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Aakash

Category : Income f.., Capital ..,
Solved
August 13, 2019 8:11 pm
Sir,My mother purchased a new home last year and for a half year I was paying rent to her under old home and I started paying rent on the new property. She has income from 2 house property.I have 2 questions- Should she file ITR1 or ITR2? As she has income from 2 house property.- She sold her old ho...
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Amlan Dutta
She will file ITR 2 and show income from both house property ...whatever capital gains she got from old house, to that extent if she has invested in new house she can claim exemption u/s 54, but capital gains and it's subsequent exemption in return has to be shown in tax return !
  • August 14, 2019
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Aakash
If she shows rent from one property only and another one is self-occupied even than she needs to file ITR2?
  • August 14, 2019
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Mahendrakumar Kolhe

Category : Capital ..,
Unsolved
July 27, 2019 1:22 pm
Hi Amlan Sir,

I have earned rs 65288 from long term capital gain in FY 2018-19 due to the sale of equity shares. purchase price - 196505 sale price 262523. as of 1st Jan 2018 fair market value of those securities - 357156

When I am filling ITR2 schedule CG. it does not give me the benefit of non-t...
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Deepjit Nandi

Category : LTCG Exe..,
Solved
June 20, 2019 11:28 am
Sir, which date should be the date of acquisition of house property ? Date of deed agreement or date of registration ?
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Amlan Dutta
This is a very critical point in Capital Gains whether to consider date of registration or date of possession or date of allotment for computing capital gains ....for all practical purposes, date of registration or date of allotment(on payment to builder) whichever is earlier can be considered for ...
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  • June 20, 2019
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Pradeep

Category : Compulso..,
Solved
May 13, 2019 11:36 am
Sir my mother has received land compensation approx 2000000 from acquisition of land in Haryana but they have also deducted income 200000. Is it a exempt income and how can I fill this ITR??
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Amlan Dutta
If it was done compulsory acquisition then 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) ... ...
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If it was done compulsory acquisition then 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 compensation received in respect of award or agreement which has been exempted from levy of income-tax 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 16, 2019
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