compensation under Maintenance of Internal Security Act MISA

compensation under Maintenance of Internal Security Act is exempt? n if under which section.??

Sec 45(2) & (3)

X gave a unsecured loan of RS. 45 lac in 2008 to Y.
in 2010 they want to create a partnership firm as builder business with capital contribution
X-- RS. 70 lac
Y-- introduce his personal land of Rs. 82.5 Lacs . purchase in 2005, 08 & 09

X paid only Rs. 25 lac (70 lac - 45 lac )as capital contribution

now the Q.uestion ,
1) whether X total contribution of Rs. 45 lac consider in partnership firm. whats the implication in IT Act ?
2) how would we save Y from Scc. 45(2), 45(3) and 50C?
3)whether we called Y cap. cont. is Rs. (82.5 lac - 45 lac) 37.5 lac and
X cont. is Rs. 25 lac only ?

Urgent

taxability of excercising option given to independant direc

I am an independant director of ltd company . company issued me option of alloting equity shares and i have excescised the same in March 2010 .
Do i have to pay income tax on excercise or when i sell the shares later .
Which is the taxable event ?.
is it the date of excercise of option or later when i sell the shares?

inheritance tax planning

Please guide me with the tax palnning for a will. (Like attaching a liability to a will etc...)_

Applicability of DTAA in case of salaries

An Indian Resident receives salary from his company in India all 12 months and apart from this he also receives 3 months salary from Canada and this income of 3 months has been taxed in Canada.
My doubt is that how will this income be treated here.. How will the provisions of DTAA be applicable in this case??

sec 161 of income tax

i have invested in india reit fund scheme where i got gainin one and tax is paid that trust only how will i will present it in my statement of income caluclation if tax is paid more than required by trust

GIFT TAX

A PERSON WANT TO TRANSFER HIS HOUSE PROPERITY IN THE NAME OF HIS WIFE. WHAT WILL BE THE PROCEDURE ? HE HAS SALARY INCOME AND FILLING REGULARLY I.T.RETURN AND HIS WIFE ALSO FILE I.T.RETURN WITH SHARE HOLDING INCOME.

WHAT WILL BE THE TAX LIABILITY TO THESE COUPLE ? CAN HE GIFT THIS PROPERITY TO HIS WIFE ?

ANIL THAKKAR

EXEMPTION U/S. 10AA.?

ONE OF MY CLIENT IS PARTNERSHIP FIRM WHICH IS LOCATED IN SEZ. I WANT TO KNOW THAT HOW TO CALCULATE EXEMPTION U/S. 10AA IN THE CASE OF PARTNERSHIP FIRM. I MEAN WHEATHER IT IS AFTER CONSIDERING REMUNERATION TO PARTNER OR BEFORE ?
PLEASE PROVIDE ME DETAILED CLARIFICATION ?

Addition made on Lumpsum basis on account of payment of labo

One of my client, a civil contractor, paying labour charges on cash basis ( payments do not violate the provision of Section 40A(3)). But the assessing officer disallowed Rs. 4,50,000 out of labour charges on lumpsum basis and gave the reason in AO that due to payments made in cash I am disallowing the same. Is there any decision given by the Courts against such vies of AO ?

NRI Taxation & Planing

One of my NRI clent being an Individual engaged in Software developement activities. He is living in U.S. since last 7-8 years & pays tax on his acoount according his country law.

2 years back he got married & her wife is also living with him.hence she also has NRI status.

Now he wants to start a outsourcing business in India under proprietorship concern of her wife.

for begining of the said busuness Funds to be transfered from his savings in abroad & the firm will raising Invoices in the name of foreign concerns/Individuals and susequently payment will be realeased in foreign currency.

query is how she can do after keeping the impact of taxation, RBI & FEMA rules & regulations.

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