Anonymous
09 May 2011 at 17:57
Dear sir/ madam
I have purchased a property in 2010 and is under construction the property is alloted to me but the possession is still to be done. I have borrowed loan from a bank to purchase the property now i am repaying it from my salary.
Please advise if i can claim the deduction under 80C for the said repayment of loan and what all components can be taken into computation
Your early revert on this will be highly appreciated.
kalpana21sara@gmail.com
09 May 2011 at 11:06
I invest regularly in NSC to get a tax deduction under 80C, but add the second name of mother as well who is a dependent on me.
Can i gift the interest earned to my mother and she can show that in her annual income as she doesnt fall under tax bracket?
Is there any separate declaration required for this apart from mentioning this income while filing her income tax return?
Anonymous
08 May 2011 at 10:47
I AM ANDHRA POULTERY TRADER PURCHASED SUNFLOWER DEOILED CAKE FROM KARNATAKA.,AND MAHARASTRA (OIL PLANTS) SOLD TO POULTERY FARM IN ORISSA. NO C FORM ISSUED TO ANY SUPPLIER DUE TO THE SOLVENT OIL PLANTS EXEMPTED FROM TAX AND THEY GIVEN F FORMS DULY AVAILABLE IN MARKET. THE GOODS TRANSPORTED BILL OF EXCHANGE MADE IN ANDHRA AND TO SOME GOODS
CAMP INVOICE ISSUED AT KARNATAKA AND MAHARASTRA. THE OUTOF STATE WAYBILLS ISSUED BY ANDHRA COOMMERCIAL TAX DEPT.
ORISSA POULTERY FORMS DONT HAVE SALESTAX REGISTERATION AND EXEMPTED FROM ALL TAXES.
AT THE TIME OFASSESSMENT CTO EXEMPTED LEVY OF TAX. AFTER 2 YRS. AUDIT PARTY POINTED OUT LEVIED TAX. APPEAL DISMISSED
THEN APPROACHED HIGHCOURT. THE COURT REFERRED TO DEPT. FOR CLARIFICATION AND ISSUED STAY. NOW THE MATTER IN TRIBUNAL NOT YET SITTING.
ALSO THE SAME MATERIAL PURCHASED IN ANDHRA
FACTORIES AND THEY COLLECTED 4% APGST AND THE GOODS TRANSPORTED TO ORISSA AND PAID 6% TAX. THE DEPT. ASKS TO PAY AGAIN 4%.
DEPT. NOT ACCEPTS FACTORY BILL COLLECTION OF 4%
THE PROBLEM ONLY TOME. SO MANY TRADERS STILL SUPPLYING THE MATERIALS FROM ONE STATE TO ORISSA TO THE SAME POULTERY. AFTER THIS PROBLEM RAISED BY THE DEPT. I STOPPED TRADINF TO SAFE GUARD MYSELF.
PLEASE LET ME I AM RIGHT OR WRONG?
arjun prajapati
07 May 2011 at 13:09
Does an Unregistered dealer is required to make registration under local sales tax authorities, which is dealing in Tax free goods?
What Tax Treatment is to be done for that kind of Purchases
1. treat it as tax free goods
2. treat it as purchased from unregistered dealer & liable to purchase Tax.
vijay dhiman
07 May 2011 at 09:27
D/all
please provide a format in excel sheet of investment declaration form for income tax purpose for the the financial year 2011-12.
Ram Prakash Gautam
06 May 2011 at 18:32
Dear Sir,
Kindly clarify that :-
a)Unit having retail sale up to 8.9 crore in the previous yr what is liability towards excise duty and what formalities are required
to be done by the manufacturer.
b) if the previous yr retail sale is more than 9 cr and less than 12 cr what is the exemption available to him
thanking you
Ravi Otwani
06 May 2011 at 14:19
My Client had entered wrong tin no
and he had entered correct name of the dealer
now my query is what is a procedure to
rectify the mistake
Anonymous
06 May 2011 at 00:35
X, Y bought a property worth 30 Lakh Rs/-on Dec 2006. But here the Sale Deed consideration is 6 Lakh (As per govt value, Semi finished registered) and Additional Development Construction Agreement had been done for Rest of the value (24 Lakh) which is not registered. So that total value equals to 30 Lakh and X, Y took loan on that for 26 Lakh and rest paid directly. X, Y made a Gift Deed of the property to Z (Z is husband to X and Father to Y) with Stamp Value for 12 Lakh on May 2009.Now Z is sole owner of the property. Now if Z wants to sell the property on today’s date –May 2011, following points need to be clarified. 1. What will be the value of consideration of the property (12 Lakh as per the Gift Deed value or 6 + 24 = 30 as per original Sale Deed value) to calculate capital gains as the gift proceedings were done among relatives? 2. Will that be a Long Term Capital Gains (As period from original sale crossed 36 months) or Short Term (As period from Gift Deed is below 36 months)? 3. Can we consider the Development Construction Agreement value (24 Lakh) for total Sale consideration while calculating Capital Gains?
Anonymous
05 May 2011 at 19:48
i had made agreement for purchase a agriculture land before 3 years.Till date i had not made it registered in registrar office. Now i want to sell this land to a new party .What will be my tax liability. Whether Long term capital gain as i retained the property for more than 3 years.
Can i get any exemption u/s 54 i,e if i reinvest this sale proceed in other agriculture land or immovable property shall i get any relief or exemption.
Regards
RPN agrawal
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input service credit
Dear Sir,
We are purchasing/procuring excisable goods without payment of excise duty from a company against CT-1 Bond for export. The company providing us goods against ARE-1 form in a natural colour.
We are further getting these goods zinc plated from a job worker who charging us Service tax in his bill.
We want to know, can we take credit of this service tax amount as a input service cenvat credit.
Please reply and oblige.
Very thanks.
Hardeep