Anonymous
05 July 2010 at 14:03
on the sale of 2 vacant plots for Rs.115 Lacs and after taking in to account the indexed cost of acquisition my Capital Gain works out to Rs.72 Lacs for the F.y.10-11. I have no house and buying a new flat for Rs 75 lacs in the F.Y.10-11.I would like to know my C.G.Tax liability and the amount to be invested in Bonds to avoid the C.G.Tax.
Thanks.
R.krishnaswamy.
LALIT
04 July 2010 at 10:25
I am a salaried person paying regular income tax for the past 26 yrs. My annual gross salary is presently approx Rs 11,00,000.00
I had purchased a plot in Feb 2005 for Rs 6,83,800.00 and sold the same in Oct 2009 for Rs 52,60,000.00. Incidentally, to fill up the financial void, I also took home loan in Dec 2010 for Rs 25,00,000.00 from HDFC Bank. Based on availability of this sale consideration amount and home loan(ie Rs 52.60 lacs + Rs 25.00 lacs = Rs 77.60 lacs), in Dec 2010 I purchased a flat under construction on re-sale and agreed to pay the seller Rs 73,00,000.00 (including his profit)though the company price is Rs 50,81,337.00. From the total amount available (ie,Rs 77.60 lacs), what I have left is Rs 4,48,000.00 (Bank has kept it back from the loan amount for direct payment to the builder)as final payment to the builder on possession which is due in Aug 2010 and I have kept Rs 3,50,000.00 in savings account from the sale consideration for registry charges which is likely to be in Oct 2010.
Can you advice as regards if there is any additional tax liability for me from this property transaction alone. I am aware of my tax liability for the amount earned through salary hence it need not be calculated.In addition, is it in order to keep Rs 3,50,000.00 in savings account to pay for the cost of registry scheduled in Oct 2010 rather than in Capital Gains A/C as I have already spent more than the amount received from the sale consideration though it is after taking into account the loan amount as well.
Thank you.
S.D. Singh
02 July 2010 at 22:27
ITO not accepting saral-II i.e. ITR-1 for the Income from other sources only. He is stating for filing ITR-1, you must have some income from salary also, otherwise filr ITR-2. Is he right. But in instructions with ITR-1, it is clearly mentioned that there is no such binding. Advice.
pankaj Kumar
02 July 2010 at 16:54
Dear All
Suppose X Co. purchase from Y Co where he pay 100(Cost) + 5 (Vat) = 105, and Sell to A Co. and avail the Vat Input Credit but in the time of assesment X co. come to know that Y Co. has not paid vat amount to tax authortiy then in this situtaion vat input disallowed to X co.? plz give your valuable information with section and case.
Jatinder Chugh
02 July 2010 at 15:55
I have got a residential house from my mother under will 2 years back. Now i want to sale it. Whether the gain would be short term or period of house held by my mother would be included in my period of holding and it would be a Long term. If it is short term can i get exemption u/s 54
sanjiv batra
01 July 2010 at 17:50
WHAT WILL BE INCOME TAX & TDS TREATMENT ON AMOUNT PAID TO ANY ORGANISATION IN OTHER COUNTRY FOR SURRENDERING USE OF A TRADE MARK APPLIED FOR REGISTRATION BY HIM, SINCE WE DO NOT WANT HIM TO USE THAT TRADE MARK IN HIS COUNTRY?
Anonymous
01 July 2010 at 11:57
Sir i want to know about TDS on interest, we have received 200000/- from dinesh as a loan @ 12% PA Interest & Amt. Recieved agai. chq. no 440268, when we give the loan amt. we deduct tds on Interest, this process in is also applied in case of bank loan ?
Anonymous
01 July 2010 at 00:23
I quit the organisation on 10 May 2010. The Gratuity Act had been amended and stated that the cap had been raised from Rs. 3.5 Lacs to Rs 10 Lacs. However, as this had not been passed by the Parliament, the approach was that the payout would be actual (subject to the cap of Rs. 10 lacs) but the amount more than Rs 3.5 Lacs would be taxable.
The Grauity Amendment was passed by the Parliament and came into effect from 24 May 2010.
Now, my company is saying that since I quit before 24 May, the payment that they will make now will be taxable (as was the rule till 24th May).
Pls confirm what should be the right approach
Jatinder Chugh
30 June 2010 at 15:48
I want to know who is required to file monthly vat return as per new notification on Form Vat 16 a person whose net tax liability is Rs. 2Lacs after adjusting ITC or a person whose gross tax lability is Rs. 2 Lacs before adjusting ITC
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Excise case law (Gammon India ltd)
Can anyone provide me with a copy of the following case law:
Gammon India Limited - 2004 (168) ELT A163 (SC)
Eq citation (Law crux)is 2004(04)LCX 0157