Karan Gaur
18 January 2013 at 15:33
Whether interest on loan taken for the purpose of purchase of shares can be included in the cost of acquisition of shares.
modi kamal
17 January 2013 at 22:42
I want to gift Rs.10 Lac to my son.As per my understanding,there is no Income tax is to be paid by my son as we are blood related.Today i went to buy a Rs.100 stamp paper to make a gift deed between us.
Stamp Vendor shocked me by telling me that 2% Income Tax needed to be paid to Government & that I should buy stamp papers worth Rs.20,000. i.e 2% of Rs.10 Lac.
Is he right?Kindly help me with your expert advice.
Thanks,
munish
17 January 2013 at 21:11
I have received notice from Dy.Dir.Income Tax on 15/11/2012. Sources of fund and withdrawals of fund was asking in it but no period mention for which period information they demanded. Is current year 01/04/2012 to till day can also demanded or only upto 31/03/2012 period demanded ?
KAMLESH KUKREJA
17 January 2013 at 19:30
an employee have two school going childrens. he pays Rs:-55200 as there tution fees & claim same as deduction u/s 80C. besides he gets children education allowances of Rs:-200 per month for which there is flat deduction of Rs:-200 per month if employee have 2 children. my question is that he have to deduct Rs:-2400 from tution fess and claim balance of rs:-52800 as dedcution u/s 80C and do not show children education allowance income at all under salary or cliam Rs:-55200 as deduction u/s 80C and show Children Education allowance as income under salary and take dedcution of Rs:-2400 flat deduction
Tayib
17 January 2013 at 17:21
Hi,
I am in Pune, Maharashtra and i am about to buy a land in a housing soceity. Scenario is:
> Govt. valuation of the property is 25 Lakhs. Total Deal Value is 45 Lakhs.
> Bank will pay 35 Lakhs directly to current seller as per my loan application.
> I will pay additional 10 Lakhs to seller to make it a full 45 lakhs.
As per the agreement all tax liabilities arising on the seller due to the sale will have to be paid paid by me. I know it is funny, but that is how it is.
Questions are:
1) How much Capital Gain tax will the seller have to pay?
2) Also, how do i ensure that the seller has paid tax if i DONT involve the bank and pay the entire amount from my pocket? This is important, because, it should not be like i am being charged the tax to be paid but the actual tax is not paid at all as i will be handing over cash/transfer to seller.
3) Does the housing society ensure that the tax is paid on the transaction or is it left to the seller to pay once he receives the money?
Dhirender Wadhwa
17 January 2013 at 12:35
My father had started an HUF with him as karta, our monther as co-parcener and 2 sons as members.
We are 3 brothers and one sister.
One brother and one sister were left out at that time...
My father has some agricultural land, one house and a bank account in the name of HUF.
Can I and my sister claim a part in the HUF property as we are also the legal heirs of our father, but not a member/part of HUF.
d. chandra sekhar
17 January 2013 at 09:21
Sir please clarify the issue
My client got an work order for an amount of Rs. 60 Crores and in turn awarded the contract to registered sub contractors for an amount of Rs. 55 crores. The remaining amount is the profit margin of my client.
The Sales Tax officer raised tax @ 14.5% on the profit margin retained by my client and disallow our contentions ( L & T Limited and Another Vs the State of Andhra Pradesh and others (148STC 616).
Please give any judgments on this issue.
Buster6421
17 January 2013 at 02:48
Hi,I have sold a agricultural land which was in my name and have transferred the money to my mother as an interest free loan.
Please advise the tax treatment as the land is situated nowhere near a municipality and is very remote.I understand that no capital gains tax would arise here.Also I am in service so how to show this amount in my tax computation.Many thanks
Vaibhav
15 January 2013 at 22:11
Before the decision from high court get finalized on payment of VAT amount by builder on flat, I have paid all amount against the VAT amount raised by my builder for my newly purchased flat.
On this payment, can i get benefit on my salary tax deduction & under which section i should put this amount.
Thanking You in advance.
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Service tax on railway freight collected by liners
In brief, the issue involved is that all the liners, who dealt with us, were paying service tax under` Business support services’ for their activity carried at respective ports & ICDs. When the goods imported at respective ports the liner will transport the goods to ICD, or as the case may be, to respective destinations. Similarly when the goods are exported from ICD to port the same will be sent to the respective ports by rail. But the liners will charge service tax in their bills which includes freight by rail viz., on carriage imports and service tax is being paid under `Business support services’ @ 12.36 %.
But the railway freight is classified under separate category of services under `Transport of goods by Rail’ vide Notification NO. 1/2006 ST dated 01.03.2006 as amended under Notification No. 26/2012 Dt 20.06.2012. But no service tax is payable under `Railway Freight ‘by the service provider till 30th Sep 2012 vide Notification No.9/2012 St dated 17.03.2012.
Subsequently I have contacted all the top personnel sitting at Mumbai, Cochin, & Delhi. But no body has properly responded on this matter except Mr. Kennedy, CEO of AP liner in presence of VPF on 28th Nov 2012. I have contemplated that their classification itself is wrong under `Business support services’ for the activity carried from ICD to port and Port to ICD when specific category of service viz., Transport of goods by rail’ already announced by the CBEC vide Notification No.1/2006 Dt 01.03.2006.Under this category of service the service tax liability is only 30 %on gross bill amount which includes other charges. This abatement is not available if the service provider has availed cenvat credit in respect of inputs or capital goods or inputs services for providing the said services.
Finally he has accepted my views and requested us to take opinion from senior consultant in taxation. We have informed him that we would take opinion from Retired Board Member from CEGAT. CEO said that they would change their on line system accordingly on this matter after getting the opinion from senior consultant.
But, in fact we came to know that ICD, Hyderabad, is paying service tax by availing abatement under Notification No.1/2006 S.T dated 01.03.2006. This is not correct, ICD supposed to pay service tax from 01.10.2012 only not prior to that since the said services are completed exempted till Sep 2012 under Notification No. 9/2012 Dated 17.03.2012.
In this scenario, the liners cannot apply for refund for the service tax paid erroneously @ 12.36 % on rail way freight since the service tax was paid under the category of `Business support services.’