Vishal
12 December 2011 at 13:21
Dear All,
Iam planning to buy a residential site for 30 lacs through a bank loan. Bank is funding about 27 lacs by single DD in favour of the seller.Now the seller says that full amount by DD will attract Long Term Capital Gains which he is not ready to pay.
Kindly let me know the ways to avoid the taxation on the same for the seller as Iam very much interested to purchase the same.
PLEASE HELP ME ON THIS.
Regards,
KS Vishal
Anonymous
11 December 2011 at 13:56
During PY 2008-09 my relative lady at Mumbai (RNOR) has received Rs. 1.51 crore gift from her husband (NRE) in Dubai through 12 tranches of bank transfers, telegraphic transfers, RTGS, drafts drawn in favour of builder on her behalf, etc. (reflected in bank statements) etc. RBI approved banking channels mode. She has submitted all bank statements to the assessing ITO. Also Gift Declaration signed by her husband covering all gifts through this bank mode for all 12 transactions for Rs. 1.51 crore total amount of gift is also submitted to the ITO.
She has a status of Resident but Not Ordinarily Resident. Her husband in Dubai has Non Resident Status. She neither has any source of income nor holds any property abroad. Her husband has neither any source of Income nor holds any property in India.
Case is amply clear. However, ITO insists on bank statements of her husband at Dubai. Also he doubts on gift declaration, insists the gift deed must be registered in India.
We have cited following case law also.
In the case law Decided by: ITAT, BENCH `C’, CHENNAI, about the case of: Sushila Ramasamy v. ACIT, Appeal No.: ITA No. 1616/Mds/2007, Decided on: April 2, 2009, it was observed that “..Therefore, in the cases of remittances through banking channel the nature and source of the funds get explained and the onus on the assessee u/s 69 gets discharged, and consequently such remittances cannot be taxed u/s 5(2)(b) of the Act…” Also CBDT Circular No.5 dated 20.02.1969 was discussed and it was observed that “…The obvious logic is that in the case of remittances by banking channel the onus on the assessee u/s 69 stands discharged, and therefore section 5(2)(b) does not apply…”.
NOW I SEEK YOUR HELP AND ADVICE AS UNDER.
1. Is there any other case law, CBDT circular, Appelate or High Court Judgement, which can be helpful in this matter?
2. What is correct legal position about Gift Declaration and Registration of Gift Deed?
Thanks
Jayesh B Patel
Anonymous
11 December 2011 at 13:47
For the A.Y. 2010-11 i have received the Assessment order with Demand Raised by AO. Subsequently we have deposited the Tax of Rs. 62887/- under 400 - TAX PAID ON REGULAR ASSESSMENT. Lateron we have filed the rectification and after the rectified return we found that there is nothing due to pay and Rs. 62887/- already deposited is excess of net tax.
Now it is not under the head 100 - Advance Tax as well as not 300 - Self Assessment Tax. Rs. 62887/- is also shown in Form 26AS. Now how can i claim Rs. 62887/- i.e. tax paid on regular assessment. As there is no option available under the Form ITR - 4.
Should i treat is as a Self Assessment Tax and file a rectification online or something else. Please reply it's urgent.
Anonymous
11 December 2011 at 13:33
Dear Friends and Sir,
One of my frd doing jewllary exibution business and he filled return but the probllam is he not give the Income tax Return File and we have no paper ............... what i do for this situation????????????????????????
Anonymous
11 December 2011 at 10:00
The trust has acquired fixed assets out of bank borrowals. Repayment of bank loan installments has been claimed as application of income by the trust in the earlier years. For the assessment year 2009-10 the assessing officer wants to disallow depreciation in the scrutiny proceedings since the assset has already been deducted as application of income in the earlier years. The escorts case has been distinguished by the Punjab and Haryana High Court in the marketing comittee Pipli case wherein it is held that depreciation is allowable even in respect of assets claimed as application of income. Such being the case, can the AO disallow depreciation because the asset has been acquired out of borrowed funds and repayment of loans has been shown as application of incom
Anonymous
11 December 2011 at 09:37
How income is to be calculated from the business of 1) Dairy Farming 2) Catering?
Anonymous
11 December 2011 at 01:32
Dear Resource persons,
Please guide me.
Thanks
Anonymous
10 December 2011 at 18:39
Dear Sir,
We are semi wholesalers and make sales bills for purchases made from us against cash payment for an amount mostly not more than Rs. 20,000/- sometimes above but under Rs. 100000/- the goods are self collected from the warehouse by the purchaser. The purchaser requests to make a bill in a name with an address.
In our pre made bills we have a box to mention the TIN nos. , but the purchaser does not provide with one, what should we write against box TIN no.
In some cases the purchaser makes payment vide a demand draft of not more than Rs. 50000/- and as above, collects the goods which is delivered only after we receive the credit in the bank after we deposit the draft, similarly a bill is made in a name with address, but no TIn no. is provided by the purchaser, sometimes he may provide us with multiple drafts each not exceeding Rs. 50,000/- and request us to make a single bill and no TIn no. is provided.
My querry is what should we mention against the box. TIN no. in case the same is not provided by the purchaser, considering the above cases do the seller have any obligations towards VAT under the above situations wherein the purchaser does not provide any TIN no. and they are like cash sales the seller cannot verify the addresses etc etc.
Thank you
Harsh
Anonymous
10 December 2011 at 18:24
Dear friends,
pls clarrify me regarding the following.
FACTS OF THE CASE:
E-filing of Income tax return for the asst. year 2011-12 has been filed for one of my client claiming Refund of Rs. 20,000/-. Now the same has been processed by CPC banglore and send a refund order for the same amount what we have claimed.
But the problem is, at time of e-filing we mention wrong bank account number of the assessee by mistake. Now the refund cheuqe has been received with wrong bank account number. The bankers too have objected the assessee for encashing his refund cheque staing the reason "WRONG BANK ACCOUNT NO."
Pls suggest me the proper course of action to be taken for getting the refund order again with correct bank account number.
Regards,
dheeraj.
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Taxes after purchase in sarfasi
sir i have purchased a property in sarfasiact
from nationlised bank .now if the previous owner have some incometax or sale tax dues ,
what the law suggest? after sale deed with bank can any department can come to me for previous owner's IT/ST dues?