AKSH
26 November 2013 at 14:07
Suppose if mother wants to gift her house and land to her son how much tax must she pay ? Or is it gifting free of tax ?
( total market price around 50 lakhs.)
C..a......STUDENT
25 November 2013 at 19:36
Can an Educational Society give salary to its Director for the services he renders to the society?
Will it be allowable as an expense to the AOP?
Please reply.
srihasa
23 November 2013 at 12:20
Hi,
I recentely booked one villa in Hyderabad,Builder started constructiion based developement aggreement with landlord,As pr their developent aggreement builder allocated few villas to landlord, My villa is one of the villas of landlord which constructing by builder.
The aggreement value of my villa is 80Lacs,While booking, builder said to me that i need to pay the complete amount on landlord's name as it is part of landlord's share,I totally agreed on this.
Now prior registration builder is demanding me to pay SERVICE TAX & VAT as per below calculation on his name.
Agreement value 8000000
Excemption for vat
(75% of agreement value) -6000000
Applicable amount for VAT 2000000
Vat 5% 100000
Excemption for Service tax
( 60% agreement value) -4800000
Applicable amount
for service tax 3200000
Service tax 12.36% 395520
As per above calc
VAT 100000
SERVICE TAX 395520
Total 495520
Here my question is in his above caluculation he is considering total aggreeement value in calculating service tax, So my understanding as per Notification No. 26_2012-Service Tax dated 20_6_2012, He should consider only 25% of the aggreement value for service tax calculation as land value included in agreement value, But he is not at all considering my words/thoughts, He is simply saying that he will come under works contract rule, so as per work contract taxation rule i should pay service tax on 40% of agreement value, Then i said as per Notification No. 24_2012 - Service Tax, it should be 40% on works contract value not on the agreement value,I said 80 lacs is not workcontract value then He said there is no seperation of land and workcontract value, agreement value is total value , so i need to pay service tax on 40% of agreement value,
I am requesting all experts here to suggest me on this , I gone through above notifications , as per my understanding , If it is workcontract,service tax should be payable on the 40% of workcontract value and if there is no seperation of works contract & landvalue,then service tax should be payable on 25% on agreement value, Please suggest me on this.
Thanks ,
Regards,
Srihasa.
Anuj Kumar
22 November 2013 at 15:21
We have made a credit note of a bill of 2010. in this bill, there was output service tax.
Can we avail input service tax in our books as we are giving credit note to the party ?
girish
22 November 2013 at 09:59
one of my client want to sell a part of its division with all assets and liabilities, which includes inventories, my point is whether VAT is leviable on transfer of such inventory under Gujarat Comemrcial VAT Act
Regards
Girish Mani
C..a......STUDENT
21 November 2013 at 17:32
If an assessee is doing the business of buying and selling vacant plots, will service tax provisions?
Please reply.
Rakesh Rao
21 November 2013 at 16:01
Dear Sir,
We have send one mold ( made by steel) from kalol - Gujarat to Navi Mumbai Maharashtra for Hardcrome platting process (some material deposition occurs during process) (for jobwork) and will received back from Navi Mumbai.
my query is whether we have to send material with Form 'F" is mandatory or we can issue form F afterward but before receive back material if we missed to send. second query is my suppiler is charging for Maharastra Vat @5% on 75% of basic value and also charging service tax 12.36% on 70% of basisc value. As per my knowledge for inter state transation cst 2% must be charged
Please relpy as soon as possible
Rajesh
21 November 2013 at 12:53
Housing Property purchased in 2009 is sold in 2013 and inflation indexed capital gain is invested in bigger house with additional funds arranged by way of housing loan.
I have another housing property purchased in 2007, which also i have sold now. Can i claim for capital gain benefits from sell of this property by way of clearing my housing loan taken for bigger house as it is not a directly investment in my already purchased bigger house.
Vinod
21 November 2013 at 00:24
Dear Expert,
When PF and ESI is applicable to an organisation. What are the No. of workers or employees in an organisation.
Thanks
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Consignment stock transfer
I own PREMIER GALLERY, a franchisee (consignee agent) of Koutons ( Consignor) in Noida UP.
The merchandise was sold on Koutons TIN No of UP ( Tin No ...A),as per agreement.We used to get commision on turnover. All sales were computerised and it was the liability of the Koutons to look after UPVAT matters.
The Consignee Stocks were in our custody but were property of Koutons and we use to sell the merchandise on rates decided by Koutons and deposit the sales proceeds to Koutons.
Due to difficulties in operations, Koutons( Tin No ...A) delivered/trasferred the balance stocks (in our custody),lying in the premises to PREMIER GALLERY (us) ( Tin No ...B) on the basis of modified agreement which permitted us to sell merchandise on our (Tin No ...B). No F form was issued.The ownership of the goods remained with Koutons, and there was no movements of goods, & they remained in same shop only.
The method of sales remained same except the Tin No. The goods received thereafter were received on consignment transfer against F forms etc of consignee.
Is any Vat applicable on consignment stock transferred within same premises (same state).