Kapil Tiwari
24 October 2012 at 03:54
A vacant plot of land was sold for a net sale consideration of Rs.1,10,36,000/-. The fair market value, after indexation, of the land, as on 01/04/1981, was Rs.19,39,091/-. Hence, Long Term Capital Gain was Rs.90,96,909/-.
The following are the investments made and proposed to be made for claiming tax exemption:
1)Rs.50,00,000 in NHAI plus REC bonds for exemption u/s 54EC(now, investment already made),
2)Rs.60,36,000 in a residential property for exemption u/s 54F(proposed to be made)
Please advise:
a)computation of the total tax exemptions that can be availed,
b)total Long Term Capital Gains Tax payable after considering the exemptions.
radha raman karmakar
23 October 2012 at 13:37
Respected court officers,
whereabouts of 'FISCAL POLICY'applicable in India and how it is impact on Indian Income tax, is there any adverse committee to advise to CBDT. PLEASE focus on such topics.
Thanking you
RADHARAMAN KARMAKAR( Advocate )
Rohit
21 October 2012 at 17:21
My grandmother has two properties. She wants to sell both of them.
By selling first property she wants to put the capital in the bank and from the capital gain she will invest in infrastructure bonds.
By selling the second property she wants to gift all the money to me.
Does she has to pay capital gain tax before gifting it to me? Can it be possible that she will gift all the money and I will pay the capital gain tax?
SRY
21 October 2012 at 16:21
I have bought a completed apartment from a builder in Pune.The agreement was registered in September'12. The loan is in pipeline and possession letter not received yet.
He has asked me to pay due property tax. I am not sure if I should be paying the property Tax yet because I do not have the possession of the apartment yet. Is it the builder duty or mine?
Could anyone clarify as per law?
pravin
20 October 2012 at 16:22
Dear Sir, i had purchased flat in pune and sign the agreement on Aug 2011 that time i had submit the service tax chq. on basic amount as per 2.575%. Builder told that if service tax applicable then we deposit the chq. but now builder ask to pay service tax with 3.09% on basic amount.
So please help me, How much % i need to pay?
BHOOP SINGH
19 October 2012 at 16:45
Dear Experts
We purchased a machine and lease out for one year or may be more to our customer on rent. But I am confusing to decide whether it is our Fixed Assets or Inventory Item. Because when lease period overed we will try to sell the items to some other customer.
Could you clarify me on the matter.
Thanks
Bhoop Singh
vishnukumar gandhee
19 October 2012 at 10:15
i want certificate from income tax what is procedure for filing application for that
Harshala
18 October 2012 at 11:50
can anyone provide me copy of west bengal stamp act and refer me the validity period of stamp in west bengal
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Works contract
Sir, please clarify the following issue regarding sales tax
My client executed painting work at Ravva offshore platform in the year2009-201 and 2010-2011. The value of the work is Rs. 5 Crores approx. During the execution of the work my client purchased materials and consumables for paining work. For transport of these materials and also labour from onshore to offshore, my client utilized the contractee Helicaptor service and the contractee recovered the charges for transport of these materials and labour from the amount paid to my client. The Sales Tax Officer, Kakinada disallow these amounts Rs. 1,56,00,000/- approx from the Gross Total Income and levied tax @ 14.5%. ( Client not opted composition and maintained books of accounts).
Sir, please clarify, whether this amount is allowable deduction under Rule 17 of APVAT Rules, 2005 or Not? If allowable, please give me relevant case laws.
If you want any further information, i will provide you