I intend to purchase a flat in a high rise building. The building construction is expected to take 5 years. 30% of amount is payable upfront. 70% of amount is payable after 5 years at the time of taking possession. I will be raising funds for initial 30% by selling equity shares and equity mutual funds on which I will be accruing LTCG. I will investing total consideration from sale of equity shares and equity mutual funds for initial 30% payment towards the said flat within a period of 2 months of accruing LTCG and intend to claim capital gains tax exemption under section 54F in the current FY. After 5 years, for the payment of balance 70% of amount at the time of taking possession, I will be selling my current residential flat after 5 years and invest the total consideration for purchase of the new flat within 3 or 6 months of sale of current residential flat. I will be accruing LTCG on sale of current residential flat after 5 years. In the 5 year hence FY, I intend to claim capital gains tax exemption under section 54. My question is arising from the fact that, since the building will take 5 years to construct and then become ready for possession, can I claim capital gains tax exemption under section 54F in current FY for initial 30% payment and also for the balance 70% payment under section 54 in five years hence FY?

AY 2022-23 DEMAND NOTICE RAISED BY DEPTT. BUT DEMAND PAID AGAINST SELF ASSESMENT TAX HEAD (300)
WHAT TO DO ? PLEASE SUGGEST

Hello Sir/Madam,
My father-in-law had constructed house property in 1990, which my husband received through WILL this year (2022) after his sad demise.
My husband gifted this property to me, if I SELL this property within a year; what will be considered as Acquisition Date (1990 or 2022) for capital gain calculation? Will it be LONG TERM CAPITAL GAIN or SHORT TERM CAPITAL GAIN ?

Dear Sir/Madam,

1. To Whom the Marginal relief is applicable?
2. Is it applicable to senior citizen and non resident person?

Please, reply.

Thank you.

Dear Sir/Madam,

We started a new private limited company. We also transfer few employees from partnership company to new private Ltd co. But both are different entities. May I know the legal compliance of  both GST and Income Tax issues regarding this transfer.


Thanks & regards

CMA.Sarath Kurian

Hello everyone
I want to know that whether TDS is deductible for an amount paid to a Examination Conducting Agency (i.e. Private Agency conducting exams in Schools and declares ranking of the student / Science Olympiad Exam) The amount paid on the basis per student @125/- and total amount is more than 2.0 lacs.

The agency will provide OMR Sheets and question papers and will declare result and issue certificates.

As per my knowledge TDS u/s 194J should be deducted.

Please advise.

Respected Sir,

For Assessment Year I am having Business Profit of Rs.20,21,14,080/- and I have in my books of accounts Unabsorbed Business Loss of Rs.19,62,42,006/- for the A.Y.2014-15 TO A.Y.2021-22 and Unabsorbed Depreciation of Rs.1,97,35,816/- for A.Y.2012-13 To 2021-22. Under this Situation shall I opt for Concessional rate of Tax u/s 115BAA i.e.@ 22% plus 10% SC plus 4% HEC or go for MAT u/s 115JB.

Please Advise !

Dear All

Can anyone please share new format for company audit?

There are many changes in financial statement disclosure and audit reporting for FY 2021-22 like ageing of trade payable, ratio analysis etc...

Can anyone have format that includes all such disclosures and reporting requirement then please share the same on nndave17@gmail.com

Thanks
Nirmal

- To change object clause of LLP whose registered office is in Telangana , designated partners reside in Delhi , we need stamp paper of Telangana OR we can make supplementary agreement on stamp paper of Delhi ?
- what amount of stamp paper we need ?
- we need to file only Form 3 ?

MY NEPHEW IS STUDYING IN 12TH STANDARD.
HE IS WILLING TO DO CA COURSE.

WHAT ARE THE PROCESS FOR THAT . WHAT IS AN APPROXIMATE DURATION WILL TAKE TO BE COMPLETE THE COURSE RIGHT FROM FOUNDATION COURSE.

PLEASE ADVICE.

THANKS AND REGARDS
SURESH R