manoj
23 September 2009 at 13:14
whether value adopted by State Government for the purpose of payment of stamp duty in respect of transfer of immovable property by lessor durng lease period can be adopted for the purposes of section 48 as deemed to be the full value of the consideration received or accruing as a result of such transfer ?
riven
hussain
22 September 2009 at 10:19
Sir,
The company as given loan to directors in financial year 2005-06 and it was recoverd by deducting from remunaration in the next finacial year 2006-07.for that the ITO says that the company is closely a private company and in that year the profit is about 15lac and the director holds 79% share in the company so as per ITO provision of sec 2 (22) (e) of the act the above loan is to be treated as deemed divided.so there is decision from high court & supreme court for the above section that Sec 2 (22) (e)
Thanking you
Hussain
riven
BHUPAL SINGH
22 September 2009 at 09:41
Dear Sir,
Please add another Question to my earlier queries raised in connection with Sale of Agriculture Land--
e. Will the Sale of Inherited ( from Parents ) Agricultur Land attract any Capital Gains Tax ? If so, how is this to be calculated ? The Land was inherited by me from my parents who in turn inherited from my Grand Father after his demise in 1952. My Grand Father inherited it from his father about 80-90 yrs ago.
Major Bhupal Singh ( Retd.)riven
BHUPAL SINGH
22 September 2009 at 09:26
Dear Sir,
I am a retired Army officer,aged 73 yrs.
InApr09,I sold some Agriculture Land ,
inherited from my parents,who are no longer alive. This land was alloted to my Grand Father in 1949, in lieu of land left in Pakistan.I have only 2 sons.My wife expired in 2007. The entire amount was deposited in our HUF Acct.Out of this, I gave 1/3rd to each of my sons by cheque(to their NRO Accts) as their share & I took only 1 Lakh.Balnce in HUF Acct was put in HUF FDs. All of us Income Tax Assessees, have been allotted PAN & file our IT Returns regularly. My sons & myself also put our respective amounts in Bank FDs. Please advise on following---
a. Is the Sale Proceeds exempt from I.Tax
or is it taxable ?
b.Is the amount given to my sons & myself
to be shown in IT Return as Capital
Receipt(inherited) & thus IT Exempt in
Exempt Income Sec of ITR or is it to be
shown as Income FromOtherSources & thus
added to the Gross Income for calcu-
lation of Income Tax ? Or should we show
it as Gift from HUF ? Is Gift from HUF
legally allowed ? The aim is to legally
reduce the I.Tax to barest minimum.If is
is to be shown as Gift, what documents
should we keep in file in support ?
c.Will the Interest on FDs be treated as
HUF Income or our Respective Income ?
2.The HUF Acct is being maitained since last about 10 yrs and only Farm Income was being deposited in it. The Income was being
put in Bank FDs & interest earned was added
in the IT Returns every year.
3.I will appreciate an early advice to enable us to work out the Advance Tax etc in time & deposit the same by due date.
Thanking you,
Sincerely Yours,
major Bhupal Singh ( Retd.)riven
umair
21 September 2009 at 15:30
my family owns some land and to save tax they decided to make a pvt ltd company and buy the land and issue shares to the family members accordingly ,now we want to divide the land ,we do not want to sell it ,every member needs posession of the land we bought it for 150 rupee /sqft and now its 750 rupee /sqft . now my question is how can we divide it so tat i can get the posession of land
Thank youriven
P.S.Subbaraman
19 September 2009 at 16:09
Should permission be obtained under the T.N Panchayat Act to install Generators and licence fee payable ?riven
hussain
19 September 2009 at 10:22
Sir,
There is any traminal order for the deemed dividend assessable under Section 2 (22)(e).riven
Nitin Kale
17 September 2009 at 16:38
Please clarify legal position under above section for following scenario :
Payment made to transporter against each LR does not exceed Rs 20000/-. However during the day payment to same transporter against different LR exceeds Rs 20000/-. The freight is paid on to pay basis.
1. Is the amount so paid in excess of 20000 disallowed ?
2.Since transportation is on topay basis,can each transaction be viewd separetly and not be clubbed.
Is there any compliance required, where the expenses are not disallowedriven
vishal v. khade
17 September 2009 at 11:45
can you pls provide case laws decided
on the question that
whether expenses regardign compensation paid to worker for injury while cleaning the property place for the purpose of transfer the property as expenses for the transfer of propertyriven
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Service Tax
I have a query with respect to charging of service tax on reimbursement bills by the service provider. Facts are:
A company hires an agency to manage an event of press confrerence at various locations on occasion of launch of a new products. The agency get fixed consultancy charges and reibursement for travelling and other expenses which it incurs to ptovide the service. The agency has issued bills for consultancy charges as well as the reimbusement of expesnes attaching all the supportings and charging service tax on all the bills including reimburement bills.
Can anyone suggest whether the agency is justified in charging service tax on reimburement biil on which service tax has already chrged by the third party. In my opinion there is no service tax applicable on reimbursement bills.
Pls revert urgently.
Regards
P.C. Joshi
riven