PROPERTY WAS SOLD IN FY 2015-16 be considered for base rate of 2001 for valuation purposes.AT present from FY 2016-17 base rate for valuation has been fast forwarded to 2001. My submission that since 2001 is taken as base year,its applicability be from 2002-2003. your opinion solicited pannala nawalkha

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Dear Sir,
I have query on inter payment by one sister concerned for other sister concerned. I mean that one company's bank accounts is used for other company's payment. Is this covered under GST as a supply of service to one sister concerned from other sister concerned.
Can it be treated as transaction in money in the GST.
please suggest me other ways to avoid GST.

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An case named DEPUTY COMMISSIONER OF INCOME TAX vs. GIRNAR INVESTMENT LTD. ITAT, DELHI ‘F’ BENCH Sikander Khan, A.M. & Y.K. Kapur, J.M. ITA No. 4330/Del/1998 17th July, 2003 (2005) 92 TTJ (Del) 711 :(2004) 88 ITD 419 (Del) that belongs to Section 45, 48, 55(2)(iiia), Asst. Year 1995-96, in which it was stated in last para:
“This brings us to the last submission of the assessee that the amendment carried
out in s. 55 by incorporation of sub-s. (iiia) clarifies the grey area as by virtue of the amendments the cost of bonus shares has been mandated to be taken as nil. The submission of the assessee was that on account amendment which has been carried out to clear doubt, the benefit of same should be given to the assessee. When we examined this contention of the assessee, we found that the amendment is operative from 1st April, 1996. It has no retrospective effect.”
From this can it be easily deduced that if the A.y. had been 1997-98 or later years, the benefit must have been given to assesse and there will not be any tax on short term
capital gain on shares in the said Girnar Case?
Girnar case is attached

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23 March 2018 at 13:15

C form

I have done some CST sales against the c form condition with the buyer. As per then law of the state I had paid purchase tax on the goods purchased. A that time the purchase tax was 4% and the CST was also 4% . But latter unfortunatley few of my buyers failed to provide me c form due to closer of their business and some started blackmailing me to provide me c form only if I make any additional discounts etc. Now my local sales tax office demanding the c form and even served notices for attachment of my bank account. I have paid our state's tax and sold against the buyer's cst waybill. It is also confirmed that my buyer has paid the tax in his state and reflected the transactions in their return. The department of Sales tax has sent me a notice to pay the tax amount on balance due of C form @ rate of 8% . And after the complaining the higher authority has reduced the tax to @ 4% on the balance amount of the C form transactions. Now my queries on two following points

I) where as I had already paid the tax while purchasing the goods to the originating state then how can the same state will collect the tax again on the goods. That’s mean the double taxation on the same goods. Once I had paid @ 4% tax while purchasing and again pay tax @4% towards CST

. ii) Secondly, in some cases the department collects the sales tax when the dealer failed to provide the C form. The usual practice is that the department calculates the amount of tax as per the state’s tax rate and adjust the amount already paid towards the CST. The dealer has to pay the deference amount. In most of the cases the CST rate of tax is much lower than the state’s rate of tax. But in my case both the State’s rate of tax and the CST rate of tax i.e. 4% are same. Then how much the tax I should pay towards the CST now.

I had raised the issue with some advocates but unfortunately got difference of opinion. I heard about this Lawyers Club India Forum. I will be highly obliged to get the proper guidance in regards to the afro said matter from the best mind of the trade.
Thanking you and with Warm Regards

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21 March 2018 at 23:04

Huf account for tax benefit


I have an annual income of 11 lacs from salary and till date savings of Rs. 25 lacs which earns an interest of 1.5 lacs annually through fixed deposits. However because the tax slab applicable for me is 30%, I end up paying tax of 45 thousand every year on my income from FD. We are a Hindu family and eligible to open an HUF account. I also understand that if I open an HUF account and show the FD income in that account my tax liability will reduce.

However I have the following queries:

1. Do I need to transfer the saving of 25 lacs in the HUF account (created on the new HUF PAN card) ? Or can i only take the interest income is HUF bank account without moving my savings to HUF account?
You may choose not to answer this one as I can find it out from the bank. But if you have any idea please share your thoughts.

2. In case If I transfer my savings to HUF account as gift, can I take it back from HUF account to my personal savings account (may be to buy a property or such a big expense) without paying any tax? Or will it be considered as income in my personal bank account and I will be liable to pay tax for such a transfer from huf to personal account?

Any help on this is appreciated. Thank you in advance

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21 March 2018 at 16:26

Capital gain tax

Weather if I deposit my sell consideration in saving bank account and go for purchase for another property within next six months Did I am not required to go for opening of Capital Gain Account.
Weather I have to purchase another property from entire sale proceed or fromindexed capital gain and can use remaing amount for any other purpose ?

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We r a govt organisation having own dispensary... Apart from this employee s are also reimbursed against doctor prescribed medicines purchased outside... This runs into 6000 a month.. sometimes fake also... This is not shown in IT calculation. Can someone help me with this... Whether reimbursement in excess of 15000/_ is taxable.. we have credit facility for inpatient.... Whether this also to be considered....

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15 March 2018 at 09:34

Capital gains

I acquired the property in year 2000 for 6 lac.
And sold in FY 2017-18 for 120 lac. The circle rate is 62 lac and the valuation as per Regd. Valuer is 70 lacs.
Can 1 consider the cost of acqn as 70 lac.?

And capital gain of 50 lac ( 120-70)

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11 March 2018 at 14:11

Tax help request

I have left my job in 2015. My income is now only from income from other source and below Rs.2.5 lac including my wife's saving interest but I would like to file tax. My query is: 1. How to show my wife's income and pan number in the ITR form. 2. Could my wife file ITR separately as she earn by stichting cloth without clubbing in my income. 3. I have purchased share of a unlisted company 3 years back, now it is listed. I have sold the share now in the market. What is the tax treatment on income gain on shares.
Help me and guid.
Yours faithfully,
Ajay Kumar Lal

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Now they claim they gave so much dowry which is not true and they do not have any source of such income.
If I want to file a Tax Evasion petition against some one how long the time limitation for that incident? like 10 yrs 20 yrs etc or no time limit?

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