saju sathyadevan
16 November 2011 at 16:40
Dear Sir,
With regard to claiming refund of A/c yr. 08-09 can I file IT return now? Because as per section 239 (2)(c), I think, the prescribed period has been crossed. Please clarify.
saju sathyadevan
16 November 2011 at 14:43
Dear Sir,
My client has recd. TDS certificates of A/c yr. 08-09 dtd. 29.08.11, of 09-10 dtd. 11.04.11, of 10-11 dtd. 02.09.11 all on single day dtd. 27.09.11 from SBI agt. Interest on Fixed Deposit. But these deductions are not reflecting in his 26AS. Now, if I am filing IT return of these years will he get refund agt. these TDS (His total income is below taxable limit). Kindly guide me.
Anonymous
16 November 2011 at 13:58
Sir,
Ours is a manufacturing company. we are doing merchant export also.
The material purchased by paying input tax and exported can we claim setoff and utlise the same against other vat sales? or there is only one alternative to purchase the said material under Form H.
Kindly advice.
Regards
Anonymous
16 November 2011 at 00:04
Whether sales tax is required to be levied by a govt department/establishment while selling any goods into the market through an agent.
If yes, what formalities are required to be taken?
Anonymous
15 November 2011 at 13:39
I live in India.I am the only child to my parents and my mother is no more. My father wants to add my name as joint holder in all his bank accounts.Is it better to add my name as joint holder or nominee... which is easy to carry out bank operations after my father's demise?? Among the two which is better for tax saving ?? I think inherited property (here bank account )does not require to pay any tax. So, in that case giving my name as nominee is better to avoid tax...isn't it? Help is appreciated. Thanks.
Anonymous
15 November 2011 at 11:13
An IT attachment order was issued in the year 2004 for attching the bank accounts of a defaulter.The bank froze his accounts and paid him the amount in the year 2008 when he produced a no objection certificate from the ITO.
Now,as per IT Act ,the attachment order can not exceed total duration of two years.In this case can the bank be penalised for not refering to the sunset clause and delaying payment to the customer.
R.V.RAO
14 November 2011 at 21:28
A PERSON(senior citizen ,IT assessee) HAS TWO HOUSE PROPERTIES.
AT THE TIME OF PURCHASE- -IN THE CASE OF ONE HOUSE PROPERTY, HIS MAJOR SON AND THE PERSON ARE SHOWN AS JOINT BUYERS RESPECTIVELY IN THE SAME ORDER WHEN THE PROPERTY WAS REGISTERED .
IN THE CASE OF THE SECOND HOUSE PROPERTY,THE PERSON AND HIS WIFE ARE SHOWN AS JOINT BUYERS RESPECTIVELY IN THE SAME ORDER, WHILE REGISTERING THE PROPERTY PURCHASED
1.) NOW MY QUESTION IS WHEN THIS PERSON SELLS THESE TWO PROPERTIES AND BUYS TWO MORE PROPERTIES , TO TAKE ADVANTAGE OF CAPITAL GAINS TAX EXEMPTION ,
IS IT REQUIRED THAT THE NAMES OF BOTH SHOULD APPEAR IN THE NEW PROPERTY REGISTARTION DOCUMENTS
OR THE FIRST NAME ( APPEARING IN THE PROPERTY DOCUMENTS WHEN REGD.) SHOULD APPEAR
OR ANY ONE NAME IS SUFFICIENT.
2.) NEXT QUERY ON THE ABOVE ISSUE,IS
THAT THE MAJOR DAUGHTER AND MAJOR SON OF THE SAME PERSON , TOOK HOUSE LOANS TO BUY TWO NEW PROPERTIES . SALE AGREEMENTS ENTERED AND 50% SALE VALUE PAID THROUGH BANK LOANS BY DAUGHTER AND SON RESPECTIVELY.
THE FATHER WANTS TO USE FULL SALE PROCEEDS OF HIS ABOVE EXISTING TWO HOUSES ( WHICH HE IS SELLING) IN THESE TWO NEW PROPERTIES.(IN THE FORM OF REPAY BANK LOANS TAKEN BY THE DAUGHTER AND SON FOR PURCHASE OF THE NEW HOUSES---- BANK LOANS ARE IN THE NAME OF SON AND DAUGHTER ONLY FOR THE TWO NEW HOUSE PROPERTIES RESPECTIVELY--),
BANK SHALL RETAN BORROWER’S NAMES ( THE DAUGHTER AND SON BEING THE BORROWERS) ON THE NEW (FINANCED) PROPERTIES REGN. DOCUMENTS .
AGAIN MY QUESTION IS IN WHAT ORDER THE NAMES SHOULD APPEAR WHILE REGISTERING THE TWO NEW HOUSE PROPERTY DOCUMENTS TO AVAIL CAPITAL GAINS EXEMPTION BY THE PERSON CONCERNED,HIS SON AND HIS WIFE WHO ARE ALSO JOINT OWNERS IN THE TWO EXISTING PROPERTIES?
SINCE THE BANK MAY INSIST BORROWER’S ( THE DAUGHTER AND THE SON), NAMES TO BE SHOWN FIRST IN THE NEW PROPERTY DOCUMENT, (AT THE TIME OF PROPERTY REGISTRATION)S,
HOW THE ORIGINAL OWNERS (SON AND FATHER IN CASE OF ONE HOUSE AND THE PERSON AND HIS WIFE IN THE SECOND CASE ) .
NOTE: it is clear that if the new properties are debt free, there is no problem on the order as to whose names appear first or second since banks have no say.
THE WHOLE ISSUE IS TO AVAIL CAPITAL GAINS EXEMPTION AND HENCE THE ORDER OF PRIORITY IN SHOWING NAMES IN THE NEW PROPERTY REGN. DOCUMENTS.
THANKS AND REGARDS,
R.V.RAO
raovr2001@yahoo.com
Anonymous
14 November 2011 at 16:55
We are two brothers and have inherited our father's house property after his death. We have entered in a development agreement with a builder who will give us two floors and keep two floors and some cash.
We have two queries:-
1. If we invest the cash component in purchase of another house property will that be covered under section 54 of Income Tax?
2.According to the agreement it would take the builder approx. 15 months for completion of the present house which is being converted in flats. Can we buy another deviling unit now or it has to be within 12 months of the date of the builder's completion of our developed house?
Please advise
MOHAN SINGH ROHILLA
13 November 2011 at 11:46
I want to Know that can an chartered accountant Appeal to High Court & Supreme Court in the Excise,Custom,Income Tax
cases.
Thanky You
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