BHUPAL SINGH
02 October 2009 at 10:50
Dear Sir,
As I understand from the recent Min of Finance notification reg Gift Tax--
a. Close relatives(father,mother,brother
sister etc) can give both property &
cash as gifts without any limit.
b. Non-relatives or distant relatives
can give tax free gifts both cash and
in kind only upto value of Rs 50,000/-
Above Rs.50,000/- gifts in this case
will be considered as "Income From
Other Sources" and taxed in the hand
of Donee.
Is my interpretation correct ? If NOT, can some learned Lawyer give correct interpretation ?
I shall be highly obliged for this.
Thanking you,
Sincerely Yours,
Major Bhupal Singh ( Retd.)
Presently in Australia
chandra1
01 October 2009 at 19:55
clarification
Facts
1-That a property was allotted by Development authority to "A" on the installment basis, for the sale consideration Rs.4Lacs .But due to default on behalf of the allot tee, in making installment payment. The sale consideration was shown in the deed Rs.9 Lacs at the time of execution of the sale deed. Now the actual sale consideration Rs.4 Lacs + 5 Lacs as the interest there on. The stamp duty has been paid accordingly.
2- Thereafter few days "A" resold the property to “B”for the Sale consideration Rs. 4lacs. The proper stamp duty was paid on the sale deed of “B” and the market value of the property comes to Rs.6 Lacs . The sale deed of “B”has got registered in the appropriate office. After some days The sale deed of “B” was referred to the collector under 47A of the Indian Stamp Act, 1899 .
2- The Sale deed of “B” was referred by the registering authority merely on the ground ,
that the sale consideration was shown Rs. 4Lacs in place of Rs 9Lacs as shown in ealier sale deed of "A" [actual sale consideration of the Property Rs.4 Lacs + interest Rs. 5Lacs]. In his reference it was not clarified, that the earlier sale deed of “A” was executed by the Development authority . It is also pertinent to mention here that the Stamp Duty on the Instrument is being charged on the Sale Consideration Shown By Development Authority. Meaning there by Market value does not effective in the sale deed those are being executed by Authority.
3- The deficiency of Stamp duty was evaluated on the sale consideration of Rs. 5 lacs. And it was further submitted The Sale consideration in sale deed of “B” could not be lowered than 9 Lacs.
4. The sale deed which are executed between private person, the stamp duty is being paid on the market value or consideration and in both which is higher. And on the execution of the sale deed of “B” the stamp duty was paid on market value as per Circle rate issued under relevant rules. The market value was higher than the consideration and the stamp duty was being paid on the market value.
5- In this way the Sale deed of “B” was not under valued in any legal aspect. Now as we know that the chargeability of the stamp duty impose on the “instrument” on the basis of the facts, which is being set forth in the instrument.
4- The object of the section 47 A is only to neutralize the effect, the under valuation of the property with a view to realize proper stamp duty. It is not meant to be applied in a matter of fact fashion in haphazard way.
Now question are:-
a) Whether the reference made by the registering authority is valid and how?
b) the deficiency of stamp duty shall be realized from the sale deed of “B” on the basis of the consideration made in Sale deed of “A”.
d)chargeability of the stamp duty cab be impose on the basis of the facts of other instrument of the prpoerty.
c) If any citation is available. kindly send us. Thanks.
chandra1
01 October 2009 at 17:47
a property was allotted by Development authority to "A" on the installment basis the sale consideration of the property was Rs.4Lacs and due to default in making installment payment, the consideration as per rule of development authority was shown in the sale deed Rs 9 lacs(including the interest of Rs.5Lacs) at the time of execution of sale deed and the stamp duty has been paid accordingly. thereafter few days "A" sold the property to "B" in a consideration of Rs. 4lacs to his brother and as per provision of the stamp rules the stamp duty has been paid on the market value evaluated on the basis of circle rate. The subsequent deed has got registered in the appropriate office. After some days The subsequent sale deed has been referred to the collector under 47A of the Indian Stamp Act, 1899 by the registering authority merely on the ground that the consideration in earlier sale deed executed by Development authority was shown Rs. 9Lacs(actual sale consideration of the Property Rs.4 Lacs + interest Rs. 5Lacs) which was higher than the consideration shown in the subsequent sale deed. It may pointed out The market value of the property as per effective circle rates come to Rs. 6 Lacs and the stamp duty has been paid accordingly. In this way the subsequent property is not under valued. Now as we know that the chargeability of the stamp duty impose on the instrument and the facts set forth in the instrument, the object of the section 47 A is only to neutralize the effect, the under valuation of the property with a view to realize proper stamp duty. It is not meant to be applied in a matter of fact fashion in haphazard way. Now question are a) whether the reference made by the registering authority is valid and how? b) the stamp duty may be realized on the basis of the consideration(actual sale consideration of the Property Rs.4 Lacs + interest Rs. 5Lacs) made in the previous document. If any citation in this regard is available kindly send us. Thanks.
BAL KRISHAN GARG
01 October 2009 at 17:01
Dear ALL,
A is my client and doing Jobs of Powder Coated Paints on Geysers / fan blades on the material related to B in the premises of B alongwith his labour.Billing is made on piece rate basis on OK piece on monthly basis i.e. Rs.1.75 per piece for OK piece .
Whether A is come under the provisions of Service Tax under Manpower Recruitment Service for labour supply ?
I believe that it is a job work case and come under Business Auxiliary Services .
Further B is either used those painted goods in his final product or sold otherwise only after payment of Duty .
Whether Notification 8/2005 is apply here.
if yes , how A can be brought under the provision of Ser.Tax ?
Bill is printed as " JOB WORK ONLY "
THANKS TO ALL ,
BAL KRISHAN GARG
my e-mail id : gargbk2001@yahoo.com
cs
01 October 2009 at 16:57
hi plz tell me about that how can I apply for pan card of a company which was incorporated in 1991
the problem is that pan has been applied earlier but we are unable to find any details of that
and another problem is that the registered office has not been the same thats why we want that pan card to be despatched at our corporate office. so what address proove to be submitted for that as certificate of incorporation does not contain address of the r.o.
plz reply
Himanshu
30 September 2009 at 11:58
I am owner of only one house which was purchased on resale by ready possession and I am paying EMI on Housing Loan from last 5 years but now I am not staying in that house. I am paying Rent for House in which I am staying now. Can I claim tax deduction on both payment that is payment of EMI and payment of Rent. Please advice.
DEVENDRA
28 September 2009 at 21:31
One has purchased property in 1995 for Rs. 35,000/-. Now the property's govt. value as per chart is Rs. 3,20,000/-.
he wants to sale the land. His consideration price is Rs. 3,50,000/-.
How many amount of tax he will have to pay ?
What are the provisions ?
Vriti Gujral
27 September 2009 at 14:59
importance and scope of proportional tax in india
pkpworld..
26 September 2009 at 08:28
I, Pradeep Kumar, want to know how many amendments had been occured after enactment of "Wealth Tax ACt, 1957" till 30/09/2009.
Also please mention the years of amendments.
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