23 November 2017 at 23:48

Capital gain tax

I have an industrial land and building in individual name which was purchased in 1999 from upsidc on lease deed.Now I want to sale above lease property.From that sale Money I want to purchase a commercial or residential property.On above case I want capital gain tax rebate.Is it possible please brief.

Answer now

13 October 2017 at 15:59

Taxation in mutual fund

Whether Short Term Capital Gain on Mutual Fund will be proportionate of the total gain for computation of income tax.More precisely I am placing my case as follows.An amount of Rs Ten Lakhs ie 1000000 was invested in a Non Equity Mutual Fund.A year later the value of the investment increased to 10.8 Lakhs ie Rs 1080000..Now due to some exigency we want to withdraw this amount.Actually total capital gain in this case is Rs 80000 which is in fact 7.4% of the total value of Rs 1080000.Now for computation of income tax whether total value of Rs 80000 will be considered which will mean IT HAS NO DIFFERENCE WITH BANK FD DEPOSITS.But if only 7.4% of Rs 80000 is considered the value of capital gain will come out to be Rs 5926 which will levy an income tax of Rs 1831 considering highest tax bracket of 30%.But if total value of Rs 80000 is considered it will lead to an income tax figure of Rs 24720.
Please therefore opine what will be the capital gain Rs 5926 or 80000

Answer now



I had book the 2 bhk flat in april 2017 at Nasik, Maharastra which will be completed in 2019 and bulider also registered in RERA.
Now Bulider is asking GST 12% excluding Stamp duty@5%, Registration charges@1%.
Kindly clarify ? what is GST rate is applicable for under construction apartment. with stamp duty and registration charges ?

Gunavant Patil

Answer now

in the f.y.2016-2017 project is completed . % method is followed in Books of accounts. A Buyer has given the full consideration in F.Y.16-17 Rs 30lakhs on the base of the letter of the allotment (Letter is issued in F.Y.16-17) Where there is the clause was that letter of allotment is subject to The Promoter has agreed to allot the said Premises admeasuring [●] square feet carpet area to the Allottee, at or for the price of ` [●]/- (Rupees [●] Only) (“Sale Consideration”), and subject to the terms, conditions and covenants contained in the proforma of the Agreement for Sale submitted to the Authority . Possession has not taken till Mar 2017.

There is no execution of agreement of sale and sale deed between builder and buyer. There may be a laps from the both the sides. all the service tax and vat is paid during the F.Y.2016-2017 on this deal. Project is completed in F.Y 16-17 And in the F.Y.17-18 , deal is cancelled and full amount is reimbursed . Now question is arise , to recognize the revenue under AS-9 % method , i have following queries:
1. at least 25% salable area is secured by contract or legally enforceable with buyers : can on this basis,only letter of allotment , can it considered as secured contract .
2. can letter of allotment enforceable if the situation is that builder is not willing to enter into contract then , buyer will sue the builders on the basis of letter of allotment, then can we say under situation of 1 that now letter of allotment is enforceable under law.
3. what are the recourse viable to recognize the revenue in f.y.16-17 and 17-18 ?
pl guide on this regards.

Thanks you

Answer now

06 September 2017 at 21:12


I am a contractor and works in different PSUs . I raised my bill for the period of 01-07-2017 to 31-07-2017 on 05.08.2017 through invoice. But when I enter details of invoices in gst portal for tax period as july17 then invoice date as 05.08.2017 shows error as 'date of invoice should not exceed tax period' . Kindly suggest me correct tax period and procedure.

Answer now

19 August 2017 at 14:44

Long term capital gains tax.

I and my brother are partners in a firm.We want to sell the land in MIDC PUNE.We wish to know the rate of capital gains tax and whether we can buy another house or commercial space and also invest 50 lakhs each in Infra Bonds to take advantage of tax exemptions under the Capital Gains. Sine we are both senior citizens and aged 68 and 70 yrs respectively,and are retiring from the business,do we have any exemptions under the IT act.
Help in this matter will be highly appreciated at the earliest as this will be the only saving we will have for rest of our life.
Ashok Kumar

Answer now

18 August 2017 at 19:17

Capital gain tax

Few years back, i sold a land and bought an apartment using the capital gain amount to save tax under sec 54F. Now, after 3 years, i want to sell the apartment. For capital gain calculation, what is the base amount considered ?

land was bought for Rs 78000/- in 2003
land sold for 25 lakhs in 2012
Apartment bought for 25 lakhs in 2013
Apartment being sold for 32 lakhs now

Is the capital gain calculated as 7 lakhs (32 - 25) ? or
is it ~31 lakhs (32 lakhs - 78000) ?

Answer now

18 August 2017 at 14:16

Regarding notice u/s 142

I have received notice on Thursday 17 Aug 2017 and was asked to present to AO on Monday 21 Aug 2017 and asked documents for assessment year 2010-11.

Actually I am unable to present on this date.

Hence please advise me on how can I extend the date of presenting documents?

Answer now

Dear sirs,
Like a company name M/s "abc" /Prop. firm sold on 31march2017 and new prop. submitted all the documents which required for change the constitution in business (1st prop. name Rp - Pan 1234XXX) to (new prop./requester name Sp- Pan 1234XXXxxx) was not ammended/update successfully coz of department issue any how. the request executed by the requester on 18may2017.

ISSUE: Bcoz of nag of department request denied and auto migrated to old first owner/name/pan.
we have many issues now like:
how we get the TIN: with new owner/pan?

Answer now

21 May 2017 at 21:45

Taxation of insurance policy

What is the tax liability of a pension policy surrender value sum assured on which is zero as per Section 194DA ?

Answer now


  LAWyersclubindia Menu

web analytics