mrgop
29 March 2015 at 14:29
My mother aged 66 yrs had sold land, which was her own name, for a total of 22 laks in FY 11-12, and 16 laks (8+8) was given to two sons even though they had no legal share on it. She is housewife and has no other income.
So, what would be her income tax liability on it? She had not paid any tax or filed tax returns yet.
Is there any possibility of raising any issues on non paying/filing tax returns? If yes, how to rectify the same at this stage since the transaction was in FY 11-12.
vijaykumar
27 March 2015 at 19:11
We sold our house of which my mother was the sole owner on 20th march, 2012. Since my mother is illeterate and prints thumb, due to make transfer of money easy (mother cannot sign cheques) we asked the buyer to transfer all the money (cash) in my account. The estimated long term capital gains was about 12 lacs. At that time I did not know anything about capital gains and so I did not deposit any money in the 'capital gains account scheme'. Within 4 months on 17th July, 2012 I paid a builder Rs 6 lacs 50 thousand to buy a plot. But I did not start any construction immediately as there was no development visible in the project for about one year and so due to non performance of the builder I asked him to refund my money, as I was living on rent and wanted my own house at the earliest possible. In the applications for refund I mentioned other reasons for seeking refund and not the non performance. The builder delayed the refund and finally refunded my money without any interest in July 2014. Since then it took me a few months time to search for a suitable property and finally I booked a flat with another builder on 5th march 2015. I have paid Rs. 10 lacs which is about 90 percent of the total sale consideration. The allotment letter was issued/executed on 19th march 2015. The company does not print separate allotment letter booklets for different buyers and so in all the allotment letters it is written that possession will be given within three years from the date of issue/execution of the allotment letter. But the company personnel say they will give possession in march 2016.
I want to know that:
If I go to the court will the court give me exemption from capital gains tax in this case. I have during the past three years constantly endeavoured to invest the money in a residential property. Also I do not have any other residential property in my name or a house of my own. But Finally I have invested most of the capital gains in a residential under construction property within three years time and also got the allotment letter/agreement issued just (one day) before the expiry of the three year period.
Is it necessary to invest the money in capital gains account scheme to get exemption.
Mahendra
24 March 2015 at 19:21
One company was in the process of liquidation but some efforts were put and it did not liquidate. Now the salary of employees was not paid during the process of liquidation because the employees were not working during that period but later an arrangement was made with the employees to be paid lumpsum amount as a compensation. So now does PF and ESI applicable to amount paid to employees as an arrangement in lieu of salary or as a lumpsum salary?
Please guide learned experts.
Neeraj Kumar Giri
23 March 2015 at 21:16
EXPERT PLEASE GIVE REPLY.
A SCHOOL TEACHER AT SIKKIM, AND MY SALARY COMES FROM HRDA, AND MY INCOME IS RS. 5 LAKHS PER YEAR. AND NO TDS HAS BEEN DEDUCTED FROM MY SALARY BUT AS PER INCOME TAX LAW MY INCOME IS ABOVE TAXABLE LIMIT.
SO, SHOULD I GIVE MY RETURN PAYING SELF ASSESSMENT TAX OR INCOME EARNED IN SIKKIM IS EXEMPT UNDER SPECIAL ECONOMIC ZONE.
PLEASE TELL ME AS SOON AS POSSIBLE, I BELONGS FROM BIHAR AND POSTED AT SIKKIM AND LAST DATE IS NEAR FOR FILLING OF INCOME TAX RETURN. PLEASE TELL ME UNDER WHICH SECTION ECONOMIC ZONE IS EXEMPT.
HURRY UP. THANKS IN ADVANCE.
arindamguha
22 March 2015 at 22:27
Dear Experts,
Could you please describe me the Meaning of Appeal, Revision, Review under West Bengal VAT act in layman way.
Thanks in advance.
vinodkumarpal
21 March 2015 at 14:48
Hello Experts I Want to know that after budget what is the Rate of Service Tax on Tour Operator Services.
Thanks
channa keshava
20 March 2015 at 13:38
Dear Sir,
I bought an under construction Flat for Rs.38 lakhs, including all taxes in Bengaluru in May 2013, it is still under construction and it may take another 2-3 months time to completion. I have already paid 80% of total value.
Could you please let me know is there any changes in ST & VAT in Bengaluru from April 1, 2015. If any changes I have to pay only for balance amount right? Please advice.
Thanks & Regards,
Keshava
channa keshava
19 March 2015 at 18:11
Dear Sir,
I bought an under construction Flat for Rs.38 lakhs, including all taxes in Bengaluru in May 2013, it is still under construction and it may take another 2-3 months time to completion. I have already paid 80% of total value.
Could you please let me know is there any changes in ST & VAT in Bengaluru from April 1, 2015. If any changes will i have to pay only for balance amount right? Please advice.
Thanks & Regards,
Keshava
kishorchandra p mehta
19 March 2015 at 13:16
Sirs,
I would like to have guidance in connection
with following :
I have purchased flat and have paid majority amount and last and final amount is to be paid now as the flats are ready and builder is ready to give possession in this month of March,2015 but it is likely that the registered sale deed (Registration)may take some time and therefore if I get the Registered sale deed in April,2015 (though I have paid entire amount in March, 2015 and have obtained possession letter also in March 2015)in that case whether I will be able to claim deductions of Principal Amount of loan and interest of Home Loan during the F.Y.ending 31.3.2015 ?
Kindly guide me at the earliest.
Thanking you, K.P.Mehta.
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Capital gains
I am a residential tenant of a flat since 1-4-2013.
My building is going in for redevelopment,and once completed I will be given ownership flat within 3 years from vacating.
Till then I will be given an allowance towards rent for temporary accomodation.
The agreeement for the new flat will be registered by 31-7-15 before I vacate my tenanted premises.
I will vacate my premises by 31-8-15.
My query is : Will this be a short term capital gain or long term capital gain ?