hetalsangoi
19 November 2012 at 10:05
My firm has purchased the industrial shed with Land & Building as on 31.oct2012 and firm get the vacant possession from the private Ltd co.
Agreement consideration is above the ready recknower value. this transaction is duly executed through paying stamp duty at M.V and conveyance deed is duly registered with Sub registrar of registration office.
now on the base of the request of private co has given on the lease to same private co for 11 months by the purchase party i.e. firm. one of my friend suggest that it is sale lease back transaction. but when i read entire the article on sale lease transaction, i come to summary that my firm has purchased that assets as to create the own my firm interest.it is not the finacial arrangement between my firm & private co.
now my concern is that
1.can it is sale back transaction ,as my agreement is duly stamped with paying require stamp duty as well as registered.
2.my firm has taken loan to finance this property to purchase.
3. which as applicable?
4.should my firm can claim depreciation for the half year i.e.7.5%
5.how to account lease rent recepit? pl guide me & also suggest the supporting section which can give me broader understanding on above case.
Vinodananda
18 November 2012 at 20:23
Hi,
I have sold my 12 year old property for Rs 30 lac in the month of sep -12. I was invested approx. Rs 10 lac for the sold property in the year of 1999 – 2000 but i don't have any document for this investment. My question is how to show this in tax calculation.Please advice.
Bhalnish Desai
17 November 2012 at 09:18
Can a manufacture do trading of the same goods. If yes please give us the procedure for getting Trading Licence from Central Excise.
Subrahmanyam
14 November 2012 at 19:43
Hi,
If a company incorporated in US and providing services - advisory of nature to Indian citizens through online -
- is that company required to be incorporate in India
- what is its taxable status as per Income Tax act
pooja dedhia
13 November 2012 at 10:35
My father has firm and let out the property to private co whose paid up capital is below rs 1 cr.
fIRM RECEIVE THE RENT P M 165000 ON IMMOVABLE PROPERTY I.E. LAND & BUILDING WITH OTHER STRUCTURE.
LL FEES PER MONTH rS 165000
LET OUT PERIOD 11 MONTHS -NOV 2012 TO OCT 2013.
IS LIABILITY OF SERVICE TAX IS APPLICABLE TO PARTNERSHIP FIRM FROM THE PRIVATE CO?
RAVI SONI
12 November 2012 at 18:02
Mr. A is constructing a building for which he wants to employ a contractor, now what will be the impact of Service Tax on Mr. A under the following circumstances :-
1. If Mr. A gives the contract with materials.
2. If Mr. A gives the contract only for labour.
Is there any reverse charge or any abatement applicable on Mr. A.
What will be the situation of Mr. A in case where contractor is not paying Service Tax.
pradeep kumar
12 November 2012 at 12:35
Sir,
I am an ex-army personnel getting Rs. 84,000/- as pension annually. Further I am also getting Rs. 3,00,000/- as salary annually. The net taxable salary comes to Rs. 1,20,000/- per year (ie Rs. 12,000/- is being remitted as Income Tax). Kindly confirm whether my pension from Army is exempt from Income Tax (whether the whole pension or any portion thereof).
Eagerly waiting to hear from you Sirs.
Thanking you,
PRADEEP
pawan
11 November 2012 at 05:31
Sir,
Please advice me that
1.if I give Rs. 2lacs to my children as gift ,will we all be taxed?
2.If I purchase E-gold & keep the portfolio for 5years then under which IT section I will be taxed & at which slab? Is there any capital gain tax ?
Asha
10 November 2012 at 20:17
I am very much confused about following question,plz try following A company manufactured 12000 coloured TV during the year. Determine excise duty payable from the following particular: I) Retail price of TV Rs 5,000. It includes excise duty. II)Sold 8,000 TV to wholesaler.Discount allowed @ 20% on retail price. iii)TV sold in retail for Rs 2,000 iv)The balance 2,000 Tv not recovered from factory v)The company purchased input for manufacture of TV For Rs 3,00,00,000 It include basic excise duty Rs40,00,000 vi)The closing stock of input is Rs25,00,000 vii)The company is liable to pay basic excise duty @ 16% viii)The rate of abatement allowed is @ 35% of selling price.
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