sakshi
09 July 2010 at 15:03
Dear Sir/ mam
Please help me____urgent
I am working in a pvt. ltd. company in Faridabad (Haryana) involved in manufacturing & trading of printing machine cylinders and also job work.
i am doing book-keeping only. Now my boss ordered me to take the charge of all related to TDS.
Please tell me about its sections & rate
how,when & where it is deposited & also about its return.
sakshi
Anonymous
09 July 2010 at 13:53
Sir,
One land was purchased by my father in 1965 at Rs 9000/-. But now the market value of it is 2.5 cr. Also we have made some development like boundary and well etc. We r five heirs and each will get 50lakhs. If we sell it how much tax will be payable. Is there any other option to save the tax, since we do not have any other income and is sole property. Plz. suggest.
thanks and regards.
Anonymous
07 July 2010 at 14:42
I had purchased a flat in Jan 2007 for Rs 19.50 lacs and intend to sell it soon for which I will get approx Rs 31.00 lacs.How much amount do I have to reinvest in order to save tax. However, if I were to use the entire amount(sale consideration) as per my choice, than how much tax I would have to pay.Please advice.
R_PVK
07 July 2010 at 10:51
Dear Sir
My mother had acquired two row houses of her brother asset worth of 1 crore and letter of administration is been issued thru madras high court . she is very old nearing 80 and she wants to distributed the asserts to the children of 5 from her family as well as to 3 of her big brother family for that we had already got permission for sell out from court as the result of this one clarification required is whether if this is sold within a year what is the tax liable, and if the money is distributed to her children and brothers children ,whoever receives it whether they have to pay tax or if suppose the tax is to be paid by the receiver whether it can be gifted to children as a gift to avoid it inspite of court permission to sell it out
please suggest
regards
R_PVK
VIRAF SIGANPORIA
06 July 2010 at 19:32
I inherited few shares from my mother and got it transferred to my name and my husband name in December 2009. I sold this shares in May 2010 for value Rs.100000/-. My CA insists that date of acquisition will be Dec.2009 and cost of acquisition will be ZERO. As such I have to pay shortterm capital gain tax on full proceed. Is he right?
VIRAF SIGANPORIA
Shannel
06 July 2010 at 17:58
Can anyone provide me with a copy of the following case law:
Gammon India Limited - 2004 (168) ELT A163 (SC)
Eq citation (Law crux)is 2004(04)LCX 0157
Umesh
05 July 2010 at 17:58
Dear Sir/ Madam,
A property under redevelopment fetches Rs 100 per member.Of which Rs 30 is corpus and the balance is Rs 70 that is the rent component spread over 3 years for the rehabilitation that the flat owners will have to manage with.
a)Since the Rs 30 is given in lieu with a
vision that the tax rates/ maintenance
will be higher once the owners move
into the new construction, should it
be in the first place considered as a
source of income and taxed as it bound
to perish and hence is an estimated
expense?
b) Wrt Rs 70, why would this attract tax
if its a provision paid in advance and
will be distributed over the 3 years?
In any and both the cases mentioned,there is no gain at all and hence the capital tax gain or short term tax again should not be applicable as there is no sale of plot/propert at all.Its purely a trade-off and I will seek your expert advice in this case as we are undergoing a circustance quoted above.
Thanxking You'll in Advance
Anonymous
05 July 2010 at 14:03
on the sale of 2 vacant plots for Rs.115 Lacs and after taking in to account the indexed cost of acquisition my Capital Gain works out to Rs.72 Lacs for the F.y.10-11. I have no house and buying a new flat for Rs 75 lacs in the F.Y.10-11.I would like to know my C.G.Tax liability and the amount to be invested in Bonds to avoid the C.G.Tax.
Thanks.
R.krishnaswamy.
LALIT
04 July 2010 at 10:25
I am a salaried person paying regular income tax for the past 26 yrs. My annual gross salary is presently approx Rs 11,00,000.00
I had purchased a plot in Feb 2005 for Rs 6,83,800.00 and sold the same in Oct 2009 for Rs 52,60,000.00. Incidentally, to fill up the financial void, I also took home loan in Dec 2010 for Rs 25,00,000.00 from HDFC Bank. Based on availability of this sale consideration amount and home loan(ie Rs 52.60 lacs + Rs 25.00 lacs = Rs 77.60 lacs), in Dec 2010 I purchased a flat under construction on re-sale and agreed to pay the seller Rs 73,00,000.00 (including his profit)though the company price is Rs 50,81,337.00. From the total amount available (ie,Rs 77.60 lacs), what I have left is Rs 4,48,000.00 (Bank has kept it back from the loan amount for direct payment to the builder)as final payment to the builder on possession which is due in Aug 2010 and I have kept Rs 3,50,000.00 in savings account from the sale consideration for registry charges which is likely to be in Oct 2010.
Can you advice as regards if there is any additional tax liability for me from this property transaction alone. I am aware of my tax liability for the amount earned through salary hence it need not be calculated.In addition, is it in order to keep Rs 3,50,000.00 in savings account to pay for the cost of registry scheduled in Oct 2010 rather than in Capital Gains A/C as I have already spent more than the amount received from the sale consideration though it is after taking into account the loan amount as well.
Thank you.
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Regarding TCS
Dear All,
I want to know that what is the liability of the Chartered Accountant in case of tax audit if client not deducted TCS and paid to Government on all of his sales made which is liable for TCS deduction and CA only give note regarding no deduction of TCS in his tax audit report ?