Exemption U/s. 54F allowed even if investment in mutual fund made prior to purchase of residential house : ITAT

By | April 20, 2019

Held :- In our view deposit of money by the assessee inter-alia in mutual fund prior to purchase of residential house albeit will not make any difference if the assessee had purchased the residential house within the time provided by the Act ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru) Appeal Number : ITA No.… Read More »

TDS U/s. 194J applicable and Not salary tds u/s 192 on Fees shared between hospital & doctors : HC

By | April 20, 2019

Issue :Revenue’s contention that the Respondent­ Assessee, a trust, running a hospital, had to deduct the tax at source under Section 192 (salary)  of the Income Tax Act, 1961  Held ;Significant features of the contractual relationship between the doctors and the hospital in the present case were that the hospital would provide support service where a… Read More »

No Addition of Income on property transfer as Power of Attorney holder : ITAT

By | April 20, 2019

Mere recovery of POA from the possession of the assessee is not enough to estimate income against the assessee. The law is clear that POA is meant for doing the certain acts on behalf of the principal. It is also subject-matter of cancellation. Only certain acts which have been authorised by the POA could be… Read More »

Section 54 exemption allowed even if land purchased 1 year before transfer of original asset : ITAT

By | April 20, 2019

If a plot is purchased in contemplation of ensuing construction within a reasonable time even before the transfer of the original asset, there can be no fetters on the allowability of exemption u/s 54F, if other conditions are fulfilled.  The assessee acquired land in two parts for construction of a new residential house, viz, the… Read More »

GST on Builders & Real Estate Transactions (3rd Edition April 2019) Taxmann

By | April 20, 2019

GST on Builders & Real Estate Transactions-With New GST Scheme for Real Estate/Construction Sector(3rd Edition April 2019) by CA Sandesh Mundra (Author) A Complete Guide to GST on Builders & Real Estate TransactionsAlso Incorporating: Affordable housing Taxability of sub-contractors Retention & withheld amount Free of cost supplies & site transfers Liquidated damages & settlements Job work &… Read More »

Category: GST

Rule 88A CGST :ITC Utilization : Commentary

By | April 20, 2019

Rule 88A CGST :ITC Utilization : Rule 88A of CGST Rules 2017 deals with Order of utilization of input tax credit under CGST Act 2017 . Here is the commentary on Rule 88A Commentary on Rule 88A of CGST Rules 2017 Rule 88A of CGST Rules 2017 is Inserted by Central Goods and Services Tax… Read More »