Answers By Expert: Advocate Shivaram Rao

Can I claim set-off of long term capital loss incurred on sale of listed securities against taxable income?
Subject: Can I claim set-off of long term capital loss incurred on sale of listed securities against taxable income?
Category:  Income Tax
Asked by: Ravindra Khurana
Answered by:
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Date: September 1, 2019
Excerpt of answer:

The AO is not right in his decision in treating the long term capital loss incurred on sale of listed shares on the same footing as that of long term capital gain and thereby denying the carry forward of long term capital loss since long term capital gain was exempt u/s 10(38) of the Act

Issue of section 143(2) notice for section 147 assessment
Subject: Issue of section 143(2) notice for section 147 assessment
Category:  Income Tax
Asked by: Shefali Patel
Answered by:
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Date: October 18, 2018
Excerpt of answer:

In the absence of pending return of income, the provisions of section 143(2) of the Act is clear that notice can be issued only when a valid return is pending for assessment. Accordingly, this notice has no meaning

What is the TDS Obligation When Reimbursing Expenses To C & F Agent?
Subject: What is the TDS Obligation When Reimbursing Expenses To C & F Agent?
Category:  Income Tax
Asked by: Neeraj Sharma
Answered by:
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Date: September 14, 2018
Excerpt of answer:

“The contract between the assessee and C & F Agent is a service contract which has not been specifically included in Explanation III below section 194C. In this view of the matter, the provisions of section 194C are not applicable to the payments to the C & F agents. If that is so, there was no obligation on the part of the assessee to deduct tax from the payments made to C & F agents

Can a co-op housing society compel members to pay donation?
Subject: Can a co-op housing society compel members to pay donation?
Category:  co-op housing societies
Asked by: Narendra Rajput
Answered by:
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Date: September 14, 2018
Excerpt of answer:

A Society is not expected to indulge into profiteering business from the members and if such amount is earned, then it is taxable under the law. There is no bar for any member to pay donation to the Society, however, it should be voluntary without any compulsion and coercion. No manner the transfer fees can be charged under the pretext of donation