Anonymous
30 March 2011 at 10:48
It is rally an excellent site. It is very helpful indeed. I am a foreigner & have a question which is given below.
I wanty to know what should be my best structure of pay.
Just as an example suppose my gross cost to company is 100.
This is to take care of salary, house rent , car and driver.
Salary is 65 . The rest can be structured as I please.
RENT
1. Is it better to get a house rent allowance and I spend it as I feel and take the lease in my own name OR .
2. Is it better to get the lease signed by the employer?
Any difference in taxation?
A friend in Bombay said its better if its a personal lease
3 Is it better that the employer buys an apartment and I stay there.What is the impact on my taxation if I live in a company furnished accomodation?
CAR
Is it better to get a company car - maintained by them fully
or is it better that I take a car and driver allowance and buy my car myself?
By the way I am a singaporean citizen so take that into account too in case there is a any change because of that. And think of any other aspects that I should be aware of.
Need an urgent reply as I need to finalise the appointment asap
abhishek
29 March 2011 at 19:33
Urgent: Please help :
a trustee has transferred its individual property to trust for starting a educational institution as public charitable trust... now he wants it property back in his name as he want to sale it as there is no scope for educational institution to be developed.... so how he should go about it ...
Anonymous
29 March 2011 at 16:59
Dears
Please advice whether Gratuity received by employer is taxable ?
If yes what is the limit for it
B N Nagenddra
28 March 2011 at 15:23
Dear Team,
I'm into 1st year of LLB. My desired area of working is Taxation. Kindly suggest me in which are the areas i should start concentrating from now.
Thanks in advance
Nagendra
Anonymous
28 March 2011 at 13:31
Does an individual have to deduct TDS whilst making payment to his advocate (who is also an individual - not company)?
Anonymous
28 March 2011 at 10:09
ISSUE
My father was allotted a house on a piece of land measuring 200 sq. yrds in the year 1953 by Delhi Govt when he migrated from Pakistan. Some improvement was done on the house in the year 1970 and a kacha first floor was created.
Recently during the financial year 2010-11 he decided to reconstruct the house and make it a four storey building with Slit parking and made following arrangements.
That initially he will retain two floors namely Ground and First Floor building.
That Roof rights of First Floor with 1/4th share in undivided land without Roof rights for further floors are sold for Rs. 35.00 Lacs to a known person of the builder.
That Roof Rights of IInd Floor with further rights up to sky and 1/4th share in the undivided land for (a) Rs. 5.00 Lacs and (b) construction of Ground and First Floor with certain specifications those are estimated to be valued at Rs. 30.00 Lacs as per application submitted to MCD. The construction will get completed in an years time.
Money received was invested in REC Capital Bonds with in six months from the date of receipt.
Now he plans to retain only Ground Floor and sell First Floor with 1/4th share in the undivided land.
I need help to kindly enlighten me on the following issues.
From Income Tax angle
How the capital gain will be calculated in respect of Roof Rights of IInd Floor
How capital gains will be calculated in respect of proposed sale of First Floor. What will be its acquisition cost and what will be its date of acquisition to decide on Long Term or Short term Capital Gain.
Will there be any change in the status if the Proposed First Floor is sold before virtual completion of the construction or issue of Completion Certificate by a competent authority.
From Sale of Property angle.
What will be sale consideration for the property to be registered on which the duty is to be paid (a) in respect of the Roof Rights of First floor, (b) in respect of IInd Floor and (c) in respect of proposed First floor sale.
Any suggestion to include any particular clause in the agreement or on the timings to save on Taxes and Stamp duties before they are registered.
Anonymous
26 March 2011 at 22:55
I had invested a small amount in a private company fixed deposit. At the time of redemption, even after submitting PAN and form 15G, TDS was deducted .
As I am not earning more than one lakh 60 thousand annually, so I do not file income tax return.
Can I hold the TDS CERTIFICATES at home with me so as to claim the refund after few years when I believe my annual income will become taxable and I will have to file IT return compulsorily.
Just like a cheque expires after six months from writing it, can TDS certificate also expire after a stipulated time period or refund can be claimed few years later ??
Raghav
26 March 2011 at 12:41
Dear Sir,
We have seen that employees are giving the details as he paid like Ten Thousand per month of rent.
For TDS calculation employer needs to get their receipt and they are also providing the same.
As a employer, do we need PAN of Landlord as per income tax act law is concerned for HRA benefit of employees?
Kindly suggest me the same.
ranjit kumar sarkar
26 March 2011 at 10:49
respected sir
my friend his i t return submited on 24/03/2011 for the ay 2010-11 and he saw a mistake after submission of return. so now he can eligible for revised return and impose any penalty
plz advise me
thanking you
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hindu undivided family
after demise of my father,myself & my mother ,as the only legal heirs jointly succeeded to the ownership of a plot(purchased by father with the help of ancestral property).I'm the only adult unmarried male of our family.Can I create HUF A/c with myself as Karta,my mother as member & transfer the proceeds of sale of above property to it? Pls reply(pls provide citation if any).(citation needed to satisfy bank officials who are not accepting HUF A/C opening form for they are holding that only married adult male can be karta of HUF.)Thanks.