On what date is the import bill accounted in books? Is it to be accounted on the date of commercial invoice/ date of bill of lading/ date of bill of entry and accordingly which exchange rate to be recorded? No advance payment has been made against the same. Capital item is purchased and CIF Contract was there

In my case, the date of commercial invoice falls in one accounting year and the date of bill of entry falls in another accounting year? In which year do I account for the capital item purchased?

MY FRIEND HAD THREE PROPERTIES (TWO HOUSE AND ONE SHOP).FIRST ONE IS IN WHICH HE IS LIVING WITH HIS FAMILY, SECOND ONE WHICH IS VACANT AND THIRD ONE IS SHOP WHICH IS LET OUT.NOW AS PER NEW RULE WE CAN DECLARE TWO PROPERTIES AS SELF OCCUPIED PROPERTY.SO MY QUESTION IS

1.IS THERE IS ANY NEED OF SHOWING THESE TWO HOUSE PROPERTIES IN INCOME TAX AS THERE IS NOT ANY TYPE OF LOAN ON THESE PROPERTIES?
2.IF SHOP IS LET OUT ,WE CAN SHOW IT UNDER HEAD "INCOME FROM HOUSE PROPERTY " OR SOME OTHER OPTION IN ITR?

Skipping an attempt counted or not???

Need expert help regarding the matter.

I completed 5 years with a company and joined new company. Got the PF transferred to new firm. My question is:

1) Can I partially withdraw the PF amount for renovation work?
2) Will it be or shall be treated as PF loan and has to be repaid?
3) What is modus operandi for the same.

Any help will be greatly appreciated. Waiting for responses from the experts.

Good evening.

I purchased a house which is under construction. I availed home loan from bank and paying EMIs. There are some posts on the site but are not clear enough to me. Hence, posting the question.

My question is:

1) Can I claim the benefit of "Interest payable on borrowed capital/Loss from house property"?
2) What is Section 24 of the act? Does it say that I can claim the benefit only if the possession of the flat is received within 3 or 5 years from the end of year in which home loan was taken?

Please clarify. Any help will be greatly appreciated.

Dear sir,
I have small doubt about cash transaction limit on sales & purchase , receipt, payment

Is cash receipt limit upto 200000/-???
what is cash purchase limit ???


Thanks in Advance

madhu M

Dear Sir

In order to save capital gain tax on sale of residential property, do we need to reinvest entire sales consideration or only the capital gain amount of the sale value to buy another already constructed residential property within 2 years of sale. Pl advise. Thanks..

My ITR is not getting uploaded and after submission, the message displayed by the system is as under:
"The XML Schema is invalid. Please upload the XML in correct Schema.
At line number 3060: The value 'No' of element 'ITRForm:isLiableToAudit' is not valid."

Please note that there is no audit requirement of any kind in my case

Dear Experts,
CPC has raised the demand for AY 2017-18 this was due to error in return data whereas as per return there was refund of 54000/-

However we filed the return for AY 2019-20 with the refund of 39649/- CPC has adjust the said refund of AY 2019-20 against the demand of AY 2017-18 with passing order U/s 245,

Later we have filed rectification for AY 2017-18 to correct the return data, hence accordingly CPC has passed the order correcting the return with initiate the refund of 54000/-

But refund of AY 2019-20 has not process yet which was adjust u/s 245,

Pls tell me what to do to release the said refund.

Thanks
Nikhil

I transferred a society flat,acquired in 2009 in Gurugram Haryana for Rs 55 Lakh to my NRI son in 2015 under blood relation transfer scheme where in no stamp duty is chargeed on transfer of property among blood relations.I have following querries-
1 What will be buying price at the hands of my son?
2 Since my son is abroad and in corona times travelling is not safe,if I have power of attorney from him to sell the house,my understanding is one can not transfer ownership on POA sale in which case I will not get a buyer.Any solution to this problem.
3 As and when the flat is sold,is he entitled to invest under sec54 (infra bond) to save tax?
4 In the alternative,can he buy a flat from her mother to save CG tax
Thanks
S C Goswami