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Vilas Rajaram Kanetkar   17 September 2010 at 12:30

Obligation on selling a flat after 13 yrs of purchase at Baroda

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

Excise

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.

PARMAR DHIREN   16 September 2010 at 23:15

service tax

what is abatement and give details of abatemnet service and how to cluculate the service tax with example.

and

service tax return is compulsory submitt online. please give me advice
thanking

dhiren parmar
advocate

SHANMUGAM   16 September 2010 at 10:14

NRI TAXATION

I LIKE TO KNOW ABOUT NRI STATUS IN NEW DTC
AS PER THE PRESENT LAW 182 DAYS IN FIN YEAR OUTSIDE INDIA WILL PROVIDE NRI STATUS IS THERE ANY IN THIS IN DTC

Jatinder Chugh   15 September 2010 at 19:28

Vat

I am a Regd dealer under Punjab vat Act and have purchased a capital asset on which 12.5% vat has been charged. Now my query is whether I can claim ITC on capital items @ 12.5% or at the rate of 4%.

Mahesh Chand Gupta   14 September 2010 at 23:02

Service Tax on Works Contract

Dear Sir,

The audit department of Service Tax wants specific notification/circular/any rule covering exemption of Service tax on Manyawar Shree Kashiram Ji Shahri Gareeb awas yojna circular no. 5376/9-5-08-153lk/08 dated 24.07.08. You may get access to this yojna on internet. Please provide the same for which I shall be highly obliged.Please give you mobile no. and email address so that the matter may be resolved at the earliest possible.

I am a Chartered Accountant practicing in Ghaziabad. I have a problem on Service Tax. My client got a works contract in November, 2008 under Kashiram Yojna of Uttar Pradesh Government. The houses constructed under Kashiram Yojna were distributed to poor persons without any profit. Uttar Pradesh Government gave First contract for construction of houses to different development authorities of the districts. Then development authority sub – contract the work to different contractors who constructed the houses. It was said by the development authorities that this Yojna is functioning on no profit – no loss basis and is for the benefits of the poor so no Service Tax is payable on these works contract. That’s why my client got no payment for Service Tax from the development authorities and not paid Service Tax on these contracts. Now, audit team from Service Tax Department came to my client and said that you are required to make payment of Service Tax for the payments received from development authorities under Kashiram Avaas Yojna. You are requested to provide remedial information. I shall be highly obliged.

Thanks

Yours Faithfully,
Mahesh Chand Gupta
Chartered Accountant.
email – camcg49@gmail.com, maheshjindal2009@rediffmail.com
Mobile. 9871648140, 9212566323
Mahesh Jindal And Company
Chartered Accoutnants,
B – 13, Lohia Nagar Market,
First Floor,
Ghaziabad - 201001

Anonymous   14 September 2010 at 21:12

MVAT periodity for new dealer.

hi,
i am a newly registered dealer what is my periodity? it is not display on official website. is it quarterly or half yearly?

Anonymous   14 September 2010 at 21:06

HOUSING LOAN DEDUCTION

SIR,
WE BOTH HUSBAND AND WIFE HAD TAKEN A HOUSING LOAN IN JOINT NAME. REPAYMENT IS MADE BY HUSBAND ALONE. COULD 100 % BENEFIT OF DEDUCTION ALLOWABLE TO HUSBAND ALONE? PLEASE, SOLVE MY QUERY.

Anonymous   14 September 2010 at 20:59

MVAT RATE MORE BUT CHARGED LESS TO CUSTOMER

SIR,

MY QUERY IS THAT IF A DEALER REGISTERED UNDER MVAT RECOVERS VAT AT THE RATE 5 % ALTHOUGH, SCHEDULE RATE IS 12.5 % BY MISTAKE. PLEASE, PROVIDE THE WORKING FOR TAX LIABILITY.

SOWRIRAJAN A   14 September 2010 at 16:55

Professional Tax

Are the Govt. servants be termed as Professionals. Whether the salaries of the employees of Department of Posts is paid from the revenue of the Central Government. Mere employment in either State or Central Govt. does not means that their salaries to be levied uder Professional Tax. Only employees of Govt. run professional undertakings like BSNL, LIC, GAIL, SAIL, ONGC etc. to be covered under Professional Tax. Because their income is derived from the professional run by the Govt. Secondly, charging the employee under a Professional is not acceptable. Only the employor who run such profession to be charged under professional Tax. Govt. employees cannot escape from taxation, doesn't means that they will be subjected to all kinds of taxation.

sowrirajan1@gmail.com