niranjan
14 May 2011 at 18:12
sir, pls solve my confusion.
on 1.1.2011 Mr x sold final product to her wife, Mrs. X at Rs. 1000/- per kg
Mrs. X sell all goods purchased from his husband to his son Mr Y. Mr. Y sells these goods in retail market.
Mrs. X sold the goods to Mr.Y as follows:
on 1.1.2011----@ 1500/-
on 15.1.2011----@ 2000/-
goods purchased on 1.1.2011 are sold by Mrs X to his son on 15.1.2011.
My confusion is that
what is the Assessable value of good sold by Mr. X to her wife Mrs. X on 1.1.2011?
whether 1500/- or 2000/-.
Thank U for your help.
Saptarshi Paul
14 May 2011 at 17:05
Mr X had a agreement to sale his shop to MrY for Rs 1,80,000/- and Mr Y advanced only Rs 80,000/- and one agreement of sale also prepared and signed by both.
After few days Mr Y said he don’t want to purchase the shop and ask Mr X to return advance money.
Mr X agreed and said Mr Y that he will return money in 3 installment that is 20000/- , 20000/- and 40000/-
Mr X paid Rs 20000/- in Jan 2006 and 20000/- in Dec2006, Mr x had written in the back side of original agreement paper about this two payments that out of 80,000/- he had paid 20000/- in Jan 2006 and 20000/- in Dec2006,
But when he last paid The remaining balance in Feb 2007 that is Rs 40,000/- he ignored to write any entry in the agreement paper as Mr Y was his friend so he never think it will create any problem.
Now Mr Y denied that Mr X had paid Rs 40,000/- to him and filed a money suit against Mr X
My Observation are as follows:-
1. When the agreement was made it was only mentioned “that the advance amount Rs 80000/- paid by Y to X against the purchase of shop” and full consideration is not mentioned and it is only mentioned that Mr y will pay the rest on handover the shop by X, and it is no where mentioned the said amount is refundable if the said shop is not transferred to Mr Y.
2. After paying the first installment of Rs 20000/- there should be balance of Rs 60000/- but Mr y acknowledged a receipt on second payment like that “out of Rs 80000/- (instead of Rs 60000/-) Rs 20000/- received.”
3. So there is anomaly in document on which basis the money suit was filed.
Now I need suggestion from all of you that how I can save Mr X has the original agreement paper and payment entry all are in the hand of Mr Y
Kindly guide me the proper provision of Law.
Regards
S Paul
Ajit
14 May 2011 at 16:01
In case some private limited company is in the business of tours and travel/visa want to do forex business then what are the formalities/documents required to get license from RBI or some other authority for doing forex business?
Anonymous
14 May 2011 at 15:58
One of my clients created a public charitable trust settling a property he owned and he became one of the trustees along with some other trustees (None is his relatives). Art 54 of Karnataka reads as under:
A. Declaration-of Trust,
(i)Concerning any money or amount conveyed by the author to the trust as the corpus.
Rupees Five hundred
(ii) Concerning any immoveable property owned by the author and conveyed to the trust of which, the Author is the sole trustee.
Rupees Five hundred
(iii) Concerning any immoveable property owned by the author and conveyed to the trust of which, the Author is not a trustee or one of the trustees.
The same duty as conveyance Article 20(1) for the market value of the property conveyed.
I registered the trust interpreting the clause three above that since he is one of the trustees, stamp duty of five hundred is enough
Now there is departmental audit objection that stamp duty as applicable to any transfer would apply and hence the party has to pay the difference stamp duty which may come to some lakhs of rupees.
Can any body help me out with some solutions with suitable case law if any?
Anonymous
14 May 2011 at 15:30
We are Hindus,living in South Delhi.My late paternal grandfather purchased this flat in 1979 where we live.He has 5 children(4 sons and 1 daughter).
In 1998,he wrote his will in his own handwriting,signed by 2 of his friends as witnesses.He died in 2007.Now his witness friends are also no more.That will was never registered.
This will stated that if he died after my grandmother's death,this flat and all his money will be equally divided amongst his 4 sons.But if my grandmother remains alive after his death,only she will decide how she wants this flat and money to be divided.
2 days back,my grandmother made her will,where she followed my late grandafather's wishes only, that this flat will be equally divided amongst the 4 sons,leaving out her daughter.Her will was printed,and she signed it in presence of 2 known witnesses.
The brothers are deciding to sell this flat only after grandmother dies.
Questions:
1. After grandmother's death,if we follow her will by selling this flat and dividing it amongst the 4 sons equally,can the children of my aunt who was not given any share,claim any share in it?
My grandmother's will is not registered.My aunt had married a Christian in 1969 and has 3 adult children.She died in 1994,ie,four years before my grandfather had written his will.
2. Is there any way to prevent my aunt's children from claiming their share?
These children never keep any relation with my grandmother,hardly meet or call her or any of us and socialise only amongst themselves.In our house also whenevr they stayed when our aunt was alive,they only played politics in our family.
3.Is it a necessity to get the will registered?
4.Any other precautions,so that the flat may be sold easily without obstacles,after she dies?
Pandri
14 May 2011 at 09:53
I entered into a Sale agreement to purchase a site last year. Due to Govt regulation/Society issues the seller is unable to produce all documents. A clause in the sale agreement mentions a penalty of 2.5 % interest per month on the advance paid. My questions are:
a) Is there any rule/guideline on the interest rate for the penalty. In other words is 2.5% enforceable?
b) Are there any instances of decrees involving the above point
c) I have been in written communications (email and registered letters) with the seller. How do I assess the validity of the sale agreement?
Appreciate your help in answering the above questions. Thanks a tonne.
niranjan
14 May 2011 at 04:07
sir, pls solve my confusion.
on 1.1.2011 Mr x sold final product to her wife, Mrs. X at Rs.1000/- per kg
Mrs. X sell all goods purchased from his husband to his son Mr Y. Mr. Y sells these goods in retail market.
Mrs. X sold the goods to Mr.Y as follows:
on 1.1.2011----@ 1500/-
on 15.1.2011----@ 2000/-
goods purchased on 1.1.2011 are sold by Mrs X to his son on 15.1.2011.
My confusion is that
what is the Assessable value of good sold by Mr. X to her wife Mrs. X on 1.1.2011?
whether 1500/- or 2000/-.
Thank U for your help.
Anjesh
13 May 2011 at 17:32
what is the rate of excise duty on liquor chocolate???
what is required permission needed to be sought for manufacturing the same in mumbai ?????
Anonymous
13 May 2011 at 16:21
the u p stamp act, 2008 act is in force or not ?
if answer is negative, what is the tentative date of applicable.
© 2026 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
About gift DEED
this is about a commercial property bought by my uncle and my dad in 1980.My dad was not in india so the initial sale deed is in uncle's name.then a partnership deed was also made where it states that both are partners in business as well as property.Now,the share certificate of the co-operative housing society in which the property is,has uncle's name in it,since his name is in the sale deed. Now...How do i include my dad's name in the share certificate.someone had told me about gift deed.how should i go about it???