Deferred Capital Gains – Registered Development Agreement u/s 45(5A)

Applicable From 01-04-2018 (i.e., Assessment Year 2018-19 relevant previous year 01.04.2017 to 31.03.2018) Eligible Assessee Capital Gains arises to an assessee, being Individual or HUF Eligible Transaction Capital asset, being Land or Building or both, under a specified agreement Specified Agreement means a registered agreement in which a person owning land or building or both,…More

Solution to Denial of Service at ITD eFiling Website

I have a suggestion with respect of Income Tax Returns Compliance based on the proposition of Queing Theory – creation of parallel queues reduce waiting time and length of queues. At present, there are principally only Three Due Dates for Filing of Income Tax Returns (31 July – Non Audit | 30 September – Tax…More

Deduction u/s 80E – Interest on Loan taken for Higher Education

Deduction u/s 80E in respect of interest on loan taken for higher education. Sl. No. Criteria Conditions 1 Eligible Assessee Individual 2a Eligible Lender any financial institution which means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of…More

Section 54 – Is a Flat a Residential House?

The words and phrases ‘apartment’, ‘flat’ or ‘residential house’ are not defined under the Income Tax Act, 1961. 1. Clause (a) of Section 2 of The Gujarat Ownership Flats Act, 1973 [Gujarat Act No. 13 of 1973] defines a “flat” to mean a separate and self-contained set of premises forming part of a building and…More