Sheryl Aggarwal
23 July 2012 at 19:34
I booked from builder under construction flat in Aug 2006 . It will be ready for posession in Oct 2012 . I want to know the following .
1) If I sell before possession , will the gain be LTCG ?
2) If I sell immediately after possession ( means after registry in my name ) , will the gain still be LTCG or I have to wait another 3 year after possession to avail LTCG ?
Please clarify .
R. K. SARASWAT
23 July 2012 at 09:21
Your guidance is required.
I have Income from House Property. I have 2 Properties in my name.
Ist property was Let-Out through out the Year and I have no Housing Loan on this Properly. I am calculating Income Tax Liability on this House in normal case.
2nd Property was occupied by me for 11 months and thereafter I had Let-Out it for 1 month in the financial year. Thus for 11 months it was Self Occupied and rest 1 month Let-Out for Rs. 18000.00 P.M.. I have Housing Loan on it and the Housing Loan amount is Rs. 1,90,000.00 (more than 1,50,000.00 allowable for self occupied property) for the financial year. Thus during the Financial year Total Rent Received is Rs. 1,20000.00 (from 1st House) + Rs. 18000.00 (from 2nd House) and the resulting Income from both the houses combined comes in minus.
Now please guide me that was will be my Net Income from House Property and what amount will be adjustable from my Salary Income? Will I have to carry forward any LOSS from House Property to the next year or I may adjust the whole amount of Interest on Housing Loan from my Salary Income.
A quick response is requested.
biren shah
22 July 2012 at 00:13
if one service provider (coaching institute) purchase new property & builder take service tax from party. Is this service tax cenvet cr receivable or not ? if yes How ? 100% or 10% every year.
SITARAM
07 July 2012 at 14:13
R/sir
We are registered under co-op societies act and do the manfuctring of Food prodcuts . As per service tax provisions BODY Corporate receiving Service of Man power supply agency is liable to pay service tax 25%
We want the meaning of BODY CORPORATE and are we falls under service tax for above
Fern
04 July 2012 at 11:44
I sold my house in Mar.2011. I had deposited LT capital gain in Rural Elec. Corp. Bonds on 25.7.2011. There is some problem, I may have to return the money to the buyer and take back possession of the house. As I do not have such funds to pay back, the decision also depends on whether I can get back the money deposited in the bonds within about 1 year i.e., less than 3 years. Seeking your kind advise to avoid me taking any wrong step. Please also inform the procedure to be followed.
lalit kumar chaudhari
03 July 2012 at 18:22
can manufacture sale their input/raw materials? what is procedure to move out raw material from the company?
n v sudhakar
02 July 2012 at 13:21
Ours is goods transpot agency and we are paying service tax by availaing 75% abatement.
Our business is packing, loading, transportation, unloading and unpacking.
Since our service includes packing, we buy packing material (by paying 14.5% VAT). Our charges to the client includes packing material. We do not charge separately for packing material.
At times there will be some damages to the goods while in transit due to various reasons. We pay the damages cost to the client called claims expenses.
For arriving the value of taxable services we are excluding the above elements i.e, packing material cost and claims expenses.
Whether the above stand taken by us is as per law? Please suggest.
Regards
N V Sudhakar
vinaykala
28 June 2012 at 21:33
dear sir,
i filed an rti app on may 15 12 seeking reasons for denial of refund of rs 15888/- for ay 08-09 for which assessment is time barred.
i filed the original return for ay 08-09 in une 2008 and followed it up with a revised return on 31.03.2012 seeking refund of rs 15888/-
both the returns are time barred.
how ever in response to my rti app the cpio has denied that any refund is pending.
he has provided a concocted computer print out signed by him on a date before the time barring date for original return seeking instead a demand of rs 50000/- odd!!!!
to me he has written that the original it return for ay 08-09 is not on record.
he has also stated in another communication to the income tax ombudsman that the revised return for ay 08-09 was provided to them by the applicant.
thus on record it is evident that the income tax dept has neither return and also no enclosures and yet chooses to seek interrest under sec 234a b etc.
i feel that istead of pursuing this rti i shouldd file another rti questioning the documents supplied.
i seek expert advice from a taxation person
i have not received any assessment order for ay 08-09 .
it is in the concocted records of the it department.
they are determined not to give the refund.
i also took up the matter with the income tax ombudsman but to him too they gave concocted stories.
should i file the rti with the pio of the it ombudsman.
i am well versed with income tax but would like guidance from an expert
vinay kala june 28,12
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Capital gain reinvested/delayed flat possession
I sold my Flat in Aug 2011 & Gain from this is Long Term . I bought (in resale ) under construction flat in Oct 2011 & agreed possession in builder buyer agreement is Sept 2012 .
My question is if possession is delayed beyond July 2014 ( that is 3 years after sale of old flat ) than what will be my liability ?
I will be paying 100% of LTCG to builder before July 2014 but for sure builder will not offer possession .