Frequently Asked Questions on LLP Settlement Scheme, 2020 issued by the Ministry of Corporate Affairs
A discretionary private trust is assessable as an “individual” and not as an “AOP” as”individual” includes group of individuals
Inheritance of property by legal heir and rental income derived there-from: Whether Income of an AOP or Individual Income?
SC criticizes ICAI for adopting an “Hyper-Technical” Approach in its investigation of MAFs and submitting to the Court that though MAFs were involved in violating ethics and law, the MAFs were not amenable to ICAI’s disciplinary jurisdiction
In a Partnership firm of father and son, father has retiremd and son continues the firm as a proprietor without communicating the fact to the bank. AO want to assessee the income as income of firm and not of Individual partner.
4 Person purchased land and sold part of it after construction. Whether its an income of an AOP or Individuals?
Assessment and taxation of trust is always a matter of interesting issues. The taxation and assessment differs as the concept of “application” of income needs to be imported while making an assessment.
Where assessee-HUF consisted of only two coparceners, viz., Karta and his son, on Karta dying intestate, son’s share in HUF would become property of son’s HUF, and father’s share would come to son in his individual capacity and assessee-HUF would be taxable only in respect of half of properties acquired by HUF headed by Karta (father)
Timing of Taxation of Capital Gain: Assessee’s rights in the immovable property extinguished on the receipt of the last cheque
