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Displaying Queries 1 - 10 of 340 in 34 pages

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ravi jain

asked On 02 July 2015 at 15:51

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Tds on purchase of immovable property

I have booked a flat in an underconstruction property. The agreement is drafted in the following manner
First payment for unit is to be made in installments including VAT and Service
Thereafter the builder will collect other charges just before handing over the possession of the property such as legal charges, society charges,non refundable deposits for water and electricty meters.
However the same is included in the agreement.
My query is that on what amount should I deduct TDS and under what section.i.e shall i deduct TDS purely on unit cost of property or the entire amount paid including other charges.
Pls give some reference if possible asap.
Thnk u

Krishanu Majumdar

asked On 02 July 2015 at 12:35

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Partnership accounts

Dear friends please help me with the following problem.

A and B start construction of a building. A holds the land and B agrees to bear all expenses to construct the building. They made agreement to share the total number of flats in 2:3 ratio that is A will sell 40% of total flats separately and B will sell 60% of flats separately. I am to keep the accounts of B only. How to set up capital and how make all accounting.


asked On 29 June 2015 at 13:58

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receiving demand draft as compensation is it taxable

My friend is getting divorced and is receiving a compensation of 10 lakhs in form of demand draft.So she wants to know that when she deposit the amount in saving bank account, is that amount will be taxable, if yes then how much she need to pay and what is the procedure.

Also, she would like to know that is their any way through which her compensation should not be taxable.


asked On 27 June 2015 at 00:49

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I have made a loss of Rs20.00lac in stock derivatives market in 2014-15.Can I show it in my IT return towards loss which is to be adjusted in next 8 years. I had borrowed some money from a friend who had given from his Company A/c which has not yet been repaid. Do I need to show that? My employer gives me a cerificate where the loss is not shown bcz there is no column for it.

Sudhir Lohar

asked On 24 June 2015 at 17:39

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Rectification of cst order karnataka vat

Respected Sir/Madam,
We are a registered dealer under Karnataka VAT.
For Quarter Jan-Mar'06 a particular inter state dealer did not issue the C Form on time.The AO completed the Assessment and recovered the difference tax & penalty.
Date of order 7/7/2010.
However the dealer, after rigorous follow up has submitted the C form.

Can we go for rectification of the CST order with the AO or appear before the JC appeals.In the light of section 40 of the KVAT Act,which states as under:
40. Period of limitation for assessment.
An assessment under section 38 or re
- assessment under Section 39 of an
amount of tax due for any prescribed tax period shall not be made after five
years after the end of the prescribed tax period.
Provided that an assessment or reassessment relating to any tax period upto the period ending 31st day of March, 2007 shall be made with in a period of eight years after the end of the prescribed tax period.
Provided further that an assessment or reassessment relating to any tax period commencing from the 1st day of April, 2007 upto the period ending 31st day of March, 2012 shall be made within a period of seven years after the end of the prescribed tax period.
(2) Notwithstanding anything contained in sub - section (1), if any tax is, not paid by a dealer who has failed to get registered though liable to do so or fraudulently evaded attracting punishment under Section 79, an assessment or reassessment may be made within eight years from the end of the prescribed tax period.
Provided that an assessment or reassessment relating to any tax period upto the period ending 31st day of March, 2007 shall be made under
this sub-section within a period of ten years after the end of the prescribed
tax period.
Substituted by Act 17 of 2012 w.e.f. 1.4.2012.

Kindly guide us in the matter.


asked On 24 June 2015 at 12:59

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Amended provisions of sec.269ss

If any person,who has not received any advance of any kind whether in cash or cheque in connection with sale of his immovable property, wants to receive the sale consideration amount in cash before the Sub-Register as full and final consideration,will the amended provisions of sec. 269SS(w.e.f.01/06/2015) come in the way of the transaction? What is the position of law if the seller is an Income-tax assessee or otherwise.

Ranjan Luthra

asked On 20 June 2015 at 16:29

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Capital gains related query


I've the query related to capital gains for the following situation:

Transaction 1:
I had purchased a flat in 2006 for 20 Lakhs and sold it in Nov 2011 for 57 Lakhs. The long term capital gain of 20.4 Lakhs (post indexed cost consideration) was re-invested in the Dec 2011 year in an under-construction property (Cost 80 Lakhs) that was supposed to be constructed with-in 3 years (by Dec 2014).

Transaction 2:
However, the construction got delayed by an year and now I'm selling this under-construction property for a sale consideration of 1.2 Cr given my changed family needs. I'll re-invest the capital gain ( 3 years) and re-investing the entire sale proceeds into a different investment, can i claim LTCG on this? As per all the articles that I have read on the internet, an under-construction property with requisite flat details and with an allotment letter issued more than 3 years back, it should be considered for tax exemption under LTCG.

Kindly confirm if there is any tax liability on me given the situation above.

Thanks in advance,

Parveen Mittal

asked On 16 June 2015 at 16:33

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About unregd. trust

Dear sir,

My enquiry is that Trust can be unregd as per income tax law.What will be trust deed.
Unregd. Trust can file return nill if trust's income from intt. on Rd

Arvind Agarwal

asked On 12 June 2015 at 12:03

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Input tax reversal

My client is situated in West Bengal and makes purchases from Local, centre as well as imports. He sales the goods in the local market and stock transfers goods to his head office in other state. He is able to determine the purchases(whether purchased locally, centre or import) which is stock transferred against Form F. My question is, for Reverse Credit do I have to consider the entire stock transfer (including local, centre & import purchases) or only the local purchase is to be considered.

2. How the Reverse Credit is to be calculated in following case: -

Local Purchase: Rs 26577318 itc Rs 1328866
Central Purchase: Rs. 5102330
Import: Rs. 245870/-

Local Sale: 11767178 Output Tax: Rs. 588359
Stock Transfer (from local Purchase): Rs. 14927220
ST. (from Central Purchase): Rs. 4369134
ST (from Import): Rs. 60519/-

Total Sales: 31124051/- Output Tax: 588359

Solution to the query will be highly appreciated.

Arvind Agarwal (Adv)
Siliguri, West Bengal

Prashant Raj Tax Advocate

asked On 06 June 2015 at 16:20

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Demand in up vat

Dear Sir

i have a problem regarding sec 2(z)(ad) in up vat one of my client is deal in restaurant and received service charge from customer and given to his waiter but the VAT authorities imposed tax assumed service charges as income or sale of client so please tell me how i do in this situation

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