Anonymous
27 June 2010 at 12:16
I was gifted a plot by my father in Sep 2009 through executing a gift deed through the sub registrar office by paying full stamp duty.This was purchased by him in AY 2005-2006 at RS 15,27,861.00(Present Indexed Cost).
I have sold the plot in Mar 2010 for Rs 64,00,000.00 and booked and fully paid a builder for a flat for RS 53,11,523.00 and kept Rs 3,73,000.00 in Capital Gain A/C in a Nationalised Bank towards cost of registry and purchased NHAI Bonds for Rs 4,50,000.00.
How much tax will I have to pay for this transaction.My tax exemption limit of Rs 1,60,000.00 is fully available for deducting the tax liability.
Anonymous
27 June 2010 at 12:02
I AM A SENIOR CITIZEN HOUSEWIFE. I HAD PURCHASED A RESIDENTIAL PLOT IN FY 2004-05 FOR RS 18,66,300.00 AND SOLD IT IN FY 2009-10 FOR RS 60,00,000.00 AND PURCHASED A FLAT FOR RS 48,07,369.00 IN MAR 2010. THE INDEXED COST IS RS 24,57,295.00 AND ALSO PAID A COMMISSION OF RS 1,90,000.00 FOR BOTH TRANSACTIONS(SELLING PLOT AND BUYING FLAT).
CAN YOU PLEASE INDICATE MY TAX LIABILITY AFTER TAKING INTO ACCOUNT MY FULL TAX EXEMPTION LIMIT AS BEING AVAILABLE TO OFFSET MY LTCG FROM THESE TWO TRANSACTIONS.
G. ARAVINTHAN
27 June 2010 at 06:06
Which is the authority to approach against the order of the Employees Provident Funs Appellate Tribunal?
girish
25 June 2010 at 20:12
Sir,
My querry is that person who is residing in one district say Thane drawing salary. can he file his return in Mumbai in business ward . If Yes , In which situations?
Anonymous
25 June 2010 at 18:58
heard that Income tax case can be filed on in-laws based on the dowry figure given in FIR by the wife?
Is this really workable if yes how do we proceed & how much time it would take IT dept to take action?
S.D. Singh
25 June 2010 at 17:08
Whether IT deptt. is bound to acknowledge the ITR below taxable limit ( Gross Total Income)or can refuse on the ground of BTL.
Anonymous
24 June 2010 at 10:30
1. "Z" director of M/s XYZ (CHA)have reiterate to the Department that our CHA Licence is inoperational due to dispute, hence "Z" intorduced "A" and "B".
2. "A" Director of M/s ABC (CHA) who cleared the goods of "B" Importer.
3. "B" Importer who imported goods.
If "Z" (CHA) who introduced "A"(CHA) to "B" (Importer) for clearance of the goods from the port. Clearing activities done by "A" (CHA). The Department found undervalued imported goods and department enhanced the duty.
Now department alleged that "Z" was acting as a front man of CHA firm and also alleged that the "Z" had cleared some consignments of identical goods as Director and had full knowledge that non declaration of crucial parameters like model numbers will have a direct impact on the value of the goods. Also alleged that the "Z" have advised not to mention the model numbers. And put penalty on "Z" under Section 112(a) of Customs Act 1962.
Under What ground "Z" save himself...kindly suggest me the grounds
Anonymous
23 June 2010 at 16:37
if "Z" who introduced "A"(CHA) to "B" (Importer) for clearance of the goods from the port. Clearing activities done by "A" (CHA). The Department found undervalued imported goods and department enhanced the duty.
Now department alleged that "Z" was acting as a front man of CHA firm and also alleged that the "Z" had cleared some consignments of identical goods as Director and had full knowledge that non declaration of crucial parameters like model numbers will have a direct impact on the value of the goods. Also alleged that the "Z" have advised not to mention the model numbers.
Under What ground "Z" save himself...kindly suggest me the grounds.
Narayanarao Murali
23 June 2010 at 16:24
In India though VAT has been introduced still aged old Sales Tax Acts/Rules are followed by and large. The Sales Tax department have not geared up understand the rapid technological development. Still they say organic manure is only Farm Compost. But by industrial process by fermentation method they are not considering the item as Organic manure and terming it as Organic fertilizer and claiming 4% VAT from Manufacturers, who are helping Govt.of India, to some extent in reducing Chemical Fertilizers draining out foreign exchange. At the same time the Indusries who manufacture Organic Manure through Indl.process (as per Tax authorities:Organic fertilizer) are not eligible for any subsidies from Central/State Government and only discouraging technogical development in India with age old knowledge. At the same time Department of Biotechnology, Ministry of Agriculture, Ministry of Chemicals and Fertilisers are also not taking any action to solve the problem of frequent harassment from respective Local Sales Tax authorities demanding Sales Tax and threatening to levy penalty,interest. Is there any way.If we have to approach Tribunals and Courts the industrialists are
asked to deposit 25% or 50% before going for appeal. There is again confusing in advance ruling and appellate authorities also.Please suggest a solution.
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Unfair investigation of Tax Evasion Petition by IT Officers
I have filed a Tax Evasion Petition against a person but the Tax offender was influential and he bribed the officers at IT office and they gave him clean chit. I am not been given any details of the said investigation but just being told that he is not found guilty.
What remedy do i have? I have already made complaint to senior IT officers but nothing happened. Can I approach High Court or any other suitable remedy for getting fair invesgtigation of Tax Evasion Petition?