YAGNESH HASMUKH DAVE
18 July 2013 at 13:12
HUSBAND AND WIFE CAN GIVE GIFT BY CHEQUE OR CASH TO EACHOTHER AND THEY INVESTED THE GIFT AMT IN FD OR SOME PLOT OR FLAT IF NO GIFT CAN BE GIVEN THEN ONLY LOAN CAN BE GIVEN TO HUSBAND AND WIFE PL REPLY
JAGANNATH RAO PARINAM
17 July 2013 at 11:16
Dear Sir
I have sold one plot of land in July 2012 and sold another house in 2013,My query is as under:
1.Can I deposit the sale proceeds from plot in Capital gains a/c before 31/07/13 and then utilise the sale proceeds from sale of plot and capital gain from house sale for purchase of only one residential house within the prescribed period under section 54 and 54 F .
2.or I have to buy two separate residential houses against each capital gain claim.
3. Can I claim exemption for two residential houses purchased against the capital gains from sale of only one house.
3. If ,yes then two new houses purchased should be in the same location or different locations in the same City.
3. or can the houses be purchased in different Cities.
Appreciate your pointwise clarifiction
PJRAO
gosc
17 July 2013 at 11:16
I would like to share the information with regard to Income Tax Returns:-
Please refer Instructions for SAHAJ INCOME TAX RETURNS point No.7 Obligation to file return AY 2013-14
Every individual whose total income before allowing deductions under Chapter VI-A of the Income-tax Act, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income. The deductions under Chapter VI-A are mentioned in Part C of this Return Form.
The maximum amount not chargeable to income tax in case of different categories of individuals is as follows:-
1] Incase of individuals below the age of 60 years Rs.2,00,000/-
2] In case of individuals who are of the age of 60 years Or more at any time during the financial year 2012-13 Rs.2,50,000/-
3] In case of individuals who are of the age of 80 years Or more of any time during the financial year 2012-13Rs.5,00,000/-
***Please refer ITR or ITO for further clarification***
My sincere thanks to all Experts for giving useful advice to all on FOC in this LCI
S’Ram
mohit sharma
16 July 2013 at 20:14
Is it mandatory to file income tax return, irrespective of annual income?
SUKHVIR HOUSING AGENCY
15 July 2013 at 20:03
Thanks to All experts,
Kindly educate me on the following :
Mr.X sold his residential property vide Agreement for Sale on 30.05.2013 by receiving 20% of the consideration value, and the Buyer's Bank (thru whom buyer took housing loan) did disbursement of balance part part payment on 10.06.2013.
Since 1% TDS is applicable from 01.06.2013, so in such a case Is TDS applied on this Transaction as the Agreement was registered on 30.05.2013
your valuable suggestion is awaited.
vasudeo
15 July 2013 at 16:33
Respected Sir,
My cousin (NRI) has purchased a residential property in Taloja, Navi Mumbai in 2011 for Rs.11 Lac, now he wants to sell it at Rs.23 Lac.
Kindly advice the tax liability.
Regards,
Vasudeo
Member (Account Deleted)
13 July 2013 at 11:36
Is a Diplomat whose income exceeds Rs 10 lakhs p.a. but is not taxable, liable to file return ?
If he wants to file return of the past years, can he do so now or will he liable to any penalty, even if his income was never taxable ?
NITIN SHARMA (LL.M.)
13 July 2013 at 10:49
Dear Sir,
In service tax registration of flexi-recharge and sim card retailer which one of the service category should be select between following -
1. Frenchise Service
or
2. Telecommunication
Please clarify.
ashok thakker
13 July 2013 at 08:09
Sir,
My agreement for office have expired on April,2013,it had been negotiated and settled at an agreed rate per month from May'2013.I have deducted and paid TDS for the month of April'13,now my landlady as she could not procure TDS exemption from IT she said ,don't pay me till i get certificate from IT, As a deductor i am told i have to make provisions at new rate and deposit TDS against the wish of my Landlady. PL advise so i don't get into default.
regards,
ashok thakker
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