Sashi Kumar
07 January 2015 at 03:49
Hi Experts,
My Mother is selling her property and the funds will be given to her son's through demand draft by the buyer directly which will be mentioned on the sale deed.
After sale who will be responsible to pay the capital gain tax because the mother will not be receiving the money.
Will the mother has to pay capital gain tax or can the responsibility to pay tax be transferred to Son's. Because Son's want to reinvest the money within 2 years of sale.
Shamsul Arfeen
07 January 2015 at 01:32
Dear all
we have just started a manpower consultancy, even not completed 1 yr.
To whom we are providing services,they paid us after deducting TDS(10%).
Exactly i don't wanted to pay anymore in the name of TDS to the govt.
We have just started the Company with very small amount of Capital.
we are sole proprietorship.
what should i take step plz guide??????
sreedhar musipetla
05 January 2015 at 22:04
whether parking areas in a commercial complex constructed under development agreement from Agreement-cum-GPA is amenable for taxation (capital gains) or value of car parking area cannot be assessed for assessing capital gain for owner of property?
manishjohn
05 January 2015 at 14:59
My parental house is in Delhi on land measuring 180 sq yards which my father bought in 1976. Originally, it was in my father’s name and a General Power of Attorney was made in 1982 with valuation shown at 3 lacs. Later, in order to get the property registered, a sale deed was made in 2009 and my mother was shown as buyer. The sale deed showed that the property was sold to wife for 13 lacs in 2009 (as per prevailing circle rates). The property was thereafter registered in my mother’s name. No financial transaction took place, either cash or cheque as the sale deed was prepared just for the sake of getting the property registered as my father could not do it in his name because GPA was in his name, hence a sale was shown. During this time, he was a pensioner with no tax liability.
On the other hand, the registrar office sent the sale deed details to income tax department as it was bound to do so. We have now received a notice from IT Dept. in the last week of December 2014 wherein it has raised an issue that sale of property took place in 2009 and the tax return had not been filed for that particular year, indicating that my father had earned capital gain of 10 lacs from 1982 to 2009 by selling the property. A valuable advice is kindly requested as to how we should convince the IT Dept. that the sale deed was made just for the purpose of getting the property registered and no financial transaction took place. Stamp duty was duly paid at that time. My parents still live in the same property.
aadityaaggarwal
01 January 2015 at 12:15
Dear sir,
I am owner of a commercial pickup vehicle which i use to provide transportation services of letters,parcels of courier from point A to point B(300 km apart) to two major courier companies who have hired my vehicle on contract basis for movement of their load to different stations between point A and point B(i am only giving the courier load to the franchise in different towns not delivering them personally to the final customer). My question is regarding the determination of my tax liability.
NOTE : I am not running a goods transport agency(which deals with various clients and issues consignment note).
If both courier company pay me a total amount of Rs 1,30,000 per month to carry out transportation of load(letter,parcels and other courier material) and my expenses amount to Rs 1 lakh(including fuel expenses,driver salary,barrier toll tax etc) and my monthly income becomes Rs 30,000, than -
1. Am i liable to pay any service tax on my service provided to the courier company or should the courier company pay it(i read something about reverse service tax mechanism) as i am only a small service provider and they are a big company.
2. IF no service tax is payable by me, do i have to pay income tax to government on income of rs 30,000 per month.
If any detail or required information is missing kindly reply and ask for it. Help will be appreciated.
Thanking you
Aaditya aggarwal
raghavendra
30 December 2014 at 18:03
Sir/madam
i am working for a company my salary is 10lakhs per annum, i am taking exemption on rent paid, now i buying flat in bangalore availing Loan and i am not staying in that flat i am continuing to stay in rental house only.
Am i eligible to get exemption on both renyal house and flat loan also, is it possible please advice me.
Thanking you
kratika
30 December 2014 at 13:33
Does Temples or Ashram liable to pay House Tax, Water Tax?
Pracdip Panchal
29 December 2014 at 06:58
Dear Sir,
We are manufacturing company. After RCM notification 01-07-2012, from 01-07-2012 to 31-03-2013, our company has not deposited service tax on 75 % labor bill as per RCM notification. Please note, our company have paid service tax @ 12.36% on 100 % labor bill to our labor contractor and he has already deposited service tax @ 12.36% on 100 % labor bill instead of 25% labor bill. Please also note that our company has not taken credit of that service tax against its central excise payment on manufactured goods .
Now Excise auditor has issued memo to our company to pay service tax on 75% labor bill along with interest and penalty.
Sir, please inform us, should we pay that demand?
If yes, then how our company / labor contract get refund from service tax department?
If no, please provide us judgment / appeal order / notification on this.
Thank you.
Pradip Shah
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Post deceased daughter's sons eligibility
Dear All Experts,
HAPPY NEW YEAR 2015 TO ALL OF YOU.
My mother has got SELF-ACQUIRED Property in her name as she has purchased that property. She died INTESTATE in the year 1996. My father expired before my mother expired in the year 1994. Now we are selling her self-acquired Property. The problem now is the right of share in my mothers property. We are 6 children to my mother, 3 daughters and 3 sons. all are married.
2nd DAUGHTER (of my mother) DIED in the year 1999 AFTER MY MOTHERS DEATH AND SHE HAS GOT 2 MALE CHILDREN and her husband only. Her First Son got married and he has got a kid. When we sell our mothers Property the sale proceeds should be distributed equally for all children.
Will my mothers 2 Daughter stated above who died after my mothers death also gets a share ? As the Hindu Sucession Act says only about pre-deceased and not POST DECEASED.
If my mothers 2nd Daughter gets a share, then how that particular share has to be distributed among their family members ?
Please give me proper advice as we have to distribute the sale proceeds when the sale takes place in couple of days.
regards