Fern
26 September 2015 at 09:54
My father had bought flat in 1979 for Rs 1 lac. I have inherited entire flat after my father's demise. Its present value is about Rs 2 crores. I am retired, plan to sell the flat in near future and go to native place. I do not want to buy another house as I have a house in native place.
To save from paying heavy LTCG tax, can I donate 75% of my share i.e., 25% to each - my mother, daughter (NRI) and wife? Whenever WE will sell it, may be after 3 years of gifitng, can each of us invest 50 lacs in CG Bonds to save CG tax.
What will be the cost of acquisition to each donee?
If donee will sell it before 3 years then will the profit be considered as Short term cap. gain?
Thanks for your guidance.
RANJAN
21 September 2015 at 14:59
I need a clarification with regard to issual of form F for a branch transfer of my client who has invoiced on 27/04/2015 FY 2014-15 form his Delhi office and the said goods were received on 04/04/2015 FY 2015-16 at the branch .Kindly clarify whether the form F is to be issued based on the date of invoice or the date of receipt at the branch in Bangalore .regards Ranjan
jiwan
19 September 2015 at 19:30
DEAR SIR,
PF ACT APPLICABLE IN HOSPITAL ?
THANKS
REGARDS
JIWAN SINGH
jiwanpokhariya@gmail.com
Debashish
18 September 2015 at 10:31
I had deposited the sale proceeds of my inherited land an my savings bank account amounting to Rs.18 lacs in tne year 2012.The same amount has been utilised in purchasing my current house property in tne year 2014.Now, I have got a letter from income tax department as to why i had not filed a return for AY 2013-14 inspite of deposit of amounts more than 10 lacs in my savings account.My answer is that since the amount has been utilised in purchasing of a property of equal value,there has been no gain in the process and as per provisions of Sec 54F of income tax act, my gain is exempted. I need to mention that I have never filed income tax return as my taxable income is below the slab for an individual.Plz mention if my reply is correct and if i can file a return for that year now.
usingh
17 September 2015 at 19:28
can a revisional authority remand the case to Assessing Authority
Kalyan Ghosh
15 September 2015 at 10:25
I have a car at Hyderabad. for which life time tax has been paid.Now I want to transfer the car to Kolkata without change of owner,only address change to a new state will be done.I have gathered from Kolkata that Fresh Road Tax as applicable in Kolkata will have to be paid.
My Questions
1)Whether for a life time tax paid case fresh road tax can be charged in the new state.
2)If road tax is paid afresh refund of due admissible amount. can be claimed from original state ie Hyderabad.
3)Is there any clear guideline in this regard from Motor Vehicles Act,1988 or Central Motor Vehicle Rules.
Kindly guide.With thanks.
Haresh Jambucha
14 September 2015 at 11:05
Hello there, My query is regarding VAT refund. One of my friend have contract work in Narmada Nigam (dept of Guj Govt.) He is carrying out work of Under Ground Pipe Line laying.When he raises bill for that work department deducts VAT @ 0.6% on the gross value of the bill.However Section 54 & 53 of Gujarat Value Added Tax provides limit that VAT TDS can be deducted only if gross amount of the bill exceeds Rs. 1 crore, but here its not exceeding so my question is whether they can deduct it or not.If they have deducted it wrongly how can he take refund of the same? My friend is not registered with the Guj Govt VAT department. Whether he will have to get registered under VAT dept to take refund of the VAT?
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Ksreddyacs
13 September 2015 at 22:50
Dear Sir's
We are running intermediate colleges as affiliated with Board of intermediate education. Along with formal education(intermediate), we are providing some guidance/coaching for competitive exams like EAMCET, JEE MANS..etc to the students who is pursuing intermediate in our colleges.
We are not collecting any fee from the students for giving coaching for competitive exams.
Recently we got the notice from service tax dept by asking so much of information about the same.We have not even registered assesse.
Request your valubale suggestion in this regard. Is it taxable or exempted as it comes under incidental activity??
Vee kay kapoor
13 September 2015 at 22:36
A property in name of my mother was sold in 2005 in delhi and sale proceed was invest in another property in gurgaon in name of my younger brother. Now we plan to sell it and sale proceed will be shared between two of us. What are the tax implications on my brother and me I. e. Capital gain tax and further income tax. Kindly advice.
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Treatment of income and expenditure of a regd.public trust but not yet registered under sec12a of it
Savings and credit groups for poor women has created an umbrella organization, which is a registered Trust. During the last assessment year, it has received voluntary contributions of Rs125724/- and out of which incurred expenses of Rs48470/-(office rent and registration) and elderly care RS 8609/-, and made a provision for accounts and audit and elderly care activities RS83048/-. Now we have received a notice from IT that the entire voluntary contribution is taxable @30/-. They have not recognised the expenditure at all. We seek your opinion and advise. Thanks in advance
R.Jayachandran
jayasdc@gmail.com