Nitin Jichkar
22 June 2013 at 12:10
Partnership firm has decided to convert its business into Company (PVT LTD) by incorporating new company they got registration from ROC , they also done all the procedure regarding conversion to company Like AOA MOA file in ROC. BUT when they (FIRM) applied in to Local registrar office for changing there name in to Company name the same authority has raised the demand for STAMP DUTY on Building and Land Rs.1.5 Crore hence firm has decided not to convert in to company however Company had run the business by PVT LTD name for 2 months after that they run there business firm name.
Now my question is
1 ) Is this Consider Conversion under Capital gain ?
2 ) If it is Conversion than is it liable for Capital Gain ? (Because Company has not Complete 5 year from the date of conversion ie non compliance of capital gain condition )
3 ) Please provide any Judgment on such topic .
Question at glance
"A" Firm run Business as firm :2011-12
"A" Pvt ltd run business as company for 1-4-2012 to 31-05-2012
for Stamp Duty they again run business
as "A" firm for 01-06-2012 to 31-03-2013
shashi
22 June 2013 at 10:56
Sir, I have purchased a under construction flat in Palghar (Thane, Mumbai)in 8/2012 and paid VAT 1%, as applicable, in May-2013. I want to know whether VAT is exempted under IT Rule and if yes, for which FY can i claim and under which head?
PAWAN PARIKH
21 June 2013 at 16:01
Hello sir
I am B.com LL.B and i have license of BAR Council of India and doing practice as tax consultant independently from last 6 months i want to know there is any further registration to do practice as Income Tax & Vat Consultant, or there is any need to inform Income Tax Department or sales Tax Department that i am doing work as Tax consultant I am very much Confused ? please suggest me what i do.
uma shankar
21 June 2013 at 12:38
We have received the VAT assessment order for refund of a certain amount for the year 2011-2012. However, there was a demand in respect of an earlier year, ie. 2004-2005 by the CTO, against which an injunction was obtained by us. This matter is still subjudice. In view of this earlier demand, in respect of which an injunction has been obtained by us, we have now been asked to provide a Bank Guaratee to the extent of the refund due to us, stating that only on production of the Bank Guarantee, the refund will be released. We do not understand why a Bank Guarantee should be demnded of us. Can members advice ? Case laws would be much appreciated.Thanks.
sudhindra
20 June 2013 at 22:47
Dear experts,
My friend gets salary of Rs 225000/-pa. The company giving a house worth Rs 50lacks with a consideration to work for 5 years. The company will enhance salary of 10laks for one year for five year it will be 50lacks.the Company will say you have to pay income for Rs 10lacks every year for five years, totally for 50 lacks.
If he receives house worth Rs 50lacks as a gift from company what will be the gift tax?
And I agree to pay income tax for 50lacks in 5 years, wht will be the income tax.
Please suggest.
Thanking you all
YAGNESH HASMUKH DAVE
20 June 2013 at 20:45
RESIDENTIAL FLAT IS BOOKED WITH BUILDER IN MAY 2012 & FULL CONSIDERATION IS PAID EXCEPT STAMP DUTY OF REGISTRATION CHARGES FOR AGREEMENT. NOW THE AGREEMENT IS TO REGISTERED WITH REGISTRAR IN JUNE 2013 AS PER FULL CONSIDERATION PAID IN MAY 2012 BEING AGREEMENT VALUE OF FLAT WHETHER 43 C SECTION OF INCOME TAX ACT IS APPLICABLE EVEN THOUGH NO PAYMENT IS REQUIRED TO PAY TO THE BUILDER AS PER AGREEMENT VALUE EXCEPT STAMP DUTY AS PER MARKET VALUE OF THE FLAT
YAGNESH HASMUKH DAVE
18 June 2013 at 20:08
RESIDENTIAL FLAT IS BOOKED WITH BUILDER IN MAY 2012 & FULL CONSIDERATION IS PAID EXCEPT STAMP DUTY OF REGISTRATION CHARGES FOR AGREEMENT. NOW THE AGREEMENT IS TO REGISTERED WITH REGISTRAR IN JUNE 2013 AS PER FULL CONSIDERATION PAID IN MAY 2012 BEING AGREEMENT VALUE OF FLAT WHETHER 43 C SECTION IS APPLICABLE EVEN THOUGH NO PAYMENT IS REQUIRED TO PAY TO THE BUILDER AS PER AGREEMENT VALUE EXCEPT STAMP DUTY AS PER MARKET VALUE OF THE FLAT
sudhindra
17 June 2013 at 20:25
dear sir,
what is the penalty for non-filling for 240 as per Karnataka vat act?
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Uttrakhand vat of scrap dealer
My client have purchased mixed scrap @ 12.50% ( Unspecified goods )but he segregate the scrap under the categories uder iron scrap & others and charge vat Rate @ 4% & 12.50% on sale.
So his 12.50 % sale is low and 4% sale is high so the deptt.
But the deptt. is not interested to give relief and want to collect extra 8.5% tax on 4% sale .
Pls provide us any case law or relevent provision for such type of relief.