N SURYANARAYANA
24 June 2015 at 12:59
If any person,who has not received any advance of any kind whether in cash or cheque in connection with sale of his immovable property, wants to receive the sale consideration amount in cash before the Sub-Register as full and final consideration,will the amended provisions of sec. 269SS(w.e.f.01/06/2015) come in the way of the transaction? What is the position of law if the seller is an Income-tax assessee or otherwise.
Ranjan Luthra
20 June 2015 at 16:29
Hello,
I've the query related to capital gains for the following situation:
Transaction 1:
I had purchased a flat in 2006 for 20 Lakhs and sold it in Nov 2011 for 57 Lakhs. The long term capital gain of 20.4 Lakhs (post indexed cost consideration) was re-invested in the Dec 2011 year in an under-construction property (Cost 80 Lakhs) that was supposed to be constructed with-in 3 years (by Dec 2014).
Transaction 2:
However, the construction got delayed by an year and now I'm selling this under-construction property for a sale consideration of 1.2 Cr given my changed family needs. I'll re-invest the capital gain ( 3 years) and re-investing the entire sale proceeds into a different investment, can i claim LTCG on this? As per all the articles that I have read on the internet, an under-construction property with requisite flat details and with an allotment letter issued more than 3 years back, it should be considered for tax exemption under LTCG.
Kindly confirm if there is any tax liability on me given the situation above.
Thanks in advance,
Ranjan
Parveen Mittal
16 June 2015 at 16:33
Dear sir,
My enquiry is that Trust can be unregd as per income tax law.What will be trust deed.
Unregd. Trust can file return nill if trust's income from intt. on Rd
Arvind Agarwal
12 June 2015 at 12:03
My client is situated in West Bengal and makes purchases from Local, centre as well as imports. He sales the goods in the local market and stock transfers goods to his head office in other state. He is able to determine the purchases(whether purchased locally, centre or import) which is stock transferred against Form F. My question is, for Reverse Credit do I have to consider the entire stock transfer (including local, centre & import purchases) or only the local purchase is to be considered.
2. How the Reverse Credit is to be calculated in following case: -
Local Purchase: Rs 26577318 itc Rs 1328866
Central Purchase: Rs. 5102330
Import: Rs. 245870/-
Local Sale: 11767178 Output Tax: Rs. 588359
Stock Transfer (from local Purchase): Rs. 14927220
ST. (from Central Purchase): Rs. 4369134
ST (from Import): Rs. 60519/-
Total Sales: 31124051/- Output Tax: 588359
Solution to the query will be highly appreciated.
Arvind Agarwal (Adv)
Siliguri, West Bengal
Prashant Raj Tax Advocate
06 June 2015 at 16:20
Dear Sir
i have a problem regarding sec 2(z)(ad) in up vat one of my client is deal in restaurant and received service charge from customer and given to his waiter but the VAT authorities imposed tax assumed service charges as income or sale of client so please tell me how i do in this situation
amit kumar singh
04 June 2015 at 09:53
How much TDS of a company/firm will be deducted by the Bank whom the firm is providing manpower. The firm is charging only 2% as service charge(agency profit) how much will be its earning?
SKM (User)
16 April 2015 at 10:42
Dear Sir,
Is service tax applicable on civil construction contracts in Delhi Metro or is it service tax free under Govt. Infra projects?
Thanks
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
Rectification of cst order karnataka vat
Respected Sir/Madam,
We are a registered dealer under Karnataka VAT.
For Quarter Jan-Mar'06 a particular inter state dealer did not issue the C Form on time.The AO completed the Assessment and recovered the difference tax & penalty.
Date of order 7/7/2010.
However the dealer, after rigorous follow up has submitted the C form.
Can we go for rectification of the CST order with the AO or appear before the JC appeals.In the light of section 40 of the KVAT Act,which states as under:
40. Period of limitation for assessment.
-
An assessment under section 38 or re
- assessment under Section 39 of an
amount of tax due for any prescribed tax period shall not be made after five
years after the end of the prescribed tax period.
Provided that an assessment or reassessment relating to any tax period upto the period ending 31st day of March, 2007 shall be made with in a period of eight years after the end of the prescribed tax period.
Provided further that an assessment or reassessment relating to any tax period commencing from the 1st day of April, 2007 upto the period ending 31st day of March, 2012 shall be made within a period of seven years after the end of the prescribed tax period.
(2) Notwithstanding anything contained in sub - section (1), if any tax is, not paid by a dealer who has failed to get registered though liable to do so or fraudulently evaded attracting punishment under Section 79, an assessment or reassessment may be made within eight years from the end of the prescribed tax period.
Provided that an assessment or reassessment relating to any tax period upto the period ending 31st day of March, 2007 shall be made under
this sub-section within a period of ten years after the end of the prescribed
tax period.
]
1
]
2
1.
Substituted by Act 17 of 2012 w.e.f. 1.4.2012.
Kindly guide us in the matter.