S.D. Singh
09 June 2010 at 09:58
Mr. A and Mrs. A purchased a residential house in joint names. Bank loan was also taken in joint names. They are also repaying the principal and interest amount jointly in equal ratio from their incomes. Now my query is whether both mr. A and Mrs. A shall be entitled for benefit u/s 80-C separately Rs. 1.00 lacs each for principal payment and also benefit for interest payment u/s 24(b) separately Rs. 1.50 lacs each in their individual return of income
Chintan
09 June 2010 at 09:40
Is service tax applicable to an educational trust running educational activities?
Chintan
09 June 2010 at 09:37
An educational trust running educational activities, constructing buildings for educational purpose. The contract of construction is given to labour contractor whose payment is more than 15 lacs for the year. is any sales tax deduction required? At what rate? what will be organisation's liability for sales tax?
Anonymous
08 June 2010 at 20:15
Respected,
Experts
I would like to know that whether i can apply for rebate/refund of tax i already paid. i ask this as i heard from some people that ST/SC communities working in the government need not paid income taxes from salaries.
akash
08 June 2010 at 20:05
sir,
what could be the tax liability if the IT Department on a raid in individual house finds gold, say Rs 50 lacs and Cash, say Rs 50 lacs and the same has not been disclosed to IT Department at all.
Anonymous
08 June 2010 at 10:32
In case if one if providing taxable output service and also doing trading activities than can the common inpute sevice utlized for both the activities be available to be adjusted as CENVAT Credit against output service tax liablity or input service has to be bifercated under the two heads; i.e. output service and trading activity
Anonymous
08 June 2010 at 08:17
Is tds to be deducted on the invoice value or on the service value? eg. for a professional service if A company receives an invoice from the consultant for professional services Rs. 50000, and service tax on that is 5,150 total invoice value is Rs. 55,150/-. Now TDS to be duducted at Rs. 50,000/- or at total invoice value of Rs. 55,150/-
Kindly clarify
Thanks
Anonymous
05 June 2010 at 18:09
Sir, Thanks for the quick response. As i have written that present market value is about Rs 35 lakhs on which stamp duty is payable. However due to love and affection it was sold at RS 5 lakhs to my nephew.
Sir My question is that Value for the Stamp duty is taken for the Income tax purpose. Can the donee claim the balance amount as "Gift" for exemption purpose.
regards
Riya
Anonymous
05 June 2010 at 18:01
Sir,
There has been conflicting answers received for my query. I shall be thankful if you kind enough to clarify the following on the GIFT TAX
1. the original value of the shop purchased 5 yers ago is say 30 Lakhs
2. Present market value as per Circle rate is say 35 Lakhs
3 Now a sale deed was prepared at discounted price of Rs 5 Lakhs as it was sold at Rs 5 lakhs to "relative" (son of elder Brother) out of love and affection .
Kindly let me know whether the Income Tax is Payable at Rs 35 Lakhs by the Donee (Real nephew) OR
An amount of 5 Lakhs is Taxable OR
It is total tex free as it falls in the Gift Categories
I shall be thankful if u kindly let me know the details and other precaution to be taken while preparaing the sale deed and gift deed
Regards
Riya
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TDS
Respected Expert
Plese guide me on the following matter
TDS on director commission based on profit goverened under which section of tds rules.whether it is 194H or 192B or any other section.