I inherited residential property in 2016 from my father that he built in 1980. Cost of acquisition of Land as of April 01,2001 is Rs.6.70Lakhs. Cost of construction of building as of April 01,2001 is Rs.13Lakhs as per property valuation report. Now in 2021 I want to demolish the current building and reconstruct 4 floors using my own funds. Out of these I'll sell 3 floors in 2022 and retain 1floor. Stamp duty value of sales consideration for each floor would be Rs.63Lakhs therefore total sales consideration would be Rs.1.86crores. Cost of construction for new 4 floors would be Rs.1.20crores. Current stamp duty value of Land is Rs.90Lakhs.
What would be my capital gain tax liability when I sell 3 floors? Is it going to be long term or short term capital gains?
Am I allowed to claim exemption on both land and current building indexed value, also cost of improvement by constructing a new building?
How can I bifurcate land and building cost in sale deed and how can claim LTCG on undivided land share and STCG on building construction share?

Hello,

I have a question. I am an Indian resident. In FY 2019-20, I worked for 2.5 months abroad with only a foreign salary and paid foreign tax. The foreign country has a Double Tax Avoidance Agreement (DTAA) with India. Due to some reason, my ITR for FY 2019-20 has not been filed yet within the last due date 10/01/2021, so I have to file a belated return now. Per DTAA, I would like to cut down the double tax through Tax Credit relief u/s 90 using Form 67. Is it possible now after the due date to avoid double tax if I fill & submit Form 67 before filling ITR2? I read somewhere that this form is supposed to be filled within the due date but I can see that Form 67 for that FY is still available on the income tax website. Can I still fill it now so that the tax credit reflects in my ITR2 form? If not, what would be the solution?

Thanks & Regards

Dear All Experts,
One of my client sold a plot/land during the Financial Year 2020-21. This property was gifted to her husband from Govt long back (Before 1980).
After the death of Husband this plot/land transferred to her Name. She has deposited all amount (sales consideration) in capital gain account scheme.
She already have two residential houses. Can she claim exemption? In which section?
Kindly suggest.

Sir
Can I use paid up Capital of a Private Ltd Company for paying expenses like fine for not filing GST Nil returns on time.
Thanks

I WANT TO REGISTER GST . MY BUSINESS PLACE IS ON MY MOTHER NAME THEN WHAT NATURE OF POSSESSION OF PREMISES I SHOULD SELECT AND WHICH PROOF CAN BE APPLOAD

WHETHER A "CHARTERED ACCOUNTANT" HOLDING COP CAN BE A "DIRECT MARKETING AGENT (DMA)"?

SIR
Charging TCS in invoice is compulsory or enough to charge it in invoice to the parties whose value exceeds Rs.50 lac in a year ?
Plz guide me sir
thanks in adv

Dear Sir / Madam,

There is a fixed asset - motor car which is to be sold at a price more than the book value which will lead to profit on sale of car. Also the Assessee, is not in the business of buying & selling of Car.
Whether GST is applicable at the time of sale ?
If yes, then at what value - sale price or profit ?

For the financial year ending 31.03.2020 the AOC-4 and MGT-7 have not yet filed. Not applied for filing due date extension. In this circumstances, please tell me the way how can I file the above forms?

Notice received from GST Department-
gst paid on custom duty of import of goods not considered by department...major difference is of that,,,and one mistake i have done i have shown igst input of custom duty in all other itc tab of gstr3b