Q. I am an NRI. If I gift Rs 20 lakh to my major daughter in India and if she invests it in a bank fixed deposit, will either of us be liable to pay income tax? – Wilson Furtado According to Section 56(2), any sum received
I sold a residential property in 2011 and invested part of the long term gain in an under-construction residential property. The delivery was scheduled in October 2013. But there is no progress till date. How can I claim tax
If the agricultural land under question falls within the definition of rural agricultural land, i.e., falls within the specified limits of the nearest municipal authorities, then it is not considered a capital asset, says wri
As per Finance Act 2018, exemption for LTCG on equity-oriented mutual funds (including ELSS) has been withdrawn, therefore no exemption will be available in respect of LTCG from ELSS on or after April 1, 2018 and such LTCG in
When the firm gives you Form 16 for FY18-19, there should be a clear bifurcation of the total gratuity received, into Rs 10 lakh considered as tax free amount and balance on which tax has been deducted.
The application to settlement commission for settlement under Section 245C can be made at any stage of the case if the proceedings for assessment is for previous six assessment years and additional amount payable exceeds Rs 5
As per Section 56(2)(x) of Income Tax Act, if the purchase price of a property is less than the stamp duty value and the difference is more than 5% of the purchase price or Rs 50,000 (whichever is higher), then the difference