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Queries Participated

n v sudhakar   10 September 2011 at 13:49

Income tax

A partnership firm is running for the last 7 years. The firm got business income and lease income. In FY 2010-11 there is not much of a business and the partners are also not interested in continuing the business. But they would not like to close the firm since they are getting some lease income from the building owned by the firm. One of the partnership deed clause is as follows:

"THE PARTNERS SHALL BE ENTITLED TO INTEREST AT 12% PER ANNUM ON CAPITAL INVESTED BY THEM IN THE FIRM. HOWEVER, THE SAME MAY BE WAIVED BY ANY PARTNER, IF HE DESIRES NOT TO CHARGE ANY INTEREST FOR ANY PERIOD"

Basing on the above

1. is it obligatory on the part of the firm to provide interest on capital?

2. Out of 2 partners, one partner is only interested in getting interest because of his obligations where as the other partners they are not interested in getting interest on capital since there is no business income to the firm.

3. Can we work out interest to only one partner basing on the above clause or is it necessary to provide interest to all the partners?

Kindly clarify the above points.

Thanks

N V Sudhakar

Srinivas Jerripothula   19 July 2011 at 15:27

Patent Agent Examination



Dear Sir/Madam

My name is J.Srinivas i am an advocate and doing my practice since one year. Sir, now i am pursuing my LLM IPR from Osmania University. Whether i am eligible for Patent Agent exam or not. Please give me suggestion regarding this issue.

With Warm Regards
J. Srinivas


Anonymous   27 January 2011 at 14:06

Liability under Central Excise Law

One of my clients is a manufacturers of PVC Profiles used for the fabrication of Window and Door Frames. The manufacturing is located at Hyderabad in AP. The Company is now venturing in to taking contracts for the designing, fabricating and instaling the Window and Door Frames for the builders. The query is :

1 If the Company delivers the profiles as returnable material to various small fabricators for making Door Windows and Frames on job-work basis, does this activity tentamount to manufacturing ?

2 After the fabrication of Window and door frames, the Company would be using them in execution of works contracts.

3 What is liability under CE Rules on both the fabricators as well as company.

Parthasarathi Loganathan   05 November 2010 at 08:05

Alumini Club in LCI website

Alumini club can be ported in this website. A simple utility listing Year wise, Statewise, Law college wise, etc details in our country will help all our law college mates to get into personal touch.

Advantages:

1. Professional doubts can be shared.
2. Lost contacts can be restored.
3. Mutual help could be rendered.
4. Encourages more lawyers to participate in LCI
5. Exchange of knowledge would be maximum
6. Membership of lawyers would improve.
7. Would yield the desired commercial results
8. All old students can get together and help out the present students of their Law college to motivate them with the values that we have learnt from the institution and the elite position that we are in because of our teachers.

Page design could be imported from any standard alumini club. I have learnt many class mates in Engineering, Medicine, etc have got together after more than 20 years and re-established their friendship using such weblinks. LCI can initiate steps in this direction. We dont know as to how many lawyers enrolled in this website are our own classmates.

I am confident that it is technically viable and establish a superb value addition to this wonderful site for lawyers and generate productive results to the legal fraternity.

Parthasarathi Loganathan   04 November 2010 at 08:49

DEEPAVALI NALVAZHTHUKKAL

Wish you and your family
a Happy Deepavali
LET US ALL CELEBRATE
THE FESITIVAL OF LIGHTS WITH
CRACKERLESS,
GARBAGELESS,
LAVISHLESS,
POLLUTIONLESS,
NOISELESS,
SMOKELESS,
WINELESS,
MEATLESS
AND
PAPERLESS



DEEPAVALI


A small Ghee Lamp will bring in all the Peace and Happiness in our Deepavali Celebrations.

Our Learned Brothers can always take a Healthy Lead in the Civil Society.



WE CAN MAKE IT POSSIBLE

Raju   02 November 2010 at 10:49

About Marriage

Can anyone tell me what happen if i marry a 15 year old girl.She is ready to marry me & my age is 25 year .Her mother is treating me like that I'm terrorist or something else.she(mother) is frustrating me all the time when she saw me.So I am to depressed or may be I'll do something wrong with me.So Please tell me if we both marry after that any thing wrong happend to me or that girl.Please inform me.
I'll be very thankful to all of u who is giving response to my query.

Anonymous   01 November 2010 at 16:48

Querry about Hindu Law.

Respected Experts,
Plz. clarify the following doubt.
“A” is the adopted son of “B” and whereas “C” is natural father of “A”. The adopted father has given some landed property to “A” and the natural father also given some landed properties to “A” with love and affection.

I came to know that an adopted person shall not be entitled to get any property/properties from his natural father, who gives with love and affection on him.

How it can be maintainable as per Hindu Law, in case if it is carried in a dispute.

Anonymous   01 November 2010 at 16:25

CAN AN HUF BE PROPRIETOR

THERE ARE SOME SUGGESTIONS THAT HUF CAN BE A PARTNER IN A PARTNERSHIP FIRM; BUT THIS IS NOT THE CORRECT PROPOSITION OF LAW I THINK, IN VIEW OF THE RASIKLAL DECISION RENDERED BY THE APEX COURT.

HOWEVER, KINDLY SUGGEST WHETHER AN HUF CAN BE A PROPRIETOR AND RUN A PROPRIETORSHIP CONCERN AS SUCH??

SUGGESTIONS ARE SOLICITED FROM AN EXPERT'S ANGLE.

Anonymous   01 November 2010 at 16:10

m vat- work contract

we are manufacturer in readymade garment in maharashtra. we give only cloth purchased by us for stiching work outside to other persons.
person who does labour job they purchase misc items like thread, buttons, zip, less etc cost of this item is very low.
whther this typr of work is considered as job work? or it termed as work contract?

if it is work contract then we have to deduct tds? if yes at which rate and what is turnover limit for tds.
please reply

Anonymous   31 October 2010 at 15:59

vat return

I have a branch in orrisa and head office at bikaner rajasthan we transfer stock from Head office to branch office

and branch sale the material in Orrisa.

Should I show in branch slaes in vat return.