sureshkumargoyal
14 April 2015 at 11:38
A NRI now living in USA owning a plot of land in Kolkata and now he wants to sell the plot and I am the prospective buyer of the plot. Is any permission from any IT or RBI authorities required by him or by us before registration of the plot.
What will be our liabilities regarding purchase of the land from a NRI.
KRISHNA KUMAR
11 April 2015 at 14:23
We are providing transit mixer on monthly basis to a firm executing Delhi Metro Rail Project Corridor
Is Service tax applicable or not?
KRISHNA KUMAR
11 April 2015 at 14:14
We are providing Transit Mixers on monthly hire basis to a firm executing Delhi Metro Rail Project Corridor
Is service tax applicable or not?
Pankaj Sharma
10 April 2015 at 10:50
Hi, As per my understanding, for works contract in nature of original civil works / electricity tower erection works, the break up of every Rs. 100 will be as follows :
MVAT on 70% and
Service Tax on 40 %
(thus tax on 110%)
and for repair works, it will be
MVAT on 70% and
Service Tax on 70%
(thus tax on 140%)
Please confirm whether my opinion is correct or not.
Regards,
Pankaj Sharma
Note : Actual break up between goods and services and composition scheme is not possible.
cs
10 April 2015 at 10:24
10-April-2015
Hello Experts,
I bought a new house in September 2011 against a bank loan in my name. I got the possession of the house in January 2012. All these years, I have been paying its EMI. An amount of Rs X still needs to be paid.
This year, my wife's father passed away, without leaving a will. My Mother-in-Law wants us to take an amount of Rs Y from the savings left behind by my Father-in-Law.
I and my wife have decided to take this amount Rs Y, not as an inheritance, but as a 2nd loan from my Mother-in-Law. After adding some of our own saving, we will use this 2nd loan (Rs Y) to repay and close our first loan (Rs X).
I will be making a promissory note, and making all transactions with cheques. We want to pay a monthly amount equal to our current EMI to my Mother-in-Law, to help with her monthly expenses for the next couple of years (till my wife's brother becomes independent).
Paying back the entire loan principal to my Mother-in-Law is not compulsory.
In this entire arrangement, our aim is to:
- Get rid of our house loan (I prefer paying taxes rather than pay expensive interests)
- To provide a steady monthly cash inflow to my Mother-in-Law.
If, in addition to these benefits, I can continue to claim house-loan interest for tax benefits, then we will treat this 2nd loan as an interest-bearing loan. If not, then we will treat it as an interest-free loan.
As per my limited understanding :
(a) A loan from family is tax-empted.
(b) If the loan taken from family is interest-bearing, then only the interest component (not the principal component) is exempted from tax, provided the loan is a house-loan(not a personal loan).
(c) Interest accrued/paid on the 2nd loan (from family) to repay the 1st loan (house loan from a financial institution) is allowed as a deduction.
With this background, please advise:
1. Is my understanding correct so far?
2. If I am allowed to claim interest paid on the loan taken from family, what should be the interest rate? What documents will be required?
3. I am aware that my Mother-in-Law will have to pay income tax for the interest received from me against the loan. Is there a way to legally avoid/minimize this?
Thank you in advance!
Regards,
CS
sumit
10 April 2015 at 06:51
Sir I have a doubt one of our supplier not paying vat intentionly I want to file complain to Dpt can I do it ?
Rohidas
08 April 2015 at 07:47
Dear Sir,
I have Transferred a plot from shri Xyz with prior permission of MIDC. Now I would like to execute final lease with MIDC, But it has been transferred for 4 times since 1999 Now I am the fouth one. As per Maharashtra Govt rule there is stamp duty exemption for execution of final lease with MIDC. Earlier oweners have not executed the final lease only executed principle agreement with prior permission of MIDC. Now i have applied for final lease and MIDC & Maharashtra Govt permitted to execute the same. But for paying the stamp duty is it applicable for all principle agreements executed during the period since 1999 to till date.Kindly advise me.
MODI PARESHKUMAR MANUBHAI
07 April 2015 at 19:54
From which date TDS provision applicable to Co. Op. Banks. Finance Act, 2015 had withheld exemption from TDS provision.
mohamedjameelalikhan
06 April 2015 at 14:52
Hi,
I have received a Credit Card in the year 2010 in Gurgaon and I was paying my emi correctly for 6 months and due to job loss and health issues I had to get back to my home city Chennai. after I recovered from my health issues looking for a Job was tough and found a job atlast in 2014 Dec mean time due to family tensions and joblessness had taken me to a level of frustration and during this point I completely forgot about my credit card.
Now I would like to pay back the amount but will that bring my credit score up in one go.
I certainly understand that it was my mistake to forget about my credit card repayment and I came to know about this when I was applying for a personal loan and the rejection reason was my credit score and further checking my cibil score i found that it was just my credit card repayment history which has screwed my credit history.
If I pay the outstanding in one go will that bring up my credit score up in the track immediately. When I spoke to a person from credit score company they said that it will not come back immediately and will take 3-4years to get the rating back.
I don't understand the concept behind this. It has taken my credit score down because of my non payment and when I am paying it back I should have the score back as this is the only repayment default I have till date. Can someone guide me how to get my score back after I pay my outstanding amount.
Thanks in advance
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Pan in the name of executer
Clarification needed in respect of allotment of PAN in the name of executor of a registered WILL. Fact of the case:-
Mr. A executed a registered WILL giving all his assets to his four childrens.
In the registered WILL. He made Executor of the WILL to his brother till the date childrens attend majority as at the time of death as well as till date all the four childrens are minor.
And also the income arising out of the deceased estate and the tax is to be paid by the executor till the date younger son attains majority. In the system we are unable to file any provision for allotment of PAN in the name of executor or (Representative Assesses) Please clarify us.
Thanks & Regards