Shweta
01 May 2023 at 08:49
Mr A and Mrs are husband and wife.
Mr A gifted shares to Mrs A worth Rs 50,000 in 2010-11
Expecting the shares to be sold in current financial year, Mr A and Mrs purchased a house property (joint ownership between Mr A and Mrs A) for Rs 5 Lakhs in March 2022. Mr A provided Rs 2 Lakhs From his personal funds and Rs 3 Lakhs through joint home loan.
Mrs A sold the shares in June 2022 for Rs 5 Lakhs which is also the long-term capital gain for her. The sale consideration from shares was credited in her account and the home loan was disposed off.
Income from sale of shares is to be shown in the ITR of Mr A after application of clubbing provisions of section 64(1)(iv)
Mr A wants to claim exemption under section 54 F for investment done by both Mr A and Mrs A, in purchase of joint property, (Mr A provided Rs 2 Lakhs from his personal funds and Rs 3 Lakhs through joint home loan which was disposed from sale consideration of shares), the money was credited in bank account of Mrs A and loan was disposed through check.
Mr A and Mrs A want to opt for co-ownership in proportion to their investment and also claim 54F for both Mr A (transferor) and Mrs A (transferee) investment.
Query - Whether or not eligibility claim of Section 54 F will be accepted by the Income Tax department regarding joint investment / joint ownership of residential house with both Mr A (transferor) and Mrs A (transferee) eligible to claim section 54F on sale of shares.
Please support with relevant case laws, if any.
Anonymous
30 April 2023 at 11:43
I'm working as welfare secretary in ap villege secretariat. I'm under medical leave since 4months. Shall I eligible to get transfers or shell I rejoin to get transfers? Higher officers are suggesting me to join but i couldn't due to my health condition. Please suggest me regarding this.....
Yuvanthi Kumar
30 April 2023 at 10:47
My brother is attempting a criminal Tresspass to my property let out to a tenant who is planning to vacate next week. I have a valid rental agreement with tenant. Also there is a civil suit pending in court regarding this property. The property is still under bank loan and being repaid by me. However the title is not transferred from my father who passed away 10 years back. Can I give a police complaint to stop criminal Tresspass? Also the tenant is joining hands with my brother..
Rajesh Rao
29 April 2023 at 13:48
Dear sir,
I need advise, whether we can pay local payment in USD. Vendor registered in india and purchase invoice will be issued in USD.
for contract execution outside india.
KANNAN
29 April 2023 at 07:26
My father bought one land and written on MY Mom Name in 1969. My Dad got patta too. Now when my MOM is trying to do settlement Deed on my name , in EC someone had put one forged entry as if my MOM sold some PersonB.
Lawyer is still saying we can go with settlement Deed. Is that the right way or legally allowed by Sub REgister on settlement Deed?
Thanks for helping on this question in advance
MOHAMMED AHMED
28 April 2023 at 19:22
My prayer goes like this:
Based on the comprehensive response provided in Petitioner’s earlier statement to this OA, it is evident that there are numerous contested facts in this case. It is important to note that the very nature of this OA suggests fraudulent collaboration between the 1st Respondent/Applicant Bank and the 2nd Respondent/ 3rd Defendant Builder. The truth behind their actions became apparent during the Cross Examination of the PW1. It is crucial to acknowledge that the property in question has been unlawfully fortified by the 1st Respondent/Applicant Bnak, in collusion with the 2nd Respondent/3rd Defendant Builder. Their primary objective appears to be prolonging and creating legal disputes with the intent of pressuring the Petitioners into relinquishing their rights to the property.
5. The 1st Respondent/Applicant Bank illegally seized the property in August 2009 without following the appropriate legal procedures. The present OA was filed by the 1st Respondent/Applicant Bank in October 2011. Despite more than a decade has passed since the OA was filed, the status of the property remains unclear. Furthermore, the KG Marina Owners Association is not granting the Petitioners access to the area of the flat in the apartment, which has led to the Petitioner harboring doubts that the property may have already been liquidated.
6. It is therefore just and necessary in the principles of Natural Justice for this Hon’ble Tribunal to kindly permit the Petitioners/Defendants 1&2 in this case to undertake the following actions:
a) Appoint a commissioner to verify and ascertain the status of
the flat at xxxxxxxx, within the apartment premises.
b) Determine the name, address, and identity of the individual who
collected the original Sale Deed No:xxxxxxx from the records of
the Sub-Registrar Office (SRO).
c) Assess the present value of the flat through an Authorized
Government Valuer to determine its current worth.
These requests are vital to ensure a fair and just resolution of this case, adhering to the principles of Natural Justice.
Please guide can I file this IA in DRT
Anonymous
28 April 2023 at 17:44
Due to constant leakage, the structure of the bldg was getting weak n top floor occupant were facing sever problem. The bldg committee decide to built a permanent shade to prevent as above mentioned.
Now we have received a notice to dismantle the shade due to a complaint from one the member of society. What is the best solution for this
Anonymous
28 April 2023 at 13:24
What kind of construction or modifications in the common passage are considered illegal
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Gift deed of a old property undergone for redevelopment
Dear Sir,
Our building is under redevelopment since last 2 yrs. All members have done PAAA except one member by saying she wants to purchase extra area and does not execute the PAAA for the flat which is allotted as per DA. She is the single owner of old flat.
For purchasing the extra Area, she wants to take a loan but as she is not a working women, she wants to gift the flat to her son so that he can take loan for extra area to purchase.
My Question is , can she gift 50% of her flat to her son for the Old flat which does not exists as of now and the new flat is not yet registered on her name.