Part A: I bought a property from a builder at 1.5 crore. After 3 years I sold it at 2 crore. As the property was still under construction at the time of sale and a pending payment of Rs 40 lakhs, the buyer paid me 1.6 crore and remaining 40 lakhs would be directly paid to builder as per demand schedule.

Q. A.1 : The buyer deducted 1% TDS on 1.6 crore on my side. The argument is that since he is paying me only 1.6 crore, he would deduct TDS on amount paid to me. The remaining TDS would be deducted from the builder as and when he is making payment to builder. Is it correct to deduct TDS on 1.6 crore or should the TDS be deducted on full amount 2 crore?

Q A.2 : In Capital gain calculation what should be my buy value and sell value. I assume following. Please correct me if I am wrong
Buy Value : Indexed cost of 1.1 lakhs (Indexation based on date of payment of each installment)
Sell Value : 1.6 crore (As seller paid me only 1.6 crore and deducted TDS on same amount).

Is my calculation correct? Or do I need to show sell value as 2 crore and buy value as indexed cost of 1.5 crore

Q A.3 I want to claim exemption under section 54F. Do I need to invest 1.6 crore or 2 crore to claim full exemption?

Part B: I purchased another under construction property at price of 1.52. I paid Rs 1.26 to seller and remaining 26 lakhs to be paid to builder later. There is also expected expense of about Rs 10 lakhs for registration and Rs 15 lakhs for interiors.

Q B.1 Assuming I do not put any amount in Capital gain account, for section 54F, on what amount I can claim exemption. Is it only 1.26 that I paid to the seller or should I use 1.52 the total amount I paid to purchase the property or 1.77 total cost + expected registration cost + expected interior cost). If I show as 1.77, how things work if actual expense on registration and interior is less than 25 lakhs determined at a later date

Q. B.2 If I can not use 1.77, can I put remaining amount in capital gain account and use this account to pay for remaining amount to builder, registration cost and interior.

Q. B.3 Can I also claim 54 EC by investing in certain bonds in addition to section 54 EF

I HAVE INCOPORATED A LLP ON 06 MAY 2023 AND I HAVE GOT ALL DOCUMENTS ON MAIL WITH COI WHICH CONTAINS REGD NO, PAN NO AND TAN NO EXCEPT SOFT COPY PAN CARD
HOW CAN I DOWNLOAD THE E PAN ??
PLEASE HELP

Dear Sir,

We made repairing work at office ceiling due to Water leakage & Costing is around 10 Lacs.
Approx. 6 Lacs for labouring & 4 Lacs for material use for repairing Both supplier is separate.

Now Question is that this would be Expense out or Capitalized in books ?
Please explain.

An assesee has paid Interest on hsg. loan Rs.325000 in F.Y.22-23 , Loan Sanctioned date 5-4-22, on Single House Loan Amount Rs.35 lakh, Whther he can claim the said interest under both the sections ? i.e.u/s.24 (Rs.2,00,000) & 80EEA (Rs.1,25,000)?

Is TDS applicable on court stamp fees

where to upload the form 15H online for reliance industries & Heromotor corp against the dividend income from shares held in demat account ?
not able to get it despite best efforts

The Assessee has given their plot to Develop to a builder under a Registered Joint Development Agreement executed in the year Apr 2021. The said plot was purchased in the year 1980.

Query:

Should the Assessee take the Fair Market Value or stamp duty value as on 01.04.2001 for the purpose of calculation of capital gain?

Thanks & Regards

While submitting Form NDH-3, it shows Error Message as " Value is not matching with the Value in last NDH-3 filed. please enter a valid number". The form is filled with Correct Values as per last filed NDH-3, still the issue persists. we have been rechecked and refilled with fresh forms too. anyone facing the same issue?

Respected Experts,

While preparing Financial Statements of one of my friends Prop Business, i observed that he has erroneously omitted few Sales Transactions in GST, which resulting variance between IT Turnover and GST

It is a Non Tax Audit Case

Since we are declaring 100 % Actual Sales in Income Tax, will there be any consequences for the variance happened in GST?

Kindly advise

Sir
One of my client is in the business of running of hotels only with accommodation. Some of the rooms are being booked by e-commerce operators such as booking.com, travel guru etc. Is the revenue of rooms booked by such operators are exempt from paying GST - though the amount is settled by the customer.
R S Sai Kumar