Anonymous
16 January 2012 at 13:33
Sir/mam, There was a sale of afgricultural land taxable under income tax act 1961, in the FY2009-10 AY 10-11 and it was in the name of ma Granny (80yrs). V had invested all the sale consideration in 54EC-REC BONDS whic is notified under sec54EC of income tax act.Such bonds wer in the name of Ma Granny , ma mom and dad and it was properly invested within 6months form date of transfer. Ma queryy is She died in the yr2011 sowe havent filed the return as nothin is taxable but now do v need to remove ma grannys name from the bonds? Is der any implication on exemption unders sec54ec due to her death? Pls reply as m in trouble?
Anonymous
15 January 2012 at 20:34
Sir,
I would like to know that can an employee claim deduction under 80d for his parents medical expenses, who is not dependent. if employee claims, to claim what proof he has to submit. Kindly clarify sir
RAJESH CHOUDHARY
15 January 2012 at 19:36
Hello Friends,
I have a query. The case is as follows:
My mother wants to gift me Rs. 500000\- in cash. She is housewife having PAN card but never filed ITR since income is always below exemption limit. She is not having bank account. Is it acceptable to get that much amount in cash? I know it will be tax free for me but is there any chance of her getting trapped in Legalties of Income Tax considering she never filed return and does not have Bank account.
If I can accept, then is it necessary to prepare a Gift deed? If yes, then what should be the amount of Stamp Paper.
I could have taken that as Interest free loan but sec 269T and 269SS prohibits loan in cash above Rs. 20000.
FEROZ PALITANAWALA
15 January 2012 at 19:24
Is Franking Document if not registered within Six months valid for registration after that(say after 2/3 years)?
Anonymous
15 January 2012 at 14:22
If a Retail dealer of XYZ goods do trade first year/ Ist F.Y without registration of Vat.
Let us suppose at the end of Ist F.Y he have Stock of Rs.100,0000. And he pay vat on purchases amount Rs. 12000 and accrue vat on sales amount Rs. 2000. He was not furnished any vat return during last year because he had not TIN/VAT number in Last Year.
Now he want to registered himself/proprietor
with VAT/Sales deptt.
Now my Ist Question is
1. Now, Where to show his opening stock of Rs. 10,00,000.
2. What is treatment of last year sales and purchase.
3. Can he get Vat refund in this C.Y.
Anonymous
15 January 2012 at 13:52
Hi,
If 2 pvt company mergered how to change excise, VAT, service Tax, PAN and TAN no.
Whether we should surrender the existing one, and apply for new no. ifso who we should C/F the excise and Service tax credit to new registration no.
S K Jain
15 January 2012 at 12:33
Sir ! I have already purchased a flat for Rs.40Lacs in Bangalore in May 2011( Sale deed signed in April 2012 & Registry done on 09-05-2011).Now I am in the process of disposing my property in NCR Jointly owned by me and my wife. We have found a buyer and the sale deed for Rs. 1Cr is likely to be signed in Feb2012.But the buyer is insisting on registering the property only in mid June2012.
The Query is: –If Partial payment of Rs.40Lacs is obtained from the buyer on or before 08-05-2012 , can we claim Income Ta x Rebate on the Capital Gains being made as Rs. 40 Lacs being consided as reinvested in the property purchased at Bangalore within minus 1 Year? While rest of the Rs.60 Lacs we may or may not go for Income Tax Rebate by opening a capital Gains account to reinvest in future in another property purchase within next 24 months after the registry in June2012.
Regards
S K Jain
skjdel@rediffmail.com
FEROZ PALITANAWALA
15 January 2012 at 12:05
I have booked a flat with full payent in April 2010. I paid the stamp duty(Frankling) amount in May 2010 but till today builder is not ready to come for registration process because he has not yet got the CC for construction above the plinth level. I want to know whether the Stamp duty amount can be refunded or is the Stamp duty amount that is paid valid till the time when I go for registration in next 2/3 years.
I also want to know whether the above paid Stamp Duty can be used for another immovable property??
Debashish mishra
14 January 2012 at 21:58
Thank You all sir, I got my answer but One of client, a registered Company of Bangalore raised Sale Invoice ( CST Sale) to its branch of Bhubaneswar and claims that as both Head office and branch office are situated in different states and registered under VAT and CST act in their respective states we raise sale invoice to simplify accounting process. Sir , My question is whether the company is duty bound to branch branch transfer and cannot raise sale invoice to its branches ?
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Tax on commission.
A relegious Trust is paying some amount to an individual towards commission for helping them to get some donations to the trust. What Tax implications will have to face by the individual. He is not a commission agent or broker. the said commission may be one time but huge. He is ready to complay all statutory rquirements.
Kindly give your valluabel opinios / suggestions.