daljit singh sandhu
12 October 2010 at 10:11
Society running a school is to be dissolved and two new socities will be given the assets of the dissolved society.Please advise whether the immoveable property given to the new society has to be registered in its name and satmp duty has to be paid on it.And also advise whether any capital gain is chargeable on dissloution of the old socity. The immoveable property is worth about 10 crores in the hands of the old society being dissolved.Please advise
D
Jigar
11 October 2010 at 20:38
I wish to know how do we transfer a property share from a son to father. I am joint owner of flat with my mother in Mumbai. I wish to transfer the rights to my father as I have shifted out states. I want to know how can we avoid any tax on this.
Is there a way in which I can resign from my membership and my mother becomes the full owner of the flat
Jolly James 9447287658
11 October 2010 at 17:24
I got a notice under section 17 A of the Act stating that I failed to submit return for last 6 months. under section 5 of the KLT Act every proprietor is liable to file return as claimed by Assessing Authority.
As per section 5 of the KLT Act "Every proprietor liable to pay Luxury Tax under this Act shall submit such return in such manner and with in the period as may be prescribed "
My stand is that I am not Liable to pay Tax as per section 5 of the Act hence the Assessing Authority cannot compel me to file return because I am collecting Rent Rs 75/- per room. Give your valuable advice am I right? what is the Remedy?
Anonymous
11 October 2010 at 09:47
It is true that STT has been retained and long-term capital gains on sale of shares are not taxable.
BUT,the mischief of "adventure in the nature of trade" is continuing to play havoc with taxpayers. Many are asked to explain whether the gains are capital gains or trading profits wherein the criteria are rather nebulous.(see the latest ITAT decision which lays down certain conditions/criteria for a decision)
It is felt that, WITH THE PRESENCE OF A CLEAR-CUT DISTINCTION IN TERMS OF DURATION OF HOLDING, VIZ ONE-YEAR AS THE CUT-OFF DATE BETWEEN LONG-TERM AND SHORT-TERM GAINS, no other criteria including "adventure in the nature of trade" concept should come into play.
Unnecessary litigation and harassment of taxpayers can be avoided if a rationalization of these provisions is attempted including deletion of the offending section atleast in so far as it relates to sale of shares.
Your comments if any please.
sood
11 October 2010 at 09:15
My wife is giving private tuitions and coaching to school children . No books of account are being maintained by her. What is the maximum amount that can be shown as income from tuitions in her IT return without any books of account and details of receipts.
Can any one clarify
Thanks in advance
Raja
10 October 2010 at 17:05
Define the word Profession w.r.t Sec. 44AB of the Act.
vijay
09 October 2010 at 10:10
one my client is running business of printing his customers is suppling a paper and he is doing printing on that paper as customers specifitations on that job except only ink is transfer of property he is levy 5% MVAT his turnover is more than 10,00,000/- Whether he is liable to collect service tax plz give me answer and which catagary plz explain
thank you
Anonymous
08 October 2010 at 16:02
We have taken a property on lease at Dehradoon Selaqui area.
Pls confirm whether property tax is applicable at Dehradoon - Selaqui.
Thanks
Deepak
rani----------
08 October 2010 at 12:37
This is the very important question that most of the ppl asked but very less waas replied upon this,
during the pendency of the suit a witness is shown the photocopy of his assessment of income tax return filled by him in the year 1986-87 but when put to him he denies it during cross examination , so can we call upon the department to produce the original assessment during cross examination of witness , will these type of document retained permanently during the life time with the department for any further use or it is weeded out . i hope some of the document will retains permanently with the department can any one name which kind of documents retains permanently to show that he was filing return at that time .
regards,
rani
© 2025 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
income tax
if a salaried person have liability of tax in advance means as exampl, 7000/- total for the f/a 2010-2011 , can he give application to his department for cut all tax in the month of march (last ) what is legal way,