My client has got two residential houses. He sold one of the recently in Dec 2019 and LTCG is araised of the sale. Can he get exemption U/s 54 if he re invests the same as he wants to buy a new residential House?
I feel Since he is holding two Residential houses, he cannot take Exemption. Does new finance bill amendment helps here? (One can invest in two residential houses if LTCG is below 2 Crs and once in life time)
Thanks in advance.

we have not transfer the ITC amount from vat to GST Regime through TRAN- 1. now what to do please help us

Dear All, kindly let me know if below scenario is possible:

Beginning of year (R&S account): 10 lac
P&L for year: 15 lac profit
Dividend: 0
End of year (R&S account): 2.5 crore

If so, what can lead to this situation?
Thank you in advance.

One of my Client is running a Petrol pump of IOCL, made periodic payments (Inc. GST) of License fee recovery (LFR) charged by IOCL. At the same time, he receives Lease rent (Inc. GST) against such petrol pump from IOCL.

What LFR is basically a License Fee originally charged by government from Petroleum distribution companies for operating petrol pumps. With this spirit, if we are getting rent receipt against such petrol pump. That means, GST paid in LFR should be allowed as Input service against such Outward supply of Rent.



Please clarify on this.

Dear Experts,
I want to get the ITR Acknowledgement of the Defective return that I have Filed. How can i get the same as Iam able to view the ITR Form and XML oly.

I created an eway bill with wrong HSN(All digits) My taxable value, tax rate and tax amount is correct. My annual turnover is more than 1.5 crores.In that case if GST team caught the vehicle how much penalty i have to pay?There is no intention of tax evasion. Is there any relief if the annual turn over is less than 1.5 crores?

Due to non-filing of GST Returns, my GST Registration was cancelled. Now, I have filed GST returns upto Oct.2019. What is the procedure to revoke the cancellation of GSTIN and revive the same ?

INPUT ON PURCHASE OF AUTO CAN BE CLAIMED IF USED FOR DELIVERY OF GAS CYLINDERS BY A GAS AGENCY.

I have received am interest sum of Rs 3,00,000/- in cash on 10.2.2017 i.e. AY 17-18.... It is neither a loan nor a deposit nor a property advance... The same amount has been declared as profit in my Profit&Loss account and tax has been paid accordingly... Does section 269ss apply...???

Hi All,

I have given loan to a company and now i want to gift that loan to my father through Gift Deed. Is it possible??

And if yes then will my father will be responsible for tax payment on the interest earned or it will be clubbed in my income.