sandeepsingh
08 December 2012 at 22:21
Hello
I had purchased a property in joint name with my wife in 2004 at 1600000 and sold that off in sep 2010 for 5100000 my capital gains comes to around 29 lakhs. I had paid for the property from my pocket and my wife nowhere has my wife contributed in anyway. I did not file returns for FY 2010-11 and my wife filed in 2012 march. the property was not declared. My wife has recieved a scrutiny notice under section 143 and 142 asking for details like bank accounts, properties owned, sold and bought. On contacting a CA we came to know that AIR has mention of the sold property and CA is asking for a sum of 2 lakhs for closing this enquiry. . i had reinvested 80% of the capital gains in a new underc onstruction.property again in joint name.
i had few queries.
BY what time does the AO have to finish this proceedings.
In case i pay the CA the money , will i face a problem when i register the new property next year.
What would be the best way for addressing the issue.
Appreciate your help in this regard
seema
08 December 2012 at 14:56
In a case of sec 148 under I.T. Act, where one has to show expenses on marriage in one's family and its sources ,what documents are needed to support that a fixed amount was spent on it? Documents /evidence are Bank account,affidavit from relatives regarding their contribution ,cash at hand..
1. Is this enough to prove that fixed amount was spent?If it is, Why the AO not satisfied with it?What else can be given as evidence when we have given all sources to meet the expenses?
2.AO says that in appeal they exempt genuine cases and yours is genuine with evidences so it will be exempted ,is it right?
RAMU HN
08 December 2012 at 14:46
We are a manufacturer of Readymade Garments having CE Regn since 2011. We got about 7 crore order from a Delhi based Brand called Lilliput and supplied goods under proper documentation between Oct 2011 to jan 2012. Lilliput became financial bankruptsy and we have gone to court for recovery of our 4 cr rupees. Due to our customer became financial defaulter, we could not pay CE duties on time but paid completely after due dtes with interest. We have filed ER2 return on time and declared all the transaction properly and mainting proper records and documents per CE Rules. Every stage of default we have intimated Range regarding our inability to pay duties on time. But knowing all these facts and genuineness of the case Commissioenr of CE has issued a SN demanding penalty under Rule 25. But Rule 25 should be read with Section 11AC which applies only if the non payment of duty is for the reason of fraud or collusion or suipression of facts, miss statement etc. But our case is not a fraud or miss statement or supression of facts etc, but it is only delay in payment due to financial reasons as we could not get4 cr paymenbt from our customer which impacted our cash flow and hence delays happened.
Please clarify how CE can issue a SN to us under Rule 25 read with Section 11AC knowing the fact.
Ramu HN
Exim Head
Karle Group
Bangalore
9008989044
hetalsangoi
06 December 2012 at 12:38
my firm if do not claim deprecation on the purchased property and my firm is planning to sell after 4 years what benefit is available d on account of not claiming the depreciation?
what are the section are releveant to go in detail?
Hardik Desai
06 December 2012 at 10:12
My father was a tax consultant and he expired last year. He was a sole proprietor. We gave the clients to somebody else and took consideration from him. The person to whom we sold the client base will not be using my father's name and will pay us over a period of 5 years consideration in-case clients stay till end of 5 years.In case clients leave then we will have to pay him back. I wanted to know how tax liability should be paid as final amount will be ascertained in the 5th year and further is there any tax liability? Whether it will be treated as business income or Income from other sources or capital gains?
My mother is housewife and the MOU has been executed in her name. What has been sold is client base subject to client acceptance so will it be treated as goodwill?
I had read a case law Deputy Commissioner of Income-tax, Circle-16(2) Versus Mrs. Lakshmi M. Aiyar can the rationale of the judgement given here under be applicable in our case and the amount received by my mother be treated as capital receipt and hence not taxable?
AMIT GOEL
04 December 2012 at 18:02
pls send case laws on the above subject
parthabandhu guha
04 December 2012 at 11:11
1. My 30 years old son is employed in a bank. However, I want to give him Rs.2,20,000/- as gift. Can I give him the money what will be the income tax implication.
2. If I give him the money as interest free loan payable in 30 years then will it attract any income tax.
avneesh
03 December 2012 at 22:20
A PARTNER SHIP FIRM PAID INTEREST TO OTHER COMPANY AMOUNT Rs. 65,000 in f/y 12-13 AND DEDUCT TDS RS 6500 AND DEPOSIT IT TIMELY BUT IN SAME YEAR THE COMPANY HAS RETURNED SAID INTEREST TO THE PARTNERSHIP FIRM
QUERY-
1. CAN P.FIRM TAKE CREDIT OF SAID TDS PAID ?
2.IN AFTER SOME TIME THIS P.FIRM PAID INTEREST OF Rs 1,75,000 TO SAID COMPANY AND DEDUCT TDS OF RS 17,500 NOW THAT P.FIRM CAN ADJUST AMOUNT OF TDS PAYABLE OF RS 17,500 TO EARLIER TDS PAID OF Rs. 6500 AND FINALLY MAKE PAYMENT OF BALANCE TDS Rs 11000. IS IT CORRECT OR WORNG, IF WRONG THEN TELL CORRECT
3. THERE IS REQUIRED TO REVISED TDS RETURN ?WHAT IS PROCES ?
avneesh
03 December 2012 at 22:12
A PARTNER SHIP FIRM PAID INTEREST TO OTHER COMPANY AMOUNT Rs. 65,000 in f/y 12-13 AND DEDUCT TDS RS 6500 AND DEPOSIT IT TIMELY BUT IN SAME YEAR THE COMPANY HAS RETURNED SAID INTEREST TO THE PARTNERSHIP FIRM
QUERY-
1. CAN P.FIRM TAKE CREDIT OF SAID TDS PAID ?
2. IF IT CAN TAKE CREDIT THEN
3. THERE IS REQUIRED TO REVISED TDS RETURN ?WHAT IS PROCES ?
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Segaration of the value bet land & building & claiming the dep on building
How to calculate the Depreciation when property is purchased with land & building .As per income tax act ,Land is always subject to appreciation in the value term. Depreciation is required to claim only on the consideration paid for the purchase of building.
Please guide me how can I segarate the paid consideration into the consideration paid for land & building ?
I have the conveyance deed .while paying stamp duty there is a document for the value of building & open space. As per their calculation shown in deed ,amt for the valuation of the stamp duty act is lesser than what we have mentioned the consideration in the conveyance deed . is This base to take proponents of building & open space with the amount paid for consideration?