Anonymous
07 November 2009 at 17:44
Hi friend did anyone know that what is the vat & cst rate for stone chips in west bengal & jharkhand. thanks in advance
ABCDEFGHIJKLMN
07 November 2009 at 11:33
Hi Expert Panelists,
I have a question about LONG TERM CAPITAL GAIN TAX.
(1) I have purchased a residential flat in March’06
(2) I had a residential Plot only (without any accommodation built on it).I held it for more than 20 years. Recently I sold it in March ‘07. I am under impression that no LTCG is payable for immovable properties, like Shares and Stocks.
(3) I had a commercial Property held for more than 25/30 years.I sold it in March’08
The purchase cost of residential Flat purchased in March’06 is more than the total receipt of residential plot and commercial property.
In view of above do I have to pay any LTCGain? If yes at what rate?
I will be obliged to have your views on the subject matter.
Bhasker Parikh@gmail.com-Date 07/11/091110 hrs
ABCDEFGHIJKLMN
07 November 2009 at 11:12
Hi Expert Panelists,
I have a question about LONG TERM CAPITAL GAIN TAX.
(1) I have purchased a residential flat in March’06
(2) I had a residential Plot only (without any accommodation built on it).I held it for more than 20 years. Recently I sold it in March ‘07. I am under impression that no LTCG is payable for immovable properties, like Shares and Stocks.
(3) I had a commercial Property held for more than 25/30 years.I sold it in March’08
The purchase cost of residential Flat purchased in March’06 is more than the total receipt of residential plot and commercial property.
In view of above do I have to pay any LTCGain? If yes at what rate?
I will be obliged to have your views on the subject matter.
Bhasker Parikh@gmail.com-Date 07/11/091110 hrs
Zeeba Aga
06 November 2009 at 23:58
RESIDENTIAL PROPERTY WAS PURCHASED MORE THAN 3 YEARS AGO AND WOULD JUST ATTRACT LONG TERM CAPITAL GAIN TAX IF NOT INVESTED IN ANOTHER RESIDENTIAL PROPERTY WITHIN THE TIME SPECIFIED AS PER LAW.
THE PROPERTY WAS ON 2 NAMES AND JUST RECENTLY THIS YEAR THE ONE OF THE PROPERTY HOLDERS TRANSFERRED HIS/HER 50% SHARE AS GIFT. NOW JUST 9 MONTHS HAS PASSED AFTER THE GIFT DEED WAS REGISTERED.
IN CASE WE SELL THIS PROPERTY NOW AND PURCHASE OR NOT PURCHASE A RESIDENTIAL PROPERTY, WILL IT ATTRACT A CAPITAL GAIN TAX, AND IF YES THEN ON THE ENTIRE PROPERTY AMOUNT OR JUST THE 50% GIFT DEED TRANSFERRED AMOUNT,OR NOT AT ALL.
IF YES THEN SHORT OR LONG TERM AND ON WHICH SHARE.
REGARDS
sreevani
06 November 2009 at 16:53
Respected sir,
Please let me know whether replacement made under warranty claim be treated as part of sale and whether vat is applicable.send the answer to my emailid
-sreevanisraor@gmail.com
pkpworld..
06 November 2009 at 07:15
A society registered under society registration ACt is required to file a Wealth Tax Return for AY 2009-10.
As pr the Wealth Tax ACt, 1956, there are threee status i.e. individual, HUF and Companty.
In which status the socity will be assessed under Wealth Tax Act?
pkpworld..
05 November 2009 at 23:03
One person filed return which was selected for scrutiny. The case was audited u/s 44AB. The ITO has passed order and demanded 78000/-. The demand raised was for the following reasons : The person has claimed excess depreciation. He had claimed depreciation @ 20% on W.d.v. of block assest instead of 15%. The assessesing officer had disallwoed excess depreciation and accordingly issued demand notice. He also imposed penalty u/s 271(1)(c) of Rs.52000/- for concealment of income and wrong particular of total income.
My query is that :
AS the case was audited by the C.A., the C.A. Should penalised for such mistake. Is there any provision of any penalty for mistake of any CA. The C.A. is a reputed and registered C.A.. Also the assessee was not aware about the various allowable percentage of depreciation, so he had taken help of such CA who also filled the reutrn of income and helped to assesse for filing of return. My point is that Why should the assessee penalised for mistake of an C.A.
Whether the imposition of penalty by the officer is correct or not.
Whether the assessee had concealed the icnome and liable for penalty.
Whether any fruitful result will be comeout if appeal filed against the order of officer?
pkpworld..
05 November 2009 at 21:47
Shopkeepter(owner of aHero Honda Show room)received a cash deposit of Rs.30000/- for advance o
Ram
05 November 2009 at 14:33
Dear sirs,
We are a partnership firm in Karnataka. We are converting the same into a pvt ltd company. The existing partners shall be the directors. We are aware that we need to apply for new registration of company after canceling the registration of firm under KVAT Act. We are holding stock of Rs 1 crore (commodities taxable at 12.5%) in firm to be taken over by company.
Our query is are we suppose to pay VAT @ 12.5% on stock held by firm by billing the same with out put tax of Rs 12.5 lakhs to the new company and the new company claiming input tax of the same ( treating the same as purchases from firm).
We find it difficult to discharge such huge vat at one point and claim input for the new company. Is there any provision where stock can be transferred by means of agreement between firm and company. We will be in trouble if at the later stage if the authorities demand tax on closing stock transferred, if we transfer by means of agreement. Or is it better to raise tax invoice as said earlier.
pls advice
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service Tax
Dear Sir i need clarification regarding any exemption available for non payment of service tax due to non collection of service tax from the recipient of the service.
one of the service provider(laboratory) providing inspection and certification service which is came under the service tax net in July 2003 but above tax provider get registered under service tax for service tax assessment only in oct 2004 and pay ST as per Rule.
Now the department issue a notice for demanding ST for the period from July 2003 to Sep 2004 what is the remedy? is there any exception available
Please clarify it
Thank you