ajay kumar sarawogi
17 August 2013 at 08:53
My son made gifs to her mother out of his own
fund ( not borrowed )amounting to Rs 7,00,000
in the financial year 12 -13. The gift made
was made by five account payee cheques total
amounting to Rs 7,00,000/-Her mother invested
the same in property. My son age is 24 years
and is chartered Accoutnant and his income is from salary and tution fees.
1) Is this gift will be exempted from Tax.
2) How many times son can make gift to her
mother in a financial year.
3) Is it compulsory to make gift deed on
stamp paper and notorised OR writing
the same on plain paper will do.
4) What ITO will see on verifying gifts.
5) Is gift a capital receipt or revenue
receipts.
6) If it is capital receipts under which
column of Income tax Return gifts
received can be shown.
K LAL
16 August 2013 at 16:23
Sir
I am an individual Indian personal assese in I.TAX in Delhi.My accounts are prepared by my C.A.I have only property rental income & there is no other income, and I am a senior citizen.
The amount is paid as his fee annually by me through cheque
.
He shows this amount in my drawings but does not show as his fee.
Is this amount paid to him, a legal expanse an audit fee or handling my accounts which later on I can claim as my expenditure out of my total rental income? Kindly guide me.
Kukadia nayan
16 August 2013 at 14:55
Suppose there are 3 company x,y,z in same state.
Y purchase material from x against h form.
Z purchase same material from Y against h form.
Now Z export same material.
Can Z submit bill of lading to X company.?
It is valid or not plz reply me soon.
Thanks
balwinder
16 August 2013 at 13:42
sir i have given a property on lease to public sector banks and private limited companies for the last few years .however now my gross rental receipts exceed rupees ten lacs.so now i am under service tax bracket.somy questions are
1. legally should i recover service tax from the tenants including publis sector banks by raising invoice in their favour and whether banks are liable to pay service tax on rental income or not
2. can i claim some kind of deductions(maintenance of property etc) on my rental income to reduce my net rental income to avoid service tax bracket
or please advise how i can escape from service tax bracket lawfully
ajay kumar sarawogi
15 August 2013 at 20:00
i have a agency in name of my huf. and got
commission of 3 lakhs for current financial
year 13 - 14. TDS was deducted in name of huf
and credited to form 26A. bank account is in name of HUF.
1) will it be treated as huf income as agency
is name of HUF. and TDS was also deducted
in name of HUF.and Bank account is also in
name of HUF.
2) Or it will be treated as individual
income of Karta. and there may be
clubbing of income. IF YES, what is the
way to escape clubbing
JATINDER MANCHANDA
15 August 2013 at 16:19
Please advice on service tax collected on rent on immovable property from 2008-2012 deposited before 30.09.12. ST return filled. Liable for interest/ penalty.
PRAKASH
14 August 2013 at 19:35
I want to whether a state govt employee can be a commssion agent of Rose valley marketing India pvt Ltd,as he was an agent earlier in the said company and after 1 year he got the state govt job.Plz give me the information.
CA Shraddha Vora
13 August 2013 at 15:05
Query on Addition made by AO under scrutiny 143(2), which is offered by assessee to buy peace of Mind
Assessee is engaged in the Business Custom House Agent (CHA) and deriving income as Agency Commission. The Modus Operandi of the assessee is that it makes payment on behalf of client to clear the goods of the client and these payments are reimbursed by the client by issuing the debit Notes. Assessee charges Commission for this service which is its income.
From this modus operandi assessee claims two types of reimbursements from its client i.e. One for which assessee have the supporting and other part of which assessee did not have the supporting. The other parts of reimbursement are purely cash expenditure having only self-made vouchers and no other supporting.
During scrutiny proceedings AO asked to submit the Debit notes issued to client and he found that other part of payments did not have supporting. Further AO asked why this reimbursement payment did not have any the supporting’s?
In reply to this assessee explained the modus operandi as stated above and to buy peace of mind offered some percentage of cash expenditure which is made on behalf of client for addition. Now AO is of the view to impose the penalty on these additions u/s 271(1)(C) of the IT Act.
Kindly reply, is there any way to get the relief from the penalty imposition on the addition which is offered by the assessee to buy peace of mind? Kindly suggest if any judicial pronouncement in support of the same line of business???
From Chandan
Nirmalkumar Ojha
13 August 2013 at 12:08
Dear Sir,
Kindly suggest me the form and procedures for filling of returns under luxury tax act 1987.
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Nri filing an income tax return in india
Hi,
I filed once in India my tax returns & later since from 4 years not filed tax return as i am working in abroad.
Do I need to file tax return or NRI not required to file..... I want to apply home loan in India.