DEEPAK
21 September 2010 at 09:32
RAM books a Flat No. G-12 in 2008. Flat is 65% completed up to 30 June 2010. RAM is not able to pay value of that 65% to builder. So he transfer that Flat to his brother MOHAN. Builder has only change the documents in his records. MOHAN paid balance due payment as against 65% completion in September 2010. Is builder is liable to pay tax.
DEEPAK
21 September 2010 at 09:25
Sir Is section 40(A)(3) is also applicable on purchase of depreciable assets in cash of Rs. 2 lakh.Such entry is not Debited in profit and loss account then it will add in computation or not..please clarify
visu
20 September 2010 at 22:07
I find that ITR4 do not have the column for DTAA
I have income from rest of India which are covered under DTAA
We do not have column in ITR4 to show this income.
The local Office says that it can be added to total income
If I do so, the amount of tax liability does not match
with the IT Calculation table;
Since DTAA is at different rate for different country;
this is not applicable.
When I ask the same to Delhi, the reply is SILENT
because of this the returns are yet to be filed and
Carry over loss is yet to be claimed..
Can the expert raise this as an issue and
get us the solution please..
Anonymous
20 September 2010 at 18:01
I had purchased a residential 2 BHK flat in Jan 2007 for Rs 20.00 lacs. Today the cost of this flat is Rs 52 lacs and I intend to sell it in Dec 2010 as I intend to use part of the money(Rs 15 lacs approx)for renovation of my flat in which I am residing and use the balance(Rs 37 lacs approx) for trading in Real Estate so as to generate additional income.
My query is which option is sensible from the point of maximum and optimal use of the money being received from this sale of flat with preferably Nil or at best minimum tax liability;Should I accept the entire amount in Cheque or only that portion in cheque which I intend to use for trading in Real Estate or Rs 27 lacs so that LTCG is Nil.
Thank you.
DEEPAK
20 September 2010 at 17:00
Sir Is section 40(A)(3) is also applicable on purchase of depreciable assets in cash.please clarify
Sushant Kumar Chakravarty
18 September 2010 at 13:46
Please note:
One of my clients import goods from foreign in container/bulk quantity. He pays custom duty and CVD( he is having IEC code) He soon receive the goods in India, affixes his logo/sticker and sale in the local market. My querry is whether he is treated a manufacturer or trader. If he is manufcturer,he has to pay duty soon the goods are removed from campus. He may claim CENVAT also. If he is a trader, he need to charge local VAT or if any buyer needs CENVAT invoice, he may charge it and claim CENVAT against CVD already paid. A number of experts replied considering my querry related with MRP matter. My querry is to know whether affixing own logo/sticker is manufacturing actifity or trading activity ? MRP valuation system is known to me.
Comment please.
Jatinder Chugh
18 September 2010 at 08:44
I am a regd dealer in Punjab and having a car in my books which is at least 6-7 years old. Now I want to sell this car. Now my querry is whether I have to pay vat on sale of car as I deal in business other than sale purchase of cars. If yes at what rate. I have to pay vat even if I have not claimed ITC on purchase of Car.
Vilas Rajaram Kanetkar
17 September 2010 at 12:30
Respected expert,
My wife , 56, worked with SBI for 29 yrs and took VRS in 2007. We (myself, wife, and our only son) stay at Andheri(w) in a 1 BHK flat which is in my name. We also have a flat in Kandivali(w) in my son’s name and wife’s name (where wife’s name is second as a joint owner).
There is a 1 BHK flat in Baroda in my wife’s name (which was purchased in 1998 and where I stayed between 1998 and 2005 due to my job in Baroda). The purchase amount in 1998 was approximately 3L. The flat is in a society / apartment , which was constructed in either later 80’s or early 90’s. My wife now wants to sell this flat and expected amount is approximately 10 L.
I would like to know the following now.
Once she sells this Baroda flat what is her obligation as far as Income tax / property gains / immediate investment etc. is concerned.
Both me and my son would like to see that she benefits to the maximum since it is her flat and hence her money.
Thanks with warm regards.
Dr. Vilas R. Kanetkar
Anonymous
17 September 2010 at 10:56
One of my client import goods from foreign by paying custom ( he is having IEC code). After receiving the goods in India, he affixes his sticker/logo on the goods and sale in the India market. Whether this process leads to manufacturing activity or he is treated as trader. How the excise libility occours in his case.
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DEPRECIATION UNDER INCOME TAX ACT.
WE HAD PURCHASED AN INDUSTRIAL BUILDING (INCLUSIVE OF LAND & BUILDING) FOR RS. 50,00,000/-. THERE WAS A COMPOSITE DEAL OF LAND & BUILDING. THERE IS NO BREAK-UP OF PURCHASE PRICE OF LAND & BUILDING. WILL WE GET DEPRECIATION ON ENTIRE AMOUNT (RS.50,00,000/-) OR NOT?