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ELANGO

Category : INCOME S..,
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May 12, 2019 4:11 pm
  • INCOME SCHEDULE - CAPITAL GAINS
Dear Sir, very thankful for your support in IT queries. As I am salaried employee, so far I was filling ITR-1 with the help of your videos. This FY 2018-19 I sold some shares... (Stranger in this field....) and got some LTCG & STCG. Filling ITR-2 is being difficult in understanding some sentences ...
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KISHOR KUMAR

Category : INCOME S..,
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May 6, 2019 3:16 pm
  • INCOME SCHEDULE - CAPITAL GAINS
Dear Sir,I had an ancestral agricultural land whose purchase value is not know because the old land is coming from Dada-Parada, it is in my name. On August 28, 2018, I sold it for 611700.00. Sir now tell me how to calculate the capital gains ???
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Amlan Dutta
In case of inherited property , period of holding in your hands doesn't matter ...the period of holding since the first owner has to be considered ....this appears to be a very old land .....If land purchased before 2001 , then first figure out value as on 01.01.2001 with the help of a registered va...
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In case of inherited property , period of holding in your hands doesn't matter ...the period of holding since the first owner has to be considered ....this appears to be a very old land .....If land purchased before 2001 , then first figure out value as on 01.01.2001 with the help of a registered valuer...then index cost as on FY 2018 19 ...use attached index chart i.e cost = cost as on 2001 x (280/100).... <br /> Capital gains = sale value - indexed cost + (any improvement cost (indexed) ---if any )
  • May 16, 2019
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Syed Shaied

Category : Income t.., How to f..,
Solved
May 5, 2019 4:22 pm
  • Income tax
  • How to fill ITR
Sir, i have a friend who is a govt contractual employee and he perform a part time job at a Medical Laboratory and getting his remuneraiton Rs 6000 in cash. The proprietor of the laboratory doesn't have any company, just open a laboratory and my friend doing his job at that laboratory, Now which itr...
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Amlan Dutta
Check with him whether any TDS has been done ...anyways a easy way out is to show such income under income from other sources in ITR 1 and file return....Syed, please ask questions pertaining to yourself next time
  • May 5, 2019
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Soumik Dutta

Category : Compulso..,
Solved
May 3, 2019 11:48 pm
  • Compulsory land acquisition
Hi,
My mother, aged 65 years, received compensation in PY 2018-19 from West Bengal govt for compulsory acquisition of land in 1976 following a Supreme court verdict. Wanted to know if same is exempt income as per Sec 96 of RFCTLARR Act.
Thanks in advance.
Regards
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Amlan Dutta
Yes, it is exempt .....however the department may have done TDS under section 194 LA....You may take with the assessing officer the case bringing to his knowledge CBDT CIRCULAR NO-36/2016, Dated: October 25, 2016( refer attached image) ...
The RFCTLAR...
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Yes, it is exempt .....however the department may have done TDS under section 194 LA....You may take with the assessing officer the case bringing to his knowledge CBDT CIRCULAR NO-36/2016, Dated: October 25, 2016( refer attached image) ... <br /> The RFCTLARR Act which came into effect from 1st January, 2014 which in section 96, provides that income-tax shall not be levied on any award or agreement made [except those made under section 46) under the RFCTLARR Act Therefore, compensation received for compulsory acquisition of land under the RFCTLARR Act (except those made under section 46 of RFCTLARR Act), is exempted from the levy of income-tax. Resultantly, no distinction has been made between compensation received for compulsory acquisition of agricultural land and non-agricultural land in the matter of providing exemption from income-tax under the RFCTLARR Act. Exemption provided under section 96 of the RFCTLARR Act is wider in scope than the tax-exemption provided under the existing provisions of Income-tax Act, 1961. The uncertainty in the matter of taxability of compensation received on compulsory acquisition of land, especially those relating to acquisition of non-agricultural land is clarified by the Board vide CBDT CIRCULAR NO-36/2016, Dated: October 25, 2016 that<br />compensation received in respect of award or agreement which has been exempted from levy of income-tax<br />vide section 96 of the RFCTLARR Act shall also not be taxable under the provisions of income-tax Act, 1961<br />even if there is no specific provision of exemption for such compensation in the Income-tax Act, 1961.......
  • May 4, 2019
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