Bhaskar Dey
25 March 2013 at 05:24
The house we reside in was built about 30 years ago. Although it was financed (90%) by me but it was registered in my wife’s name. About three years back my wife purchased a flat in Kolkata. It was fully financed by my wife (salary and others). It was registered in joint names of my wife and my daughter. My wife’s name was in first position and my daughter’s name in the second. My daughter was a student at that time and did not contribute any money for the flat. At present my daughter gets monthly stipend (Rs.20000/-per month)for her Ph.D course, and she doesn’t file any return. The flat which my wife bought was not given for rent and mostly remained under lock. We occasionally go there and stay for a couple of days.
Recently Income Tax Assessment Officer had assessed that since my wife has two properties in her name, the Kolkata flat would be taken as rented and so demanded Rs.120000/- for one year’s rent @Rs10000/- per month plus fine and interest. This tax would come under the head ‘Income from House Property’. I know that AO was right according to the income tax rules. She has already paid the amount charged. But I have three questions:
1. I know (please correct me if I am wrong) that according to the property rules, even if an individual do not contribute any money and if his/her proportion is not mentioned in particular, he/she will be 50% owner of the property if he/she is a joint owner, i.e. if his/her name is included in the title deed. If it is true, can my wife appeal that since my daughter is a co-owner of the property, she should also share the tax burden by 50%? Can she claim refund of 50% of the extra tax paid?
2. Can CIT (appeal) reject her appeal by saying that since my daughter did not contribute any money to finance the flat, the whole tax burden will be on my wife and not on my daughter?
3. If CIT (appeal) accepts her appeal, will it cause any tax implication on my daughter? Will she have to file return? Will it cause any harm to her future? At present she gets about Rs.20000/- per month as UGC stipend which I assume is tax free. Out of Rs.20000/-, Rs.3000/- is deducted as Hostel Accommodation charge.
Thank you all in advance.
snpathak
24 March 2013 at 22:47
A partnership firm sold its commercial property during A.Y 2011-2012 Which was acquired by the firm in A.Y.2006-2007.The detais are as under:----
sale consideration----13500000/=
cost of acquisition---6200000/=
firm not interested to invest sale consideration u/s 54E OFthe I.T.ACT1961.
How it can save maximum capital gain tax.
Kamal
23 March 2013 at 21:20
A Public Trust was set up for philanthropic purpose. A Hospital was started for this purpose being property held under the Trust. The Trust is not registered u/s. 12A of the Act. Being initial years of operation, the Gross Recepits of the Hospital is below Rs. 1 Crore.
1. Whether exemption can be claimed u/s. 10(23C)(iiiae)? If yes what are the requirements? Is there any need of permission/registration?
2. If no, what will be the treatment of hospital income?
3. Revenue expenses are deductible from Hospital Income or Gross Receipt are chargeable to tax?
Please cite sections/circulars/case laws in favour of your answer.
snpathak
23 March 2013 at 19:50
AN ASSESSEE IS DOING HER BEAUTY PARLOUR BUSINESS.CAN SHE FILED HER RETURN OF INCOME FOR A.Y 2012-2013 U/S 44AD OF THE I.T.ACT1961.
snpathak
23 March 2013 at 19:34
an assessee is running her beauty parlour and wants to file her return of income for a.y.2012-2013.can she furnish her return u/s44AE of the income tax for a.y.2012-2013.give me correct advice.
ksr prasad
23 March 2013 at 14:23
I purchased a flat in hyderabad in 2011 with part funding through a bank loan and balance by selling my old property. The problem is that I was able to dispose off my old property only few months after purchasing my new property.Meanwhile I had to settle dues to my builder through bank loan & hand loan borrowed from a close relative to register the new property. I repaid that hand loan soon after selling my old property. Another issue is that though the value of both the properties is almost the same on paper, I had to shell down extra money to the builder which is equal to the hand loan for full settlement. How to explain all this if an issue come up. What is the legal position with respect to capital gains tax ?Please clarify.
kinnu
22 March 2013 at 13:54
(1)Is there any kind of rule for creamy layer in OBC which says "any person who is tax payer lies under the category of creamy layer"
(2)my father is a school lecturer(govt).his basic pay 20,510,grade pay4,800, total RS 43,798.
my mother is 2nd grade teacher(govt). her basic pay 18,990. total RS 34,562.
can i eligible to get obc non creamylayer certificate.
visu
21 March 2013 at 23:41
Experts,
Pl. advise,
Is salary paid in India to (foreigner) expat is SERVICE TAXABLE, under import of service under section 66A of service tax..? if
a) paid in Indian Currency
b) paid in foreign currency
c) paid partly in Indian currency and partly in foreign currency
PS: employee is in the regular muster roll; and in PF roll; paying income tax in India with valid PAN
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Judgement on using a device to escape statue amounts to fraud.
Facts- company for avoiding tax and other statutory liabilities established subsidiaries and other companies. All this was done to escape statutory obligations.
Now I am looking for any judgement on the principle that if a company uses any device to evade or escape any statutory obligations it amounts to fraud on statute.
PLEASE help me with some judgements in this regard.
Thank you