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Experts Query Daily Digest : 25 April 2015
Income Tax

Posted by : Anonymous
Posted On : 4/25/2015 11:54:22 AM
Capital gain
I have sold property in cash to my brother in law there is pure financial transaction no gift there will be capital gain on such transaction.

Thanks in advance

Posted by : Anonymous
Posted On : 4/25/2015 11:47:10 AM
Incme received by karta of huf
please confirm me that, if a person is director of a pvt Ltd. co. and also Karta Of HUF then as a karta can he receive sales commission income from the supplier of that PVt Ltd.Co.

Secondly, whatever sales comm.is receivable instead of receiving it directly from the supplier can that income be adjusted against suppliers bill in company account and in lieu of that get payment from company account

Posted by : Nakka Tirumala Rao
Posted On : 4/25/2015 11:42:48 AM
Tax effect
A will transfer it's shares to B now and immedeatly B will transfer to ouside investor, will this transaction will treated as speculative or not? It willbe a speculative transation what wiill be the tax effect.

Both A and B are unlisted.

Posted by : Anonymous
Posted On : 4/25/2015 11:42:03 AM
Firm got commission income, what is the procedure to file it
Dear all,

Mr X and Mr Y are partners in a firm

they got 1,79,000 commission on sale of POST PAID SIM Card (this is the only business)

they are not maintaining books of account

in deed: interest and remuneration is allowable as per IT ACT

please tell me
is it can be filed u/s 44AD


what is the tax amount, how to file it return and which form should be used

Posted by : Anonymous
Posted On : 4/25/2015 11:38:13 AM
Conversion of private limited company into llp
One Private Limited Company/ Unlisted Public Limited company
is converted into LLP. The shareholders at the time of conversion
become the partners of LLP. All the assets and liabilities are
transferred to the LLP. The asset transferred during the
conversion includes Quoted and Unquoted Shares. Then after
few months there is change in partners of LLP with new
agreement. LLP now sold its Quoted shares in the market and
STT was paid on it. The LLP claim a Long Term Capital Gain
Exemption on sale of equity shares. It distributed profit to
1. Whether any tax to be paid between Current Market
Value and Book Value of equity shares as on
conversion date?
2. Whether any other tax is to be paid at the time of
3. Can we replace all the partners of the LLP before sell of
shares and claim exemption of Long Term Capital
4. If answer to (3) is NO then what proportion of old
partner to continue and till what period?
5. Whether any tax to be paid by LLP on sale of Quoted
Equity Shares after one year (include the holding of
company) of holding?
6. Will the retiring partner will get any benefit of
difference between Market value and Book value of
7. Will the profit (derived from Long Term Capital Gain)
by LLP and distributed between its partner is exempt in
the hands of all the three partners (One is Individual,
the other is HUF and the third is Corporate).

Posted On : 4/25/2015 11:19:46 AM
Conversion of pvt company to llp
A private limited company has been converted to LLP on 1st January, 2015. The ROC has issued the certificate of registration on conversion and the status of the company on roc site is “converted to LLP and dissolved “. The LLP has obtained the new PAN number on conversion. Please clarify the following:

1. Whether accounts of Pvt ltd company will be made up to 31.12.14 and that of LLP will be made from 1.1.15 to 31.3.15 separately OR a consolidated accounts of LLP will be made from 1.4.14 to 31.3.15.
2. Whether two income tax returns have to be filed separately for both entities for assessment year 2015-16 or a single return of LLP shall be filed for the entire financial year.
3. As the company is dissolved as per ROC records on 31.12.2014, whether accounts and annual returns for period upto 31.12.2014 is required to be filed with ROC.

Posted by : CA Parth Rajendra Almaula
Posted On : 4/25/2015 11:17:25 AM
Exemption under section 54

Whether it is necessary to utilize the amount from sales proceed in purchase of new residential property in order to claim exemption under section 54 of the Income Tax Act...???

According to my knowledge, there is no such requirement...!!! However, correct me if i am wrong and provide your valuable reply.

Thanks in advance...!!!
Posted by : amit
Posted On : 4/25/2015 11:12:02 AM
Form 15ca
I have a client who purchases aluminium from Malaysia.It needs to open a FLC for the same.The Bank has charged Interest and Confirmation charges on the same .Do I need to File form 15CA for the same? If yes what will be the amount payable and nature of remittance.
Posted by : Nagesh
Posted On : 4/25/2015 9:17:49 AM
Deduction of interest on sop in case if joint owners
Dear experts pls clarify me,

Suppose 3 joint owners are acquired sop.

Acquired by loan.
1.Can each co owners claim Rs.2l interest payment?

2.And also is it only one time deduction of rs 2 lacs or each assessment year?

3.If I claim only 50,000 in ay 2015-16 can I claim balance rs.150000 in subsequent ay.

4. How to decide if they are paying EMI?

Thank you.

Posted by : Siddhi Nath Chaturvedi
Posted On : 4/25/2015 11:57:16 AM
Modvat claim in consolidated courier bill of entry
We have recently faced Central Excise Audit and they have raised question for material Imported through courier and Cenvat credit taken on the same.

My question is, why we can not take Cenvat credit as we have all documents and copy of BL also, but its not of only us, 4+5 Importers name is there in BL ( We have imported through DHL Courier)

Please reply me what to do?? can we take this Cenvat or we have to pay amount??

Posted by : Sagar Tupe
Posted On : 4/25/2015 11:40:03 AM
Applicability of rule 58
Hi, Our one client Manufacturing of Food processing machineries & make agreement of Total Care Contract for 2 years. They charge separate billing. Like material invoice & Labour Invoice. Let me know the applicability of rule 58 of MVAT rule. They charge full service tax on service invoices & MVAT @ 12.5% on Material Invoices. Please send any case laws regarding this. Please do the needful.

Posted by : CA Amit surana
Posted On : 4/25/2015 11:37:40 AM
Entry tax and vat rate

Service Tax

Posted by : Anonymous
Posted On : 4/25/2015 11:38:51 AM
Service tax sale showing or not showing in return
sir, our service is maintenance & repairs.
The customer sending his material under 4(5)a challan after we made invoice without service tax. So, my query is this sale amount we showing in service tax return or not showing.

if showing please which under notification
Corporate Law

Posted by : RAHUL
Posted On : 4/25/2015 10:28:10 AM
Regarding company's status
Good Morning Everyone,

I have a query regarding Company's status as "Small Company" or not.

A pvt ltd company having paid up capital Rs. 4.5 Crores and its last year loss was 25,000.

Can anyone tell me about this company that can we consider it as "Small Company"?

Please note that company is not started its operations.

Posted by : Anonymous
Posted On : 4/25/2015 8:21:35 AM
Company law
Dear Sir,

The parent company has Multiples Companies in different place.

What document can be shown as a proof that this is a Unit of the parent company not group of companies.

Is it a legal proofs..

1. Certificate of Import & Export issued by Ministry of Commerce mentioning all the Name of the unit could be a proof.

Please suggest some legal document which can be submit as a proof.

Posted by : sandeep
Posted On : 4/25/2015 10:24:42 AM
Extension of articleship
dear friends can anybody tell me the procedure of articlrship extension in detail...if there is any link please also provide here..
Posted by : Harinder Singh
Posted On : 4/25/2015 11:13:37 AM
Declaration deed-rectification deed for registered gift deed
Respected Concern Staff,

This is to inform you that My father in law registered a Gift Deed in my name on 05th March 2015 and Deed was locked with Sub-registrar Office.

But unfortunately, a minor spelling mistake in my purchased E-stamp paper as PARAMJTI KAUR" instead of "PARAMJIT KAUR".

Please suggest me what can we do and how ? I am also a old senior citizen woman of this incredible India.

Someone suggest me that

1) Issue a Rectification Deed with following documents i.e.
1 Original Documents with one set of Xerox copies
2 Two Passport Size Photograph on both copies of documents(Seller & Purchaser)
3 Passport Size Photograph on both copies of document
4 Original ID Proof of the concerned Parties (Seller, Purchaser and two Witness) like voter card, pan card. Passport, Driving License , Adhar Card and in case of companies, power of attorney/board resolution
5 Bank Draft of Registration fee with undertaking / Affidavit
6 Stamp duty Rs.50/-
7 Previous Registered documents
8 AADHAAR No. If Available
2) Issue a Declaration Deed with following documents i.e.
1 Original Documents with one set of Xerox copies
2 Two Passport Size Photograph on both copies of documents(all Partise
3 Stamp duty Rs.10/-
4 Bank Draft of Registration fee with undertaking / Affidavit
5 Original ID Proof of the concerned Parties (all Parties and two Witness) like voter card, pan card. Passport, Driving License , Adhar Card and in case of companies, power of attorney/board resolution
6 AADHAAR No. If Available

Please send me the details of Amount of Bank draft of registration fee with undertaking / Affidavit for Rectification or Declaration Deed in Delhi.

Format of Affidavit of Declaration deed

Thanking you

Posted by : hemant
Posted On : 4/25/2015 7:32:21 AM
When an amount is kept in bank for 7years and then transfered to IEPF, what is the treatment of the interest earned on such amount?

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