R_PVK
14 September 2010 at 11:57
Dear sir
M y mother had been issued the letter of aministration for the property worth of one crore
the querry is
1, any asset if sold within three years are bound to have in come tax or mere title change is supposed to be Gift. if my mother is thinking of distributing it to their childrens say 4 + to the two daughters of his brother what will be the procedure
2, if she pays tax like high capital tax gain or low capital tax gain and distributes to the children and brothers daughter whether the receiver has to pay further tax or will it be treated as gift
3, what is the maximum limit above which the gift tax has to be paid
4, whether the long term capital gain will be calculated right from the date of sucession certificate issued or from the date of row house purchased by my uncle but he is no more and thus the sucession certificate applied and got. pl do reply
regards
prabhu
mukesh gupta
14 September 2010 at 08:51
i am consultant in ferro alloys industry, i follow mercentile method of accounting,i raised an invoise to my client on 03/03/09, i have not received the payment.
DO I HAVE TO SHOW THE INCOME FROM THE SAID INVOICE IN MY INCOME TAX RETURNS.
please advice and about tax also
Suhas M Deshmukh
13 September 2010 at 10:42
Respected Experts
Please guide me what type of document should be generated for sending excisable purchase rejection back to the supplier?
Under the excise invoicing rules we should remove any excisable goods outside the factory on "Invoice only". But out Mvat consultant insist on generating "Debit Note" instead of tax invoice.
Secondly if send purchase rejection to OMS supplier what is about CST and C Form? Whether we should obtain a C Form from the counterpart or issue a C form for net purchase value i.e. after deducting purchase return value?
Please reply ASAP
Regards
SANJIV BATRA
11 September 2010 at 17:50
WILL DEPRECIATION UNDER INCOME TAX ACT. BE AVAILABLE TO THE PROPRIETORSHIP FIRM ON BUSINESS ASSET SUCH AS BUILDING WHICH IS HELD IN THE JOINT NAMES OF MR.X SOLE PROPRIETOR OF THE FIRM AND HIS WIFE (MR.X'S WIFE)? PLEASE CLARIFY.
Anonymous
10 September 2010 at 11:16
sir,
can anybody tell me whether the stridhan (including jewellery,cash, gifts etc attract any tax in india?
if yes then which item attracts which tax and what amount/rate?
prithwish sengupta
09 September 2010 at 18:10
does cenvat on electric lamps which are utilised for lighting of the manufacturing area be admissible for cenvat credit??
pls give case laws if any.
thanking you.
Anonymous
09 September 2010 at 15:39
My father is a pensioner. He wants to sell off his property and buy a small flat. Please tell me what will be the percentage of income and other taxes charged.
prithwish sengupta
09 September 2010 at 13:34
can a trust invest its fund in the shares or debentures of a public ltd company??if yes pls. provide case law, if any.
thanking you.
Gaurav Chhabra
08 September 2010 at 18:15
Dear Friends,
Kindly reply to this queries:
1.Is a donation by way of shares by an individual to a private trust taxable?
2.Can an Indian National donate amount to foreign trust? If yes upto what amount.
3.Can an Indian National send the fund to his/her child working abroad for buying car there? If yes upto what amount.
4.Will a WILL supercede nominations?
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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.
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