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
Anonymous
05 May 2011 at 12:29
The Agreement to sell was signed with the Builders and registered in Dec 2004 in which it was mentioned that right to sell wud arise only on full payment of consideration. Last payment made in Dec 2007 and receipt was acknowledged. Occupancy certificate not yet issued. Possession taken immediately i.e. property was rented out, without any formal document being signed. Society is yet to be formed. The flat is now being sold by us and Agreement to sell has been signed in April 2011 for which a transfer fee has to be paid to builder.
My queries : 1. What is the date of acquisition for capital gain purposes and what is the base year to be taken for indexation purposes...Dec 2004 or Dec 2007?
2. What is the last date for depositing CG in CG deposit account if last of sale proceeds is received in Aug 2011?
3. In case a new property is purchased within 2 years from such deposit account, CG tax wud not be charged. 2 years is to be considered from which date : Date of agreement to sell or Date of receipt of last of the sale proceeds?
Urgent answer required.
Thanks in advance.
Vishal Upadhyay
05 May 2011 at 09:41
Dear All,
We have laid gas pipeline in the year 2009-10 for our own manufacturing of ceramic sanitary ware. The same pipe line we want to use for supply of GAS to other company.
We are charging ST @ 10.3% but my query is whether we have to charge VAT on total value? If yes at what %?
anish
05 May 2011 at 01:01
sir
I had taken LIC New Jeevan Dhara Pension policy in 2001 by paying single premium. Policy is termed as deferred annuity for life with return of amount. However it has option to take lump sum annuity or surrender value after 10 years.Can this amount be considered as tax free ? I think only in policy where life is insured, surrendered value is tax free in hand of receiver.Is this lump sum amount which i have received after 10 years in this plan tax free in such situation ?
vijay dhiman
04 May 2011 at 12:29
anybody provide
investment declaration form format for income tax.
pratyu
04 May 2011 at 11:09
sir
i deposited 8 lakhs as fdrs in IOB bank in my name,i had received the money from usa from my brother.the bank people told me that i will have to submit pan card for tax assesment,they told me that i will have to pay tax on the interest received by me on that money.
please kindly advice me how much interest( amount received as interest on the fdr)can be exempted from tax since i dont have a pan number at pesent and they tell me 20% will be deducted as tax for not producing pan.kindly advice the maximum limit of money a person can get on such savings without being liable to tax.
thank you
Anonymous
04 May 2011 at 07:43
I had put some money in fixed deposit of NBFC sahara.
yesterday , on date 3rd May 2011, they have given me Form 16A for the period 1 april 2008 to 30 june 2009.
They say TDS certificate for remaining period will be coming soon.
But the date of issue of this certificate is 2-2-2010 and date on which tax deposited is 28 january 2010.
As my income is non taxable, so I have never filed IT return.
On that certificate, it is also mentioned that Date of releasing TDS certificate is 24-3-2011 ( due to late submission of PAN )
Is this certificate useful or has it expired ?
Can I claim refund now ?
Anonymous
03 May 2011 at 15:57
My company has a project office in Bhutan. For project related works we engaged contractor both from Bhutan and India. we are deducting only Bhutan TDS as per RRCO guidelines and depositing in RRCO Account. Is it necessary to deduct Indian TDS in addition to Bhutan TDS also from Indian contractor? we are making payment in Bhutan currency only.
Sir, we are making payments in Bhutan.
Jagmohan Rawat
02 May 2011 at 16:48
Hi friends,
if service tax on import of service is not deducted from the the credit given to the party though service tax payment has been made by the service receiver (reverse charge case)on the gross value of the invoice. In such situation wether it will be considered sufficient compliance of the service tax provision. Kindly reply.
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Capital Gains on Gift Deed Property
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?