ca.debabrata mishra
01 September 2007 at 18:38

Loan Interest of House Property

Sir,
my brother has been taken a house property loan on the house of our father. The house is in the name of our father. So father become co owner for the loan. As bank told us that you cannot apply alone. This loan is in the nature of renovation & repairs intt. limit is Rs.35000. Bank create a loan account and we with draw money from that account. So at the time of filing Return If my father will not take 50% of interest part in his Return can my brother will take the 100% of interest in his return to reduce tax liability. As my brother has been paying all the EMIs. As property is not in the name of my brother even not jointly with our father is there any chance of disallowing interest inbrother's Return
Please advice.
deb4865@gmail.com
ca.deb2006@icai.org
Regards,
CA.Deb.


GOVIND SHARDA
01 September 2007 at 16:54

SECTION 72A

An indian co demerges into 2 entities by transfer of assets at book value. Section 47 exempts such transactions from capital gains.

One of the demerged entities transfers all such assets to an overseas SPV.

Will this transfer be tax exempt, though SPV continues to be wholly owned or 75%+ owned subsidiary of the demerged company.

Pl comment with references to the case laws.


A. Gupta
31 August 2007 at 21:30

Exemption u/s. 54F

An assessee hold terrace rights of a residential house property in Delhi and during the F.Y. 2006-2007, he sold such terrace rights. Out of the sale proceeds, he purchased three flats in a residential complex at Mumbai. One flat on 6th floor, second at 7th floor and third at 9th floor. He converted flats at 6th & 7th floors in a duplex flat and have a combined registry for both flats. He have a separate registry for third flat. All these flats are self-occupied for his residential purpose. My query is that whether he can claim exemption u/s. 54F claiming all these flats as a single residential unit?


Pbmangarolia
31 August 2007 at 15:01

TDS Liability

If I make payment to Advertising Agency in Foreign country to advertise my product in their local magazine, am I liable for TDS?
Ad. agency has no PE in India.


rahul

What is the liability of co. in regard service tax and tds on freight inward and freight outward.


rahul
31 August 2007 at 14:44

tds on payment to transpoters

if a co. paid freight to transporters on behalf of another co. then the co who made payment to transporter is liable to deduct tds.


Sunil
31 August 2007 at 10:20

urban area

i want ot know from where exactly we have to calculate 8 kms for the purpose of calulating cpaital gains in respect of agriculture land

please provide me the notification in respect of urban areas notified by the govt


venkithari
30 August 2007 at 20:36

income tax Act

Does Sec 40A(3) apply to acquisition of fixed assets on which depreciation is claimed.

Cost of the asset is not climed as expenses but only the depreciation is claimed.In such a case what should be reported in tax audit report.

In Taxman's ready reckoner 2008-09,in Page A-109 in para 49.3.3 it is mentioned that Sec.40A(3) is applicable if an assessee purchases a depreciable asset.

Kindly clarify.


venkithari
30 August 2007 at 20:35

Fringe benefit tax

An assessee has incurred car expenses of Rs.40000/- in cash and disallowance is made as per the provisions of Sec40A(3).
Should FBT be paid on this amount or not?

Experts opinion is sought.


venkithari
30 August 2007 at 20:31

income tax

Does Sec 40A(3) apply to acquisition of fixed assets on which depreciation is claimed.

Cost of the asset is not climed as expenses but only the depreciation is claimed.In such a case what should be reported in tax audit report.

In Taxman's ready reckoner 2008-09,in Page A-109 in para 49.3.3 it is mentioned that Sec.40A(3) is applicable if an assessee purchases a depreciable asset.

Kindly clarify.





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