NITIN PUROHIT
21 December 2010 at 20:09
Dear Mr. Vijayan first make a gift deed for tha same property. in that case sec. 41 (1) WOULD NOT BE ATTRACTED. if IT is transferred within 1 year as the son received it IN THAT CASE the short term capital gain would be attracted instead of long term capital gain. cost of acquision would be zero in the hands of son. So calculate the tax as per long term and short term in both conditions.
Sri Vijayan.A
20 December 2010 at 23:02
Father bought a property for Rs.1 Lac and after 5 FY, settled the same to his son in Dec 2010 (No cost involved).
Now, the son wants to sell the same for Rs.9 Lacs.
What will be the implication in view of capital gain in these transactions?
Thank u
dasd
20 December 2010 at 21:52
i've filed return of income on 9*11/2010 for fy 2009-10 but i've not yet submitted fourth quarter vat return of fy 2009-10 though i deal in (cloths-tax free item) .
whether i can file vat return now for period (1/1/2009 to 31/3/2010).
what is the timelimit of vat return (belated & effect of not filing till date).
to whom vat audit report is applicable & for which year
Probir Kumar Dhar
19 December 2010 at 19:14
Dear Sirs,
On 13.12.2010 I had paid Rs. 75000.00 towards income Tax through my bankers. Said tax was duly remitted by my bank to the Income Tax authorities / NSDL.It had been clearly mentioned by me in the challan that the tax pertained to the assessment year 2011-12 But two major errors occurred in the process.
In the first place, instead of mentioning the payment as an ADVANCE TAX in the challan, it was through oversight mentioned by me that it represented SELF ASSESSMENT TAX. This was a mistake on my part.
However, in the second place, my bank had mentioned in the challan and other payment documents that the tax pertained to the assessment year 2010-11. Since my full tax for the assessment year 2010-11 (F.E. 2009-10)had already been paid earlier within the stipulated time and I had already filed my tax return also within time (i.e. 31.07.2010), the question of the tax being pertainining to the assessment year 2010-11 (F.E. 2009-10)did not arise.
Upon taking up with my bankers for this error, I was informed by them that the online system was not accepting the details that the tax pertained to the assessment year 2011-12 and hence they had entered the same as pertaining to the assessment year 2010-11
My question is what now I am suppossed to do to get this error rectified in the records of the IT authorities? I have already written to the ITO of my ward to treat this payment as advance tax for the A.Y.2011-12 and to ignore what had been wrongly mentioned by my bank while making the payment. But I am not sure how they will respond.
Further, can any complaint to the Higher authorities of my bank help as, in case their online system was not accepting the A.Y. as 2011-12, they should have got back to me over phone or letter to clarify the matter, when I would have got the opportunity to get the matter rectified before remitting the actual payment? In what manner can this help me?
PLEASE guide me on all the above issues.
PROBIR KUMAR DHAR
AL 69 SALT LAKE,SECTOR II
KOLKATA 700091
Baranidharan S
19 December 2010 at 15:26
Hi !
In advance thanks for your support.
My mother got some lump-sum amount as her part of GPF. And she "gifted" a part of her GPF amount to my brother who is working in Defence.
My query is that gifted amount taxable?
Please clarify regarding the above.
Anonymous
19 December 2010 at 10:10
Myself and my younger brother availed a home loan from a bank where I was the main applicant and he was the co-applicant. Unfortunately, my younger brother met with a road accident and died after being in a state of coma for 12 days( having undergone a brain surgery). The EMI was shared by both of us though debited from my bank account.After his death also the EMI is debited from the same account though the entire burden of EMI amount is being borne by me. I am a salaried individual. The bank is issuing certificate for income tax rebate in the name of both of us. Can I claim deductions alone for the whole amount of interest and principal paid during the period.
Please suggest how should I claim deduction for the same.
Anonymous
19 December 2010 at 10:03
Myself and my younger brother availed a home loan from a bank. Unfortunately, my younger brother met with a road accident and died after being in a state of coma for 12 days( having undergone a brain surgery). The EMI was shared by both of us though debited from my bank account.After his death also the EMI is debited from the same account though the entire burden of EMI amount is being borne by me. I am a salaried individual. The bank is issuing certificate for income tax rebate in the name of both of us. Can I claim deductions alone for the whole amount of interest and principal paid during the period.
Please suggest how should I claim deduction for the same.
Rajesh Mahipal
18 December 2010 at 19:37
Whether VAT will be applicable or not in case of transfer of fixed assets only from partnership firm to private limited company under VAT Act Haryana and Punjab.
hitesh
18 December 2010 at 13:54
If some one sell Agriculture land in the plots will it be eligible for exemption u/s 54B. If Yes then tell me the method to save tax
Further whether selling the land in plots will be treated as business income or capital gain.
© 2025 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
family trust winding up
Please tell me
At the time of winding up of a family trust it distribute its property to its beneficiaries will attract ant tax in the hand of trust