Yog Raj Wadhwa
11 July 2018 at 13:22
Please inform whether the fees waiver granted to Teacher's children is taxable under Income Tax Act as perquisite in the hands of Teacher and is there any limit on the no. of children. What is the amount to be added for the purpose of Tax.
Similarly whether the fees waiver granted to poor children is taxable in the hands of their parents.
Are there any cases decided on the issue.
Anonymous
02 June 2018 at 11:16
Pl advise
MCD (Delhi) in the recent sealing drive sealed a temporary cabin (made for security guard) in the stilt parking area. No notice was ever pasted on the sealed cabin or was served on us before sealing.
Now we have removed the security guard.
Can we ourselves demolish the sealed cabin and what are the formalities to be completed by us if any.
Yog Raj Wadhwa
22 May 2017 at 14:15
Whether Anti profiteering clause is applicable on MRP or on Invoiced price in B to B cases.
Anonymous
28 March 2011 at 10:09
ISSUE
My father was allotted a house on a piece of land measuring 200 sq. yrds in the year 1953 by Delhi Govt when he migrated from Pakistan. Some improvement was done on the house in the year 1970 and a kacha first floor was created.
Recently during the financial year 2010-11 he decided to reconstruct the house and make it a four storey building with Slit parking and made following arrangements.
That initially he will retain two floors namely Ground and First Floor building.
That Roof rights of First Floor with 1/4th share in undivided land without Roof rights for further floors are sold for Rs. 35.00 Lacs to a known person of the builder.
That Roof Rights of IInd Floor with further rights up to sky and 1/4th share in the undivided land for (a) Rs. 5.00 Lacs and (b) construction of Ground and First Floor with certain specifications those are estimated to be valued at Rs. 30.00 Lacs as per application submitted to MCD. The construction will get completed in an years time.
Money received was invested in REC Capital Bonds with in six months from the date of receipt.
Now he plans to retain only Ground Floor and sell First Floor with 1/4th share in the undivided land.
I need help to kindly enlighten me on the following issues.
From Income Tax angle
How the capital gain will be calculated in respect of Roof Rights of IInd Floor
How capital gains will be calculated in respect of proposed sale of First Floor. What will be its acquisition cost and what will be its date of acquisition to decide on Long Term or Short term Capital Gain.
Will there be any change in the status if the Proposed First Floor is sold before virtual completion of the construction or issue of Completion Certificate by a competent authority.
From Sale of Property angle.
What will be sale consideration for the property to be registered on which the duty is to be paid (a) in respect of the Roof Rights of First floor, (b) in respect of IInd Floor and (c) in respect of proposed First floor sale.
Any suggestion to include any particular clause in the agreement or on the timings to save on Taxes and Stamp duties before they are registered.
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