AMAR KABRA
18 September 2012 at 12:17
CAN A COMPANY CLAIM EXEMPTION OF CAPITAL GAIN TAX ON SALE OF AGRICULTURE LAND OR SUCH AN EXEMPTION IS AVAILABLE TO INDIVIDUALS ONLY?. IF A CONDITION OF 8KM AND POPULATION OF LESS THAN 10000 IS SATISFIED THEN CAN A COMPANY CLAIMS THAT SUCH LAND IS NOT A CAPITAL ASSET AND IS EXEMPT FROM CAPITAL GAIN TAX IN INDIA. SECONDLY INDEXATION BENEFIT WILL BE AVAILABLE OR NOT?
CA AMAR KABRA
Shivanand Rai
16 September 2012 at 12:35
I HAVE PURCHASED FLAT IN 2009 IN MOHEMMEDWADI PUNE 411060, WHAT % OF TAX SHOULD BE CALCULATED AND WHAT IS THE METHOD OF CACULATING TAX. WEATHER WE CAN AVOID VAT FOR OUR FLAT. OUR BUILDER HAVE ASKED THE VAT PAYMENT @ 5% VAT ON REGISTRATION VALUE
Sreenivas
15 September 2012 at 23:52
GENTLEMTN, I AM RETIRED AND DRAWING PENSION. I HAVE RECENTLY TAKEN UP AN CONTRACTUAL JOB AS CONSULTANT(FULL TIME).
I UNDERSTAND 10% TDS IS TO BE DEDUCTED. CAN ANY BODY TELL ME HOW TO GET BENEFIT OF EXEMPTION MY PENSION P.M. IS 15000(INCLUDING DA RELIEF).
visu
15 September 2012 at 22:35
Experts,
Pl. advise services rendered to Government is taxable under service tax act.
It is find that the phrase Government is not defined in the ACT
Moreover, we have more PPPs and public sector undertakings.
To say an example,
BSNL providing telephone service to Government department.
Pl. clarify.
Asha
15 September 2012 at 18:21
Due to certain family issues during the year 2011-2012, me and me wife could not file the ITR-1 for the FY 2010-2011 before the deadline. After missing the deadline we were not really serious thinking that since TDS is being done, we need not worry. Now for getting an LIC policy we were asked to produce the last 3 year ITRs. When I got the Form 16 for this reason I found 2 issues: In my case, I have to pay Rs. 19 extra In my wife's case, section 80C deductions had not been done (despite submitting the necessary documents) moreover, the tax calculations are wrong and extra tax has been deducted. So she is eligible for a refund. My doubts: If I file ITR now, will there be any penalty? How late can an individual file the ITR? Can my wife ask for a refund under section 80c now?
RAJESH CHOUDHARY
13 September 2012 at 13:56
Respected Experts,
In the Previous year 2010-11 the partners of a firm purchased windmills in their individual capacity and claimed depreciation at 80% in their individual returns.After claiming depreciation, partners incurred loss and resulted in unabsorbed depreciation. In the beginning of the next year, the windmills were sold to a company as the partners discontinued windmill business. The query is whether the partners can set off unabsorbed depreciation with other income in the year of sale of windmill, since it is in the nature of discontinued business. thanks...
Asha
13 September 2012 at 11:56
AMERICAN GOVERNMENT POSTED A COMMITTEE TO REVIEW INDIAN STOCKEXCHANGES BECAUSE OF STABILITY DURING RECESSION SUCH COMMITTEE WAS PAID AMOUNT OF 10,00,000 AFTER THEY RETURNED TO AMERICA IN DOLLARS WAS IT CHARGABLE IN INDIA? IF SO UNDER WHICH HEAD?
munish
12 September 2012 at 18:06
I AM RUNNING THE BUSINESS OF WESTERN UNION MONEY CHANGER AND RECEIVED COMMISSION OF RS: 315000/-. I HAVE ALSO GETTING PROFIT FROM CURRENCY SALE PURCHASE OF RS: 11000/-. CURRENCY SALE OF RS: 730000/- PURCHASE OF RS: 719000/-.
NOW MY QUESTION IS THAT WHAT IS MY GROSS RECEIPT ? SHOULD I LIABLE TO DECLARE MY INCOME 315000 + 730000 = 1045000/- * 8% = 83600/- OR 730000 * 8% = 58400 + 315000 = 373400/- ?
Rohit Sharma
11 September 2012 at 23:35
ITO got hold of agreement to sell mentioning sale consideration higher than the one mentioned in sale deed.
Q1. Implications under income tax?
Q2. On what grounds can the assessee defend himself.
Thank You
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Tax situation in purchase of a house from tax deduted salary from abroad.
Dear Sir/Ma'am
I want to ask a question about Taxation that if a person is working abroad. He gets tax paid salary there.
After all he sends his savings to India in his own Saving account in India.
He then give this amount to his mother for purchase of house in her name.
Please tell me what will be the position of Taxation in this regard?
What situation is beneficial according to Income tax laws. whether it is suggestible to purchase in his own name or in his mother's name?