Eswar
10 June 2008 at 21:22
We had some ancestral property. We had an agreement with the society (name not mentioned) to sell at a nominal rate in 1970's. Govt said we cannot sell as we have excess land. GO was passed after 20 years to sell the land(retainable) and society approached us to register us the lands in their names. They promised to give nominal amount slightly higher than what was agreed upon in 1970's. we agreed on moral grounds. Now the govt is asking us to pay the taxes on the govt rate.
Govt rate was around Rs. 6000 per sq yd and we sold it for Rs.65. Now govt is asking us to pay the tax amt of Rs 1 crore 20 lakhs as there was an amendment in the law done sometime in 2004 or 2005 where the law says that we need to pay the tax even if we sell the land for a lower rate than the govt specified rate or give the land as a gift. This is Andhra Pradesh. Please advice on what needs to be done to come out of this situation.
satbir
10 June 2008 at 07:54
i have cleared ca final and wants to do taxation work in direct taxes and indirect taxes.can any body give me e-mail address of professionals to whome i can contact in this regard
thanks
jin
09 June 2008 at 08:25
hi my question is that whether the trade unions are exempted under income tax.wht are the incomes which are taxable and wht are the incomes which are not taxable.whether donations accepted by trade unions from diffrent business orgnaisations to use for perticuler funds are exempted .
Chandan Garg
07 June 2008 at 14:44
Can any one please give me a check list to verify that sums are deducted from employees and paid to govt. by company in acc. with income tax act
mohit arora
05 June 2008 at 14:47
SIR MY INCOME FOR THE PY 2007-2008 IS RS
90570. SHORT TERM CAPITAL GAIN IS RS 123875. PL TELL ME WHETHER STCG WILL BE ADJUSTED AGAINST MY INCOME UPTO WHICH IT FALLS SHORT OF THE BASIC EXEMPTION LIMIT.
BASIC EXEMPTION LIMIT 110000
LESS INCOME 90570
SHORT FALL 19430
NOW STCG 123875
LESS SHORT FALL 19430
BALANCE TAXABLE 104445
PL TELL ME AM I RIGHT ?
mohit arora
29 May 2008 at 14:31
SIR, I COULD NOT UNDERSTAND YOUR ANSWER ,GIVEN YESTEDAY FOR MY QUERY. PL CARIFY THE SAME. TOPIC IS WHETHER SALES OF SHARES COMES U/S 44AB OR NOT . YOU HAVE GIVEN THE ANSWER ,BUT I COULD NOT UNDERSTAND .AS FOR AS MY STATUS IS CONCERNED
I AM A LIC AGENT. PL CARIFY MY CASE.
VASANTH D JAGANATH
28 May 2008 at 00:06
Dear Sir / Madam
My query is with regard to applicability of rate of tax for X-Ray Machine under KVAT Law, undery whih entry it is taxable at what rate"
VASANTH D JAGANATH
28 May 2008 at 00:02
Dear Sir / Madam
my query is with regard to filing of vat revised return wherein the time limit is prescribed for 6 month subject to conditions, how far this provision holds good wherein such a provision is against the principles of natural justice which take away right to file revise return where there is liability to pay or claim excess input tax credit?
mohit arora
27 May 2008 at 12:12
sir, i have 1000 shares of satyam computers @rs 500 means total delivery in my account is rs 5 lacs. if i sold 1000 shares at higher rate say 520 and then recover at 500 then total sales in my account is 520000. if same entry repeated means sold at higher rate and recover at low prices then after repeating 8 times my total sales exceeds 40 lacs but my intial totol investments only 5lacs. i have only repeated the entry . whether i falls under sec 44AB for tax audit or not YES MEANS REPURCHASE. sold 1000 shares at higher price and repurchase the same at lower price .
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Retainable land
What is retainable land under Andhra pradesh state law? Do we need to pay tax for selling retainable land in Andhra pradesh?