Good morning sir,

one client claimed ineligible ITC in FY 2021-22 & 2022-23, is it to be paid through DRC03 or to reverse in current financial year, since in current financial year there is no ITC, hence showing (-) negative figures in monthly GSTR3B return if we reverse it . . .

please guide me

If Mr. X Brings Immovable property as capital contribution in partnership firm then such property shall be booked by partnership firm at the book value in the hands of partner which is mutually agreed by all the partners then whether such clause is to be mandatorily mentioned in Partnership deed?

Respected Experts

Kindly let me know the implication for not filling of ITC 04 as we do not know for the same.

If now I start to file the same for last 3 to 4 year than any panelty is there ?

Kindly advise

One client have 40 lac business income and 30 lac professional fees income . Can client file 40lac income in 44AD and 30 lac in 44ADA in ITR-4 form?

**resolved and deleted

Which is the best book to enhance knowledge in direct tax, indirect tax, company law with different case studies?

Gift received (i.e. immovable property) from relatives without consideration should be recorded at which value (i.e. either Stamp Duty Value at the time of gift received or Cost of the Previous Owner) in the receiver’s books of accounts?

IN FY25-26 if my total income, including LTCG, is below 12 lacs. (87A rebate of Rs 60k) Do I have to pay LTCG tax? .can LTCG be offset against the shortfall in total income, and 12 lacs . LTCG is 9 lacs. other income below 3 lacs?

Section 64(1)(iv) His & her spouse
Section 64(1)(vi) Daughter-in-law
Sir

As per section 45 (1) Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54, 54B, 54D, 54E, 54EA, 54EB, 54F , 54G and 54H, be chargeable to income-tax under the head "Capital gains", and shall be deemed to be the income of the previous year in which the transfer took place.

Capital gains from property received by gift or will are calculated based on the cost of acquisition by the previous owner, as per Section 49(1) of the Income Tax Act.

Calculation of capital gain:

Capital Gains = (Sale Price - Cost of Transfer - Indexed cost of acquisition - Indexed Cost of improvement) x Applicable Short Term/Long Term Capital Gains Tax rate.

Sir
Can Capital gains from sale of property received u/s 64(1)(iv) & section 64(1)(vi) (house property transferred to his or her spouse and Daughter-in-law otherwise than for adequate consideration) be clubbed as per section 45 (1) or clubbed as per section 64(1)(iv) and section 64(1)(vi) with the income of transferor?
Regards
K M Goyal

Dear All,

"One of my clients was running a salon business and he already registered under GST (He want to close). Now he started one hotel business and he wants to register under GST also in this hotel name.

My question is:

Can I close the salon GST registration and take a new GST registration in the name of the Hotel, or

Can I change the name of the salon to the hotel and change the salon services to hotel services?

Please help me with this
Thank you

Regards,
Sanjay
99 6460 6463