Dear Sir
Recently my friend sold a land for Rs.200000/-.This land he got it from his mother(died in 1987)and she got it through a will written by her Aunty.Originally the land was purchased in 1968 for Rs.3000/-.My friend sold this land Distrously because some body occupied this land and he found from the Registrar office that it was sold 5 times.The original papers were with him so the buyer was interested in buying this.The buyer paid stamp duty as per the Government rate of Rs.14.00 lacs.

Now what will be the Long term capital gains tax to be paid by him.He was unable to get the Fair Market Value as on 01-04-1981.Also let me know the rate and on which amount he has to pay tax.Please answer me as early as possible.

hi Friends wshing you a very very happy holi in advance and could u please tell me what is the new in recent budget for tax minor income.
thanks with regard

My wife has recieved ornaments as gift from my father , will the ornament be clubbed to my fathers wealth?

IF I have alnd on which I have built a commercial complex & rented add to my wealth?
Will a motor car registered in the name of my partnership firm add to my wealth?

The assessee is working in a private bank.The Salary certificate issued by the bank in form16 reflects that the company pays HRA and education Allowance to the assessee.The assessee lives in a rented house and have a child who is studying in playgroup school.Now the Company doesnot gave any exemption u/s10 in the salary certificate.The query is whether the assessee can claim the deduction of HRA and education allowance while computing his individual tax return.

Dear Friends,

Can anyone brief me the meaning of Director Sitting Fees.

1. In case an assessee opts for presumptive taxation, can he file a personal balance sheet/statement of affairs as doing so would mean that he maintains accounts for his personal transactions.
2. Since all the assessee are not required to maintain books of accounts, should a balance sheet be filed for all
3. In case a balance sheet is not prepared can AO ask for the same in scrutiny assessment

Dear Sir / Madam,

I am an NRI from U.S. I have salary account (Savings A/C) in India which was opened at the time of joining with India software company in Dec 2004.

1. I have got the home loan when I was in India and I have set up auto debit option on my Savings A/C to pay monthly EMI'S for this. I did not claim tax exemption on this so far because I don't have any other income in India to get the tax benefit. Can I show this on my tax returns from this year on wards even I am using India savings A/C to pay the home loan EMI'S?

2. Now I am going to occupy my Residential flat (which is bought from the above said home loan) in this month and I am going to rent out this to a private party (not relatives) starting from April 2008. Can I keep this rent income in my present Savings A/C and is it taxable or not?

3. I came to U.S in May 2006 and I have done my tax returns (Form-16) for year 2006-07 (1st April 2006 to 31st March 2007) by showing India salary only (March, April & May 2006) and I did not show the overseas salary which is taxable here. Is this correct?

4. Still my residential status is not updated on either my Savings A/C or Home Loan A/C in India (Resident Indian only) and also I am remitting the money to my own savings A/C from here every month for the purpose of my family maintenance expenses and to pay home loan EMI's. Can I continue this?

5. Also I bought a house plot in India by transferring money to my own Savings A/C from here in the year 2007 as an NRI. Is this correct?

6. As explained above, so far I have used my India Savings account only for all these transactions.

7. Is it mandatory for NRI's to perform any transactions in India using NRE / NRO A/C's only or is it optional?

8. What care needs to be taken for 2007-08 tax returns submission to correct all these?


Please suggest the best solution for this.

Dear sir,
A company pays Membership & Subscription to clubs and hotels for its Directors. The same is claimed as Revenue Expenditure.

Is TDS applicable & if applicable under which provision?

Please Reply.

An Indian company, under collaboration agreement, makes payment of royalty to its collaborator, a foreign company at Japan. While deducting tds u/s 195, it deducted excess tds at 20% while the rate has been scaled down to 10% wef 01.04.07 under the DTAA. Queries in this regard are:
1) whether it can ajust the excess deduction of tds in its subsequent deduction of tds in the same year?
2) The Japan company is not filing return in India. In case, the Indian company files return for the Japan company as an agent of non resident (to get refund of the excess deduction),(a) whether new PAN has to be got for the non resident or can the Indian company file the return as an agent in its own PAN? (b) if new PAN is required, whether Form 49A has to be signed by the non resident or can it be signed and applied by the Indian company as agent (c)whether separate power of attorney will be required to file return on behalf of the non resident