A residential property (Flat) was purchased in the year 2004 in Mumbai, The registered cost of this property was 30 Lacs. Entire amount for purchasing the property was financed by Housing Loan, from leading Indian Bank, which was taken for amount of 38 lacs (30 Lacs towards cost of property and 8 Lacs towards fixtures and furniture), as this property was bare shell and lot of work had to be done to make it livable.

This property was later sold in year 2021 . I wish to know whether the entire Housing Loan amount of 38 lacs can be considered as cost of property for the purpose of calculation of capital gains, 30 Lacs as cost of property and 8 Lacs towards furniture and fixtures. If yes, then indexation shall be applicable on 30 Lacs (registered cost of property in 2004) and 8 lacs (amount for fixtures and furniture as per Housing Loan).

Q2)
I have also spend a lot on civil work, grill work and modular kitchen, as this property taken from builder was bare shell. Total amount spend on this renovation work in year 2004 was nearly 7 lacs. However proper bills are not available (most are kutcha bills) as at that time, as I was not aware of the Capital gain Taxation modalities & further I believe during that time, many small contractors might also not have executed work if bills were insisted upon. Can these kutcha bills be considered for calculation of cost of improvement.

Q3)
Whether the total interest cost paid on housing loan can be also considered towards cost of property, as this is major financial outgo. This interest was never claimed under sec 24D in those years.

Q4)
Lastly, whether indexation benefit will also apply for the above interest costs or Not.

Thanks indeed for your valuable advice.

Regards,

Sir, one of my client in Arunachal Pradesh purchases "raw cardemom" from local tribals and sells the same to Delhi/Siliguri parties, issues Tax Invoices with IGST 5% charged and pays the said output to Govt. But, his entire purchasers are local tribals having not registered in GST. Hence, my party does not get any ITC on his purchases. Entire IGST output is being paid by my client. Will there be any problem on such purchases from unregistered dealers ?

Sir,
One of the professional income it assessee fees collections from patients rs:20 lacs
Fees collections from health services rs:4 lacs in f.y.20-21.if health services income amount next year 21-22 received.assessee accounting records maintained cash basic
Question:
Assessee Gross income rs:20 lacs or rs:24 lacs show in it returns in f.y.20-21.

Assessee has a commercial property against which rent is being received and same is shown as Income from HP but to reduce Taxes he wants to treat it as Business Income. His only source of Income is receiving lease rentals.
He is also having GST Registration for Rental Income and also collecting Maintenance charges.
How to effect the change from HP to PGBP and what shall be the value of Building in such scenario?
Thanks in Advance

Dear Sir,
A person has working from 2006 His annual income is less then Basic limit so previous years he was not never filed itr but saving rs.100000/-each year. In 2018 he also got gratuity and epfo from his previous company. Same amount I have concert to FDR in 2 bank and some balance available in saving account. In FY year annual income increase due to fd interest and some rent income approximately Rs.4 lac 10 thousand. he had seen 26 As form where only shows fd interest no any other but AIS Shows high value transaction under SFT Code SFT-016TD interest of deposit Rs.33321/- and SFT-016SB Interest of saving 14521And 245/- past 10 years he neverr done any high value transaction so why it shown in ais under SFT. (2) FD value is less then 7 Lac bank will reporting if fd value exceeded Ra. 10L .Cash deposit in saving account from 1 st april 2020 to 31 March Rs.19000 in June 2020 Rs.32000 in November 2020 and 3500/- in March 2021 So why AiS Show high value transaction under SFT

Hello Experts
What is the max date can we put while generating UDIN for Independent Auditor's Report as per Companies act 2013?

Respected Sir

Can Employee withdraw partially from his Employee Provident Fund's Account?

on the following condition.

1)Employee's two years service is remaining as on today.
2) the purpose of withdrawal of Provident Fund is marriage of her daughter.
3) Amount to be withdrawn is Rs.3,00,000=00 (Rupee Three Lakhs only)

Please note that employee wants to withdraw from his provident fund's a/c and need not wants loan.

Please guide me.

Hello,

Can you please help me with the agreement for issue for shares other than cash? basically other than cash is "software developed by the director". sharing the rights with the organisation.

LLP is having Loss which is debited to Partners Current Accounts
Partners have also given loan to LLP

My question is in Balance sheet of LLP Loan from Partners should be shown under Unsecured Loans or to be shown in Partners Current Accounts ?

Dear All

I am providing services. I have my own showroom from where I am providing the services. Is it mandatory for me to claim depreciation on that showroom as per Income Tax Act or I can show the purchase price of showroom under the Investment Head.