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.
ishwar
14 January 2013 at 18:31
sir,
i want to start export bussiness. is it necessary to get vat registration for it. even we have not pay any type of tax.
pls advice me
thanks
pooja dedhia
13 January 2013 at 21:47
can members of the huf can give gift to their own huf by Rs 60000 in cheque. or father's huf can give gift to his son by cheque of rS 60000 IN CHEQUE TO HIS SON. IS THERE a restriction or it attract the tax liability to HUF ITSEF assessee or its menbers?. please give the right expertise with supporting section
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Cash gift
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,