Sec 56(2)(viic)taxes an individual on the shares purchased by him if the FMV is higher then the consideration he is paying.

So my query here is,
when in future an individual sells the same shares he will be liable for Capital Gains Tax.If we assume the Asset(Shares)to be a long term asset and the computation for the same is done under Sec 48,the Cost of Acquisition would be the price he paid for purchase of such shares.

Isn't it unfair to first pay tax u/s 56(2)(viic) because the consideration paid by the individual is less than the FMV and again on selling such shares the benefit of COA will just be the purchase price paid.

For eg:
FMV Rs 50
Consideration paid Rs 10
So tax U/s 56(2)(viic)=50-10=40*30%=Rs 12
Again when the individual sells the shares-
Selling price Rs 100.
So the computation U/s 48 will be as under
Full value of Consideration:100
Less:Cost of Acquisition: (10)
Taxable Income: 90
Tax-90*20%=Rs 18
So the individual ended up paying Rs 12+18=Rs 30 as Tax.

what about Budget 2014 ? in income tax any changes ?

if a sugar trader is paying rs 5 /- per bag for loading and unloading to casual labour(no contract,jst hire on need per day wise) in cash and it amounting to rs 12-15 lac annually. my question is is there any complaiance that trader have to comply regarding any act labour income tax etc..??

Dear experts,
My father is a senior citizen and doing a service of machine & tools designing as profession with income of 20000 p.m. fix on contract base. The TDS also deducted 2000 p.m.
The other source of income is interest on FD & Saving account balance which may be 30000 in year approx.

Kindly know me that can he get benefit of all the exemptions which mention for salary income, please explain which exemption he can get to reduce tax and get refund TDS or provide any material or link regarding this.

Please also know me that which ITR should he filled for this?

Thanks in advance.
Regards
Ashish

Dear sir/madam,
How to make a refund re-issue request for expired cheques

Dear Sir

I had not filed the returns in the AY2010-11 and recently got a notice from Compliance Management Cell regarding that.

There was a little bit of tax (I had changed jobs, and both employers applied the deductions available) which I paid along with the interest last week at the bank.

However when I tried to file now online it says I can't file.

Is there a remedy available? Is it OK if I select "section 142" on the calculation spreadsheet, generate the XML with that and upload it?

Ques. An assessee purchased a land in 1971(cost-Rs.10000) and constructed a building on it in 1982(Cost-Rs.30000).In feb, 2014 he entered in a collaboration agreement with a builder to restructure the whole building.After that assessee share in newly structured building would be 60% and builder share would be 40%.Assessee received Rs.500000 from the builder in feb. 2014 and expected period of completion of construction will be March, 2015. Further he will receive Rs.2500000 in April 2015. Estimated cost of construction to be incurred by builder would be Rs.28000000. Calculate capital gain tax.

Our client is an Indian by birth, he is working in HCL at United States and he has got citizenship in USA. Now he purchased shares under ESOP from HCL on repatriable basis pursuant to the approval of RBI. For the shares allotted in USA, Taxes withheld @ 33%. Now the person sold the shares in BSE and the amounts has been given credit to NRO account. He wants to transfer this money to USA account. The Bankers insist to give Form 15CA to transfer the money from NRO account to USA account. Whether Form 15CA is applicable in this case and whether any TDS or Capital gain tax is to be paid. Kindly clarify and in what basis Form 15CA will be issued

Hi,

We have dissolved the partnership firm and already filed ITR for past 2 years. Is it compulsory to surrender the PAN card. Reply me as soon as possible.

I have capital gain of Rs 3,00,000 in F.Y.2012-13 by sale of residential house. Can i avail tax exemption by purchasing tax free bonds ? and if yes, then which one i should subscribe ? and if you have any other way of availing exemption then let me know that too.