yagnesh dave
21 January 2015 at 20:35
DURING THE AY 2012/13 I HAVE SOLD OPEN LAND ON 14/03/2012 WHICH WAS PURCHASE BY ME IN 1995 I AM ALREADY HAVING 1/2 SHARE IN ANCESTRAL BLDG WHICH IS COMPLETED ON RENTED TO TENANT BESIDES THIS ALSO ONE RESIDENTIAL CHAWL AND ALSO 2 NOS RESIDENTIAL FLAT ON RENTED SHOWING HOUSE PROPERTY INCOME. IF THE CAPITAL GAIN ARISED FROM SALE OF ABOVE LAND INVESTED IN ANOTHER RESIDENTIAL HOUSE PURCHASE ON 2.2.12 WEHTHER EXEMPTION U/S 54F IS ENTITILED OR NOT.
Jayant
21 January 2015 at 15:55
AO u/s 142(1) has completed the scrutiny assessmentfor AY 12-13 and worked out a refund but has not shown interest payment in the refund order which in fact should have been from the date of tax payment i.e 31st March 2012.
What is the remedy and how to claim interest
Mathan Ramasamy
21 January 2015 at 02:00
Hi,
One of my friends is doing Trading business as individual. In order to increase his cashflow, I am planning to lend money (TBD. could be Rs. 10L) and he agrees to give me 15% flat interest rate irrespective fo his profit or loss. Basically it is a risk free investment from my side.
However, I believe I will have to pay income tax for the gained interest. But the amount was already taxed as part of his trading business. How do we avoid this double taxation? I am a NRI. My friend is in India.
Thanks,
Mathan
Prem Dhawan
18 January 2015 at 01:06
Dear Sir,
Is there any tax if I transfer (by cheque or RTGS/NEFT) 2 lakhs or more into the bank account of wife/a family member/friend?
What is the maximum amount exempted from tax?
Can I split the amount into smaller pieces and transfer via several transactions (cheque or RTGS/NEFT)?
Is money transfer considered as a gift? Is there any tax on gift?
Thanks in advance.
Amar Tigga
17 January 2015 at 10:35
. 1. I am a employed in a CPSU belongs to a member of Schedule Tribe under Article 366(25) of the constitution from state of the Bihar. I was appointed against direct recruitment on all India basis as a person belonging to Schedule Tribe. following directives of Central Government regarding reservation and age relaxation for Scheduled Castes, Schedule Tribes, Ex-Servicemen and other Categories, if any, issued from time to time. Accordingly, at the relevant time, the reservation benefit was being extended to all the candidates belonging to respective communities on the production of valid certificates of castes issued by the State of origin. Presently my Place of work and posting is situated in the specified tribal area i.e. Shillong..
2. Section 10(26) of Income Tax Act, 1961 A member of Schedule Tribe [Aritcle 366(25) of the Constitution], residing in any area in the State of Nagaland, Manipur and Tripura, Arunachal Pradesh, Mizoram and districts of North Cachar Hills, Mikir Hills, Khasi Hills, Jaintia Hills and Garo Hills is entitled to claim exemption from tax in respect of income from any source arising therein and income by way of dividend or interest on securities.
3. The clarification contained in the CBDT Circular letter No. NO. SCA/1/65-66/22306, dated 27-8-1968 pertaining to Section 10(26) of the Income Tax Act, 1961 is as follows:
The matter has been examined in consultation with the Ministry of Law. The position is that the source of income of the Government servant is at the place where the services are rendered. The place should be located in the tribal area in order that the employee may be eligible for exemption under section 10(26) of the Income-tax Act, 1961. If the Government servant has his office or place of work in an excluded area but resides in a tribal area, that will not entitle him to the said exemption. On the other hand, if the place of work and posting is situated in the specified tribal area, mere temporary residence outside the tribal area will not disentitle the person concerned from the exemption under section 10(26) of the Income-tax Act, 1961. The effect of the Supreme Court decision in the case of Lawrence Singh Ingty [1968] 68 ITR 272, is that for the purpose of considering the exemption available under section 10(26), the section would have to be read as if the words ’who is not in the service of the Government’ do not find a place therein. Consequently, Government servants will be entitled to the exemption only if they are otherwise eligible for the exemption.
The case pending with you may be disposed of accordingly.
4. The clarification obtained in the Government of India, Department of Telecom Letter No. 1-13/92-SCT dated 18/31.8.1992 from the Ministry of Welfare and Ministry of Home Affairs, Department of Personnel and Training is as under: It is clarified that All Scheduled Castes and Scheduled Tribes are treated alike for jobs in the Central Government. In view of this clarification, SC/ST persons employed in Central Government services in the State/Union Territories are entitled to get the benefits admissible to them. The same has again been reiterated in the Order Dtd. 27/11/2003 of Hon ble Supreme Court in the case No.:Appeal (civil) 4684 of 2001 of Chandigarh Administration And ... vs Surinder Kumar wherein letter Dtd. 26.08.86 addressed by the Government of India to the Home Secretary, Chandigarh Administration clarified that in respect of employment under the Central government there is no discrimination between Scheduled Castes and the Scheduled Tribes of one State or another. In respect of employment under the Union Territories also legally, the position would be the same and Order Dtd. 11/02/2005 of Hon ble Supreme Court in the case No.:Appeal (civil) 6-7 of 1998 of S. Pushpa And Others vs Sivachanmugavelu And Others, wherein, A D.O letter was sent by the Joint Secretary, Government of India, Ministry of Home Affairs, to the Lt. Governor of Pondicherry on 4.2.1974 clarifies as under:
" So far as reservations for SCs/STs candidates in posts/services under the Central Govt. are concerned, the concession is admissible to all SCs and STs which have been recognized as such under the orders issued from time to time irrespective of the State/ Union Territory in relation to which particular castes or tribes have been recognized as SCs/Tribes.
5. However, Income Tax department, Shillong, Meghalaya is not issuing the Certificate under 197(1) of the Income Tax Act, 1961 for non-deduction of tax [exemption certificate] to the under-mentioned on the plea that my tribe is not recognized in the State of Meghalaya, whereas schedule tribes who are recognized in the State of Meghalaya and similarly employed in my CPSU are getting the Certificate under 197(1) of the Income Tax Act, 1961 for non-deduction of tax [exemption certificate].
6. In view of above, I seek the clarification as to whether STs not recognized in the State of Meghalaya presently serving in the State of Meghalaya are exempted from the payment of income tax or not.
nimesh
17 January 2015 at 01:42
Please provide the full details regarding the CST registration
I am a civil contractor.
Prashant K Gupta
16 January 2015 at 23:01
I want a software for uttar pradesh vat returns.
sheela
16 January 2015 at 16:15
A person has following annual income from 3 sources:
a)pension(3L),
b)speculative share trading(1L)as a trader
c)short term gain in equity trading(1L) as an investor
2. Kindly advise how will income tax be charged from him
Sudhir Nair
15 January 2015 at 18:56
I received a summons from Income Tax department to attend before the officer within a week & furnish all income documents since 2008.Unfortunately,I am now in Middle east working here since 2012.So,what should I do now?Please advise...
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In principal of loan repayment eligible for ded under 80cc for land purchase for construction house
i applied for a plot of land for construction of a house in dlf township in lucknow.
though the loan is for land purchase, the agrreement states that the house shall be constructed on that land.
am i eligible for rebate of principal on housing loan taken
i am aware that loan is enligible for purchase of a house
this is a case of land for construction untimately of a house in terms of the agreement with the seller, dlf
vinay kala
jan 22,15