Anil
21 March 2012 at 18:14
Practical Case of my close relative
Mr. Patel is 66 yr old man. Mrs. Patel - wife of Mr. Patel died 4 yrs ago. They have 4 daughters all are married. Now Mr. Patel is the only member in the family.
Situation: MR. PATEL owns Agricultural Land (mainly ancestral - received from his father and some purchased by him) and has few lakh rupees of cash in FDs. He is a retired employee and receives income from monthly pension.
Questions: Can Mr. PATEL form an HUF? How? Then it would be one member HUF as all daughters are married.
If yes, Can he transfer the agricultural land to the HUF? How?
What will happen to the HUF property after death of Mr. PATEL? How all daughters would get it?
Thanks in advance to all experts.
Looking for your practical valulable advise.
Regards
Mr. PATEL
YASHPAL RAWAT
21 March 2012 at 13:27
Pls. confirm Nani(Mother's Mother) come under the definaiton of relative U/s 56(2)
VIVEK SINGH
21 March 2012 at 12:45
Dear sir,
I am a deductor, liable to deduct on payment of salary. One of my employee has already deposited his advance tax in Feb. 2012. Please advise me, what is expedient for me in respect of TDS return of 4th quarter 2012. Whether still I am liable to deduct tax on said payment or not.
Thanks and regards.
Rupesh
19 March 2012 at 19:16
Respected Experts,
In a HUF Firm, karta is died and in his family there are two person left, his wife and minor son.
How can we change in sales tax the karta of the huf and they now can not want continue the shop. Who will give the application in sale tax to close the business.
pl. clear the query.
regards,
Rupesh
CA Abhishek Sonthalia
19 March 2012 at 19:12
Can somebody helped me that any MISCELLANEOUS income received in the books.Is it taxable flat rate of 30%.
R.Varadarajan
19 March 2012 at 18:53
Sir,I am a retd bank officer.I have raised an EDu.Loan in my joint name and son. On Oct 2011 I paid a sum of 22900/ towards the loan account and then after my son started repaying the loan account the same amount towards EMI till date. I did not serve the int till sept 2011 from date of advance in 2009( Rs.7Lacs/)Whether the amount of Rs.22900/ would rank for exemption under section 80E towards my tax returns.If so how could it be accommodated.
please guide
r.varadarajan
Vipin Kumra
19 March 2012 at 10:21
In case of construction contracts in DELHI, how will VAT and service tax get calculated.
Rauf Jalal
18 March 2012 at 20:47
If a person is a joint account holder of a bank account and the other person holding the account is his father does he have to pay tax on the account.
I was a joint account holder in my fathers account but i never used the account or signed a cheque. Now after my fathers death I started to use the account and sign cheques.
To my surprise the income tax department has send me a notice to bring details to their office of the account but for the period i was not using the account and pay tax .
What should i do. Rest they are asking me the details of the money received and spend. I have know knowledge of that as my father was using the account.
Please guide me for this problem.
TARUN KUMAR SARKAR
18 March 2012 at 14:34
My client deducted TDS from my remuneration but deposited hardly 15% of it. Tax Credit Statement (Form 26AS) shows the details of Tax deposited and they are not issuing Form 16. I was made to deposit the balance amount to the Tax department on my accountant's advice. The amount was quite big. I had no idea about this site. Can you please suggest me what to do at this stage? If I have to complain to the concerned authority, please provide me the details. I am staying in Kolkata. Also, is there any chance of getting the money back?
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Income tax on portfolio hedging
Dear Sir,
I have made an equity portfolio of Rs. 5.0 lacs and hedged it with F&O. In this financial year value of my portfolio dropped to Rs. 4.0 Lacs (Loss not booked)and gain in F&O is Rs. 1.0 lacs. How taxation shall be take place.
regards
Sanjeet