hitesh s savlani
09 September 2015 at 12:27
Hello experts,
My question is that there were 2 persons that are A and B , where A had sold round about 1000 sq .fts to B and B had given every money through bank drafts , since upto till date he is not completing the procedure of the sale deed , its an society ,but the thing is that B is having the possession of this area from last 25 years ,and he is paying all the municipal corporation taxes,(these area belong to the solapur district Maharashtra)
1) The problem is that A has shown the money which he had recived from B in the income tax return in the year 1999, can I get that document from income tax ,or what is the procedure for getting that document please help me out .
RAGHUNANDAN
08 September 2015 at 19:33
I have sold an open plot in Maharashtra for 167 laks and purchased a flat in Bangalore for total cost of 110 lacs which include stamp duty of 5.5 lacs, Registration fee of Rs.1 lac and permanent wood work cost of Rs.4.6 lacs.
Now the ITO says he will disallow the stamp duty, Regtn fee and wood work and will add back to Capital Gain and he will rework CGT which should be paid by me. This works out approximately additional 2.22 lacs which I feel is huge and I think ITO has erred in dis allowing these three items.
Please guide me and quote me IT Act or Law sections so that I can put up my representation.
Thanks in advance.
RAGHUNANDAN
sriharsha
07 September 2015 at 17:55
I dont know whether this is the right forum to raise my doubt.
But if I am a defaulter of credit card overseas will it reflect in my CIBIL score in India?
Thank u
Harinder Singh Gill
07 September 2015 at 10:37
Whether tax has been imposed on Fixed Diposits?
Syed Naimoddin Hashmi
07 September 2015 at 00:26
Can An Advocate is practice as income tax or sales tax practitioner.....????
SKumar
06 September 2015 at 15:35
Hi,
I purchased a flat in pune and on that builder is demanding the service tax on maintenance charges (this charge is for three year).
My query is that whether builder is entitled to collect service tax from flat holder ?
I don't think its applicable.
Kindly help with exact case low or section no.
Thank you
m suresh
03 September 2015 at 19:24
sir,
a partnership firm deed contains interest provision to pay. due to some reason firm did not paid interest.
the partner of a firm is selected for scrutiny and a.o added the interest not paid by the firm as a notional interest income which was not paid by the firm.
what should we have to do
Sujit Debnath
03 September 2015 at 15:45
Dear Sir,
I have query, kindly advise.
Customer Location: Noida, Uttar Pradesh
Material: Polymer grade 123 Black
Qty. 50 -60MT
Trader(seller) Head office Location: Gurgaon, Haryana
Current status: We buy material from manufacturer at Basic+ Excise+ CST, and sell to customer at Basic + Excise +2% CST.
Customer place order once in a month 50-60mt with 10mt each schedule, we supply 10mt each time throughout the month.
Note: there is no other customer for us in Noida/ Uttar Pradesh. Single customer and single grade material.
Proposal: To save 2% CST, customer want us to open warehouse in Noida.
Transfer Stock from Gurgaon to Noida against “Form F” and invoice them against VAT .
The question:
Is it legal to make stock transfer and sale against VAT for predetermined customer, grade of material and qty.?
How to proceed for opening ware house?
If any one guide me, will be grateful.
Regards
Sujit Debnath
Vikash Shah
03 September 2015 at 12:15
What should be treatment of gift received from Grandfather Sister.
Is it taxable or non taxable.
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Tax on lottery wins
1. Suppose a person wins Rs 1 crore prize (e.g, Kerala lottery). The Government of Kerala deducts 30% (Rs 30 lacs) of the lottery prize as income tax. But after that, it deducts 10% (Rs 10 lacs) as agency commission for the winning ticket. The winner actually gets Rs 60 lacs. He is paying tax for the agency commission too which is illegal, I believe. What the winner should get is Rs 90 lacs and tax is payable (Rs 27 lacs) only on this amount. Am I right? (I don't know if any winner has ever filed an IT return reclaiming this extra amount. Normally, winners, thrilled that they have won the prize, keep quite).
2. The agency commission is ethically and legally a business expense which should be borne by a business entity (in this case, the Dept of Lotteries)and not by the winner. The buyer of a ticket is never informed in advance or at the time of buying that he has to bear this expense. Nor is there any document displayed publicly for this. Only after he gets the ticket in hand does he get a chance to read the conditions on the reverse of the ticket, that too printed in microscopic font. Does not this violate the Indian Contract Act? Then, is he not entitled to Rs 70 lacs?
3. Are there separate Tax laws for lottery that validate this kind of strange logic and deduction?
(A blank receipt which the winner should sign is enclosed)