Mr.X had 2 residential properties with holding period of more than 5years as in 2019.
1st property he sold and claim exemption u/s54 in the year 2019 by purchasing a new residential house.
Now he want to sell his second house in 2023 and claim exemption u/s 54.
this time inorder to claim capital gain exemption he wants to invest his capital gain amount in construction of house on a land owned by himself and his 2 brothers (the land is owned by them in equal ratio)

Q1: Can he claim exemption u/s 54 ?
Q2: If all the 3 brothers invest money and construct a 6bhk villa, will Mr.x be able to claim capital gain tax exemption as per his share of investment in building the 6bhk villa.
Q3: What proof/documents need to be kept save for Income tax purpose wrt to his share of investment in the 6bhk villa.
Q3: In future if the property is sold after holding the period required for longterm capital gain, can he claim capital gain exemption again upon reinvesting the gain in a residential house.
Q3: What other taxation aspects or angles need to be taken care while doing the above transaction in your suggestion.

Thank you.

we are exporter need to sale rodtep scrip so it is nil rated GST or exempted HSN CODE IS 4907

Dear Sir,

One of my client has sold his residential house property as X in February, 2023 and has long term capital gain on sale.

1)Can he claim capital gain amount exemption if he purchases a new commercial property as Y

He had purchased another residential house property as P on loan around 1.5 years back before selling the above mentioned residential property X in February 2023.

2) Can the capital gain amount of X be adjusted against the loan repayment of the property P.

Please help me resolve these 2 queries.

Thanks,
Divyesh Jain

Can professionals declare lower profit (below 50%) under section 44ADA without getting audit u/s. 44AB turnover up to 10 crores? Like other than professional u/s. 44AD where gross receipts of more than 95% are digitally received.

let's take an example:

A professional has a gross business receipt of Rs. 2.50 cr wherein cash receipts are less than 5% and profit declared 60 Lakhs under section 44ADA, so is it allowable?

kindly guide me

Sir,
My friend doing automobile shop in cochin.
It's turnover is around 5 lakhs only pervious years. Some of product purchase cost is high in currently. While checking in internet there is Web site Ali express, they offer best price ,but origin from China.
Currently not taking GST and IE code.
Let's me know if its possible to purchase Ali express and any legal problem in this case

Please advise
With regards
Binu

Dear all,

This is extract of section 192 of Income Tax Act:
(1) Any person responsible for paying any income chargeable under the head “Salaries” shall, at the time of payment, deduct income-tax on the amount payable at the average rate of income-tax computed on the basis of the rates in force for the financial year in which the payment is made, on the estimated income of the assessee under this head for that financial year.
In the above text, what does this sentence mean - “rates in force for the financial year in which the payment is made”?
E.g., the salary for Mar 2023 is paid in the next month (Apr 2023), then at what rate TDS should be deducted? Of which FY, rates and estimated income will be considered to calculate the average rate of tax?

How to discharge GST liability on carbon credit.
The same is provided to foreign entity who is acting as intermidiary.
The sale proceeds are booked as income in our books.
How to disclose the same in GST return.
Any LUT should be filed

Dear Concern,

We are in construction business and we are registered under gst in gujarat state. We are providing service in gujarat to person registered in Rajasthan. Whether IGST will be charged in bill or CGST-SGST.

Rajasthan Registered Person asked us to issue invoice charging IGST.
Please advice. Thanks in advance

On which minor head the outstanding demand must be paid in the new e-pay tax portal of income tax site. (The minor head Regular Assessment Tax is no longer available in the payment portal)

I am using latest RPU and latest Java After entering all TDS details in Rpu when i tap on create file it was not creating fvu file successfully and it not showing any error. It was creating some log files and uenc file.