YAGNESH HASMUKH DAVE
12 December 2013 at 13:39
A PARTNERSHIP FIRM HAVING BUSINESS OF BUILDERS AND DEVELOPERS ENTERED DEVELOPMENT AGREEMENT OF LAND DURING THE YEAR 1990.NO WORK IS CARRIED OUT ONLY ADVANCE IS PAID.THE SAID LAND IS NOW SOLD TO ANOTHER BUILDER ON 13-03-2013 FOR RS 1,25,00,000/- OUT OF WHICH 25,00,0000/- PAYABLE TO ORIGINAL LANDLORD AND BALANCE RS 10000000/- TO THE PARTNERSHIP FIRM. WHETHER THE AMT OF CONSIDERATION BY PARTNERSHIP WILL TREATED UNDER CAPITAL GAIN WITH COST OF INDEX OR A BUSINESS PROFIT? WHETHER PARTNERSHIP FIRM HAS TO GET THE BOOKS OF A/C AUDIT U/S 44AB AS RS 10000000/- IS RECIEVABLE TOWARDS SALE OF LAND.
anurag baranwal
11 December 2013 at 17:38
sir
my client is consignee agent he goods sold on purchases rate. Income is only commission from company but company no deduct tds on commission. commission meet 5% of sales
which no charges in bill.
our question is :
would be charge commercial tax on commission or no
A P Singh
11 December 2013 at 11:56
Dear Sirs,
Assesse's husband deposited Rs 7 Lac in cash in her savings bank account which was part of the sale consideration of urban land .How will this be treated in the hands of the assesse. Gift ? Transfer? Should this sum be shown in the books / balance sheet of assessee or her husband or both. No document of gift has been executed by the husband at the time of depositing the said cash amt. in the assessee's bank a/c. What are the minimum documentary requirements to be fulfilled.
Also guide as to what is the documentary requirement in case of cash gifts from non relatives eg small amts received in birthday of kids, marriage anniversary or otherwise
Please guide in detail
Thanks in advance
Naga
11 December 2013 at 11:52
my friend given 9 lakh rupees to one person for interest on Pronote .he is not fulfill his promise . can we file Recovery Suit in
Court.
But My friend Till date Not file income tax
If we File case on Court , any problems Faces from Income Tax Department ?
NAVDEEP SINGH SRAN
10 December 2013 at 22:27
if my any frind of usa/austrlia/newzlnd give me 100000 doller permantly.whats type of tax can be imposed on me under diffrent act or provision ofRBI
yash007
10 December 2013 at 15:45
We 3 brothers and uncles and our few relatives come together for remake of our old house at village by demolishing it. we have decided to remake it in 35 lakhs (appx). now my question is our family appointed me to keep all monies in my bank account..share is 3,00,000/- each. is it safe to keep such money in my account ? do i have to face any taxtion duty or liability or any procedure thereof ?
YAGNESH HASMUKH DAVE
10 December 2013 at 13:02
I HAVE BOOKED RESIDENTIAL FLAT IN 2012 FOR RS 15LAC WHILE UNDER COSNTRUCTION & NO AGREEMENT IS REGISTERED NOW THE MARKET VALUE OF THE FLAT IS RS 35LAC AS PER STAMPDUTY REGISTRATION SO THE AGREEMENT IF TO BE REGISTIRED NOW IN DEC 2013 THAN WHICH CONSIDERATION TO BE ADOPTED AND WHAT ARE TAX IMPLICATION IF REGISTERED FOR 15LAC ONLY PL EXPALIN BRIEFLY
SAM
10 December 2013 at 12:38
Dear Sir's,
Reiumburusement of salary of staff deputed on site, is service tax applicable on same?
If the company issue a debit note, whether service tax is applicable?
Is TDS to be deducted?
Request Learned members to reply me at the earliest.
Thank you,
SAM
A GOVIND
10 December 2013 at 06:42
Dear sirs,
Thank you so much for clarifying my doubt on the above subject which I had posted here a few days ago.
Please advice on the below.
My late mother's house property which she constructed in 1993 is now being sold at a consideration which is above Rs 50 lakhs but less than 75 lakhs. There are 3 legal heirs for the property out of which one is a non resident. As per expert advice given by one of the members in this forum, if the total value is less than 150 lakhs, TDS can be avoided if DEED is executed with one third right for each legal heir where by the total consideration of each heir will fall below Rs 50 lakhs thereby avoiding TDS. I have the following query.
1. Could any one guide me as to what kind of a DEED could be executed favoring each heir to avoid TDS burden?Is there any specific format which i could refer?
2. One of the legal heirs being a non resident, is there anyway the non resident can relinquish/surrender his right on the property in favor of the remaining two heirs ? Please advise.
Thank you in advance for your support and guidance
A Govind
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Service tax returns
RESPECTED SIR/MADAM, OURS IS PROPRIETORSHIP CONCERN REGISTERED WITH SERVICE TAX. THE FIRM WAS CARRYING OUT JOB WORKS TO A MANUFACTURER REGISTERED WITH CENTRAL EXCISE. HENCE THE JOB WORKS IS EXEMPTED. HOWEVER THE FIRM HAS FAILED TO FILE ST-3 RETURNS FROM 2005-06 TO 2007-08. THE FIRM HAS CLOSED ITS BUSINESS ON 31-3-08. NOW THE SAME HAS ALSO NOT BEEN INTIMATED TO THE DEPT. WHAT ARE THE CONSEQUENCES AND REMEDIES? CAN WE USE THE VCES SCHEME.
KINDLY GUIDE.