kiran
08 August 2009 at 04:41
Hello Sir/Mam,
One of my cousin had around 10 Lacs invested in his savings bank account. Later this month he received a letter from IT department demanding the source of this 10 Lacs.
Issue: This money was a sort of gain from the sale of a real estate property, hence he did not want to disclose the sale details.
Question:
1. What are the extreme steps that IT department could take against my cousin?
2. How to overcome this deadlock.
Thanks in Advance.
VIJAY KUMAR SHARDA
06 August 2009 at 22:23
AN ASSESSEE PURCHASED AN OPEN PLOT OF LAND IN THE NAME OF HIS MINOR SON AND CONSTRUCTED THE COMMERCIAL PROPERTY (shopping complex) ON THE SAID PLOT AND REPORTING THE RENTAL INCOME FROM THE SAID PROPERTY IN HIS RETURN. NOW HIS SON HAS BECAME MAJOR. SINCE THE SAID PROPERTY IS IN THE NAME OF HIS MINOR SON THE PERMISSION FOR CONSTRUCTION IS OBTAINED IN HIS SON'S NAME AND HIS SON IS THE OWNER OF THE PROPERTY AS PER MUNICIPAL RECORDS AND RECORDS OF REGISTRATION OFFICE. BUT FUNDS USED FOR PURCHASE OF PLOT AND COST OF CONSTRUCTION BELONGS TO FATHER. NOW FATHER (ASSESSEE) WANTS TO GIFT THE SAID PROPERTY TO HIS SON.WHAT IS THE CORRECT PROCEDURE OF GIFT? can we gift the said immovable property (ie., shopping complex) merely book entries as per value recorded in the a/c books of the assessee? How Register the gift deed since the property is already in the name of son.
VIJAY KUMAR SHARDA
06 August 2009 at 22:07
AS PER THE AP VALU ADDED TAX ACT 2005 LEAFLEAT 14 VIDE ITEM (1)(A) IF AN AGENT SELLS GOODS ON BEHALF OF THE AGRICULTURIST PRINCIPAL, HE IS UNDER NO OBLIGATION TO OBTAIN REGISTRATION UNDER THE AP VAT ACT. BUT AFTER ADDITION OF SUB-SECTION (10)(a) UNDER SECTION 4 WHAT IS THE POSITION OF AGENT WHO SELLS GOODS ON BEHALF OF THE AGRICULTURIST PRINCIPAL. IS IS NECESSARY FOR HIM TO OBTAIN REGISTRATION UNDER THE APVAT ACT ? PLEASE CLARIFY?
KVR VENKATESAN
06 August 2009 at 13:53
Can an assesse having lasing operations in an Industrial Park and also Generation of Electricity from Windmill, claim both business incomes as deductions under Section 80-IA? Please let me know... Refer any case laws if possible or specific mention in the section
The Assessee in question is located in TIDEL PARK, CHENNAI, TAMIL NADU
Pl clarify at the earliest. Thanks
KVR Venkatesan
AMITAVA PODDAR
05 August 2009 at 19:19
Dear Sir
please let me know whether VAT is applicable on Computer Rental Charges in West Bengal ? what is the percentage ?
Amitava
KVR VENKATESAN
05 August 2009 at 18:28
Can an assesse having lasing operations in an Industrial Park and also Generation of Electricity from Windmill, claim both business incomes as deductions under Section 80-IA? Please let me know... Refer any case laws if possible or specific mention in the section
The Assessee in question is located in TIDEL PARK, CHENNAI, TAMIL NADU
Pl clarify at the earliest. Thanks
KVR Venkatesan
K. Sundar Rajan
05 August 2009 at 14:50
A Trust conducts paid transformative educational programmes. such programmes are in the nature of education because it aims at diffusion of useful knowledge found various Indian Scripturess so as to adapt the same for better management of LIFE; to improve interpersonal skills; Stress Management through Meditation and processes; to improve communication skill etc. Will such activity be termed as commercial in the light of the amendment to Sec.2(15) of the IT Act vide Finance Act 2008.
rishi kumar garg
05 August 2009 at 11:19
Any Vehicle received from acompany as a part of sales incentive and shown the same as income by crediting it to P & L A/c. Whether depreciation is allowable as per the decision of Webb's Agricultural Automobile Inds vs ITO reported in 47 CTR(Trib) Bang/839 . please update me on any other recent judgement in this regard.
BH. SREENIVAS
04 August 2009 at 23:24
An Individual carrying on proprietory concern received money through proper channel,from son who works in foreign,and credited the same to firm's current account. Whether this amount is exempt? If not, what will be the consequences? Pls clarify as early as possible.
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