Barathan V
25 February 2015 at 01:14
Sir,
My Mother owned a self-acquired property in Chennai where she was living.
She has a daughter and a son.
Son is an NRI . She wrote a settlement agreement to give the house to her daughter (my sister) with the understanding that she would be given accommodation and her expenses will be met until she was alive (this understanding is not documented, but a verbal agreement).
The property was sold and along with that, my sister sold a house that she owned and now purchased a consolidated property where she lives with our mother.
She takes care of her and handles the expenses.
I contributed towards the purchase of the consolidated property.
The proceeds of the sale of my mother's property was fully invested in the new property.
My sister and I own the title to the new property and I contribute quite a bit towards the loan repayment.
Will my sister have to bear the Capital Gains from the proceeds of the sale of my mother's house that she settled in her name.
The idea of settlement was because she was getting old and needed some support we wanted to move to a new house where all of us could live in once i return to India.
My understanding is that the Capital gains is not applicable since it is something like a reverse mortguage where my mother settle her property so she can get the care she needs during old age.
When we sell the new property, we have to declare the cost as current cost minus cost of my mother's medical and other expenses.
Please advise.
N SURYANARAYANA
24 February 2015 at 18:16
If a non-resident company provides services in India for a resident company and such services are liable for deduction of tax at source u/s 195 of I.T.Act, 1961 and service-tax authorities collected “service-tax” from the resident company on the basis of “reverse charge mechanism”, is the resident company liable to affect TDS under I.T.Act, 1961 on such “service-tax” component while making payment to non-resident service provider? Please offer your valuable opinion supported by any relevant case laws.
manish meena
23 February 2015 at 09:43
IT NOTICE U/S 133(6) RECEIVED ON FATHERS NAME WHO PASSED OFF 4 YRS BACK
WHAT/HOW SHOULD I REPLY?
saju sathyadevan
21 February 2015 at 18:13
Sir,
My client got registered under Chhattisgarh VAT Act on 15/04/2010. On the same date he also got registered u/s 7(2) of CST Act. The first Sale was made on 20/11/2010. But his previous lawyer forgot to file application /intimation to the department u/s 7(1)on this date, due to which, today, I couldn't apply for E-1 form on online for a subsequent sale made u/s 6(2)on 10/07/2013. If I am giving intimation u/s 7(1) today, then I can apply for statutory forms (C and E-1 forms) only for sales made after this date. But, I want to apply for sales made from 10/07/2013.
So, what is the remedy/rule where I will be giving intimation to department in present date, but, it should have a retrospective effect i.e, from the first sale made on 20/11/2011. Kindly advice me with relevant sections, if possible.
Rakesh
21 February 2015 at 17:02
In case of an appeal was pending at tribunal and if person died and no legal heir was brought on record.
An order was pass and appeal was rejected in name of Deceased person is valid ? What to do ?
Dharmendra
21 February 2015 at 15:02
Hi, Iam Dharmendra and working in a reputed Public limited company.
I had submitted rent receipt as proof for Income tax rebate. But my company forced to do rent agreement and submit. I had done rent agreement for 11months from Kolkata (where I am residing) but didn't notified it because it is not mandatory. Now on this base they again rejected my proof.
Please suggest what to earlier they forcing to do rent agreement & now notary which are not required as per my knowledge?
Or do they require?
jcwalaskar
21 February 2015 at 13:25
I am doing 2 jobs at one time and my company giving me to fill form 16.
MY PROBLEM IS THAT-:
1. Is possible to do 2 jobs with out knowing companies about each other .
2. Will IT dept. will revel my job condition to each other companies
3. Is filling form 16 will create problem in my both jobs
Please let me know every detail. Its urgent
Thank you
Sam G
17 February 2015 at 20:19
Hi, can some one please advise if I can transfer my mutual fund units to my wife as alimony payment without any tax consequences?
I have investment in debt fund and equity fund which are not 36 months or 12 month old respective, so If I liquidate the units I would have to pay short term capital gain and exit load which would be a substantial amount, can some one pls advise if there is a way to avoid redemption by transferring these units to her demat account?
I also read something about opening a trust could be another way to transfer the assets for a particular purpose, can someone can advise about the feasibility of using a trust for payment of alimony? Thanks
Arvind Pal
17 February 2015 at 17:54
Whether specific exemption issued prior to negative list w.e.f. 1.7.2012 will continue even after negative list regime.
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Proceedings under the KTEG Act, 1979
Dear all,
Sec.8A. of the KTEG Act, 1979-Power to withhold refund in certain cases.- (1) Where an order giving rise to refund is the subject matter of an appeal or further proceeding or where any other proceeding under this Act is pending and the authority competent to grant such refund is of the opinion that the grant of refund is likely to adversely affect the revenue, such authority may, with the previous approval of the Commissioner withhold the refund till such time as the Commissioner may determine.
Special entry tax on vehicles was abolished by the Hon'ble High Court of Karnataka and taxes collected were also ordered to be refunded. The State went in for a writ appeal in 2010 against the said order and had also applied for a stay to the said order. Stay has not been ordered till date. In the meanwhile, the COmmissioner issued instructions to all officers of the Dept before whom applications for refund are pending, to withhold such refunds u/s. 8A of the KTEG Act. Now, my query is whether this writ appeal filed by the State qualifies for a proceeding under the KTEG Act?
Regards
Vishwanath