subhashchander
02 April 2015 at 12:21
I am Subhash chander , age 68yrs, properiter.
Q-1 A portion of my commercial office has been rented out. Please intimate its rent will go to my commercial income or in house property head .this property is purchased with the binding of seller that it can only be used for commercial purpose?
Q-2 We have various types of commercial business like Export, Trading and Shares etc. Please intimate loss in one business can be adjusted against profit of other business ?
jiteshjain
02 April 2015 at 11:13
Hello All,
My freind Pratik is under going an scrutiny from Income Tax. The case is as follows:
His uncle started a business on his name of Diamond Trading in Surat. For the Business his uncle opened a Bank account in Axis Bank for the Financial Year 2011-12. He was just adviced to sign blank cheques and other activity of business was carried out by his uncle. He nither knew about what was happening about that business. When he received his Income Tax return the turnover was 100cr. in which the profits was only 4 Lakhs shown. Now, from last 1 and half years he was receiving notice from Income Tax to present the Sales and Purchase Register and Bank Statement. He contacted the uncle but uncle was not available at that moment.
Uncle adviced directly to visit the CA who had audited his accounts but CA refused to attend the notice on behalf of him. He contacted the orginal party who did all the transactions on his name. They also did not entertained him. At last he appointed a new CA to attend the Case. They both went to the Assesing Officer and informed him orally about the whole story. The AO issued 133(6) summon to the orginal party and the Bank to provide the details of my freind. As soon as the notice was received by the original party and the CA both became active and CA summited all Purchase and Sales register and Bank statements but that my friend had given him for submission. The AO asked for Letter of Authority from the CA but he didn't had the same and left. AO called my friend and told to give statement in written for the whole story but my friend did not submitted and left from his office as his new CA adviced not to submit because if the orginal party did not accept the case then all the liabilty would be transfered to pratik.
AO wanted to close the case by 31st Mar 2015 but was unable to do. In this Case the AO is not agreeing with the calculation of Profit Margin which is shown as 0.04% on the total turnover. AO says the profit should be atleat 4% on the total turnover rather than 0.04%
Please advise now what action should pratik take as he is innocent on the case and do not want any further liability.
Currently the Case is under an appeal in Income Tax but my friend has not attended the appeal. 2 Hearing were called out. for the same. Can any one advise what can he do now for saving himself.
Is there any possibility under Law to book a case against his uncle for this fraud.
yagnesh dave
01 April 2015 at 20:55
I HAVE PURCHASED FLAT FOR RS 35LAC AND PAID 5LAC BY CHEQUE AND REMAINING BALANCE AMT 30 LAC TO BE PAID BY CASH BEING FULL CONSIDERATION OF FLAT AT THE TIME OF REGISTRATION OF AGREEMENT AS PER MARKET VALUE ON 01/05/2015.
WHETHER THE PROPOSED AMENDMENT OF SECTION 271D & SECTION 271E WITH THE PROVISON OF SECTION 269SS AND 269T IS APPLICABLE TO ABOVE TRANSCATION
Rajiv Malhotra
01 April 2015 at 12:31
What are the procedures/requirements to get VAT registration in Gurgaon under Haryana VAT and the time required thereof? What is the Cost of getting registration and annual compliance thereafter upto getting assessment orders in case one engages a lawyer on sub-contact basis? Appreciate early response. Thanks in advance.
sairam
31 March 2015 at 16:11
Sir/Madam,
Whether employees working in NGO/charitable office in Chennai are exempted from paying profession tax.
If yes,
let me know exemption u/s ? can be claimed which comes under Chennai Corpn. rules.
sairam
31.03.2015
Vivek
30 March 2015 at 17:52
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 ?
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.
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Service tax payable on sale of flat by an individual person
Sir,
I had given our land to construction company for building apartments on development basis, they have given 5 flats to me and I had sold all flats, In these regard I would like to know whether I had to collect service tax amount from flat owners and pay service tax amount to service tax department as I am an individual.
Please inform for which I am very great full to you.