The moment you convert business assets into capital assets i.e. investment, business income arises.

I am an individual and an interior designer.

I am an individual and a resident of India. I have transferred USD 400,000 under LRS to my foreign bank account in the US.

Tax Queries by Jayesh Dadia, Chartered Accountant.

Tax Queries by Jayesh Dadia ,Chartered Accountant.

Tax Queries by Jayesh Dadia ,Chartered Accountant.

I am an individual and in service with a corporate organisation. In FY 2021-22, I joined a MNC that paid me a joining bonus of ₹ 10 lakhs with the condition that I should work with them till March 2025.

It is a settled law that assessment cannot be made in the name of an assessee who has already died.

A reversed mortgage loan enables a senior citizen to avail of periodical payment from a lender against the mortgage of his or her house while remaining the owner and occupying the house.

Tax Queries Jayesh Dadia Chartered Accountant 

The provision of Section 281 of the Income Tax Act can be invoked only if there is sale, mortgage, gift, exchange or any other mode of transfer of your asset in favour of any other person. The assets referred to in Section 281 are specific and tangible in nature.

Tenancy right is a capital asset. Therefore, consideration received on surrender of tenancy right is subject to Capital Gain Tax. It seems that you have been staying there for more than three years. Therefore, the entire capital gain would be in the nature of long-term capital gain.