Anonymous
10 December 2011 at 12:46
Mr X owns a land on which he has constructed a building in which he conducted his business. Mr X has entered into a Land Development agreement with some construction company to construct apartments in the place by demolishing the old building. In return he gets half of the flats to be constructed and some cash also.
Now the question is whether the amount received in cash is taxable or not? If it is taxable, in which head? whether Business income or Capital Gains? Will there be any change in the answer if he has stopped the business before some months ago before he has entered into the contract?
If it is subject to tax, when it is actually taxed? I mean whether in the year it is received or in the year of completion of construction and upon getting of the flats.
For the flats he is getting, will there be any tax. If yes, how we have to compute the taxation?
Anonymous
10 December 2011 at 12:14
Dear Sir,
Here is my query.
My wife and me both are working currently in IT field and we jointly own an apartment in Bangalore. We have recently taken a possesion of our apartment and given the same on rent. However, we are also living in the rented place as my wife office is closer from the rented place. All the EMI for the housing loan goes from my account an dusually the rent is paid by my wife. I would like to know the tax liability for both of us.
1) Are we eligible to claim the HRA benefit? if yes, than who should claim the HRA.
2) Can we also claim Rs. 150,000 interest amount. If yes, than who should claim it
3) What is the tax liabilty for the rented income. We have also paid an annual maintenace to the builder. Can we deduct that amount from the rental income.
Thanks for the help. I would appreciate if you can help me in this regard.
Regards,
Deepak
Anonymous
10 December 2011 at 11:23
1) In the PY 2009-2010, I am having NRI status as I was out of India for a period exceeeding 180 days. I worked on two contracts one in Europe and one in Dubai.
The contract in Europe had services rendered in Europe and the remittances on the invoices raised for the period 1 Jun 2009 to 15 Oct 2009 on this contract, has been remitted directly by my client to my NRI account in India.
For the Period 15 Oct 2009 to 31 March 2010, I worked in Dubai, under a contract, and the remittance on these were first received by me in my Dubai bank account after which I transferred to my NRI account in India.
My CA was comfortable for the remittance that I made from my bank account in Dubai, however wanted an opinion on the remittance made by my client directly from Europe to my NRI bank account
Could you kindly provide me with some tax opinion with reference to cases that demonstrate that NRI receipts , remitted directly to India from abroad are also not eligible for tax in India?
2) The second point is in the PY 2010-2011, I have received some money for my Dubai project, although these were accrued in PY 2009-2010, In the PY 2010-2011 Iam not having NRI status, so would this receipt become eligible for tax.
Anonymous
10 December 2011 at 10:57
What are the legal formalities to start a catering business (other tha the usual firm registration) ?
Is there any permission from state/central food authorities ? This is in Kerala State.
This is very urgent to me.
If any body knows, please help.
Thanks...
Anonymous
09 December 2011 at 19:00
How to prepare monthly cash flow statement.Can we prepare it without making balance sheet & Profit & loss ?
Please provide format !
parameswaran
09 December 2011 at 18:34
SIR,RECENTLY,I DISPOSED OF MY FLAT WHERE I STAY IN ORDER TO GO FOR A BIGGER ACCOMADATION IN A DIFFETRENT STATE, OF COURSE WITH BETTER AMENITIES.MY QUERRY IS:WHAT IS EFFECT OF TAX LIABILITY OF SELLING ONE HOUSE IN ONE STATE AND
PURCHASING A NEW HOUSE IN ANOTHER STATE, WITH A LITTLE HIGHER COST SAY 30-35 % MORE.?AND I HAVE PURCHASED IN JOINT NAME OF ME AND MY WIFE( ME RETIRED AND WIFE IS H.WIFE)PL ADVISE ME THE METHOD OF IMPACT ON MY CAPITAL GAIL GAIN TAX
THANKS
Anonymous
09 December 2011 at 17:39
Dear Sir,
We are manufacture & have marketing unite under separete VAT & CST TIN NO. & our unit is excisable under MRP based excise.
We have brand & our all marketing activites are looking our mktg unit under our brand.
1) Can our mktg unit procue matl diredtly from market under our brand?
2) Can we remove "manufactured by" from packing lable?
3) Can we introduce our product without MRP in market?
pl sussect as soon as possible.
Thanks,
Amar.
prithwish sengupta
09 December 2011 at 14:42
i am a salaried employee working in a bank.
i have earned income for FY 2010-11 and file the return timely and claim refund in my return which i have recived from the income tax department.
However, at the time of filing the return, bank lodged a case in the high court regarding taxation of the pension. At that time bank did not deduct tax at sourcefro any employee.
Now the verdict has come aganist the bank and high court has ordered the bank to deduct TDS at source.
Now i am confused about what to do regarding my income related to previous year 2010-11, which was disputed and received by me during the current year.?
Can i revise my return? because due date for revision the return is 1 year from the end of the assessment year or completion of assessment, which is earlier.As i have received my refund, now can i go for revised return?
kindly suggest the right procedure to pay the tax on the income which was disputed and received by me during the current year i.e.2011-12.
Anonymous
09 December 2011 at 12:47
tan number has been entered wrongly by bank. we have requested the a.o. to rectify and same has been rectified by a.o. but tan number has not changed in tin-nsdl oltas. further we asked a.o. he replied that we have changed in our oltas and you file return with that particulat challan. please advise and how we can file return. thanks in advance
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