Dear Sir(s),

My query is that what shall be the treatment of excess amount that we pay to the retiring partner over and above his capital contribution in the partnership firm.....

For instance, there is already a firm having a capital of say Rs 1000/- and now some new partners shall be inducted who shall introduce the capital of say Rs 1500/- and then the old partners shall retire from the firm and shall be paid by the firm Rs 1500/- against their contribution of Rs 1000/-...

My query is what shall be the treatment of Rs 500/- extra/premium paid by the firm to the partners in the hands of the partners?????

Also what shall be the tax treatment, is the firm liable to deduct some TDS etc on such an extra payment????

Please reply ASAP

Thanks & Regards

Sir,
Please suggest us how to calculate the rebate of 80G.

Regards,

Sunil Pareek

The director of our co. has 1 HUF and 1 Charitable trust. While filing return of HUF it applied for deduction u/s 80G for the donation made to its charitable trust.
But the department has disallowed it any specific reason for disallowing the same...
please reply urgently.

What is the Tax implication of Buy back of shares on the company as well as on the shareholders. please elaborate.

thanks in anticipation

sir plz guide me..

2 brothers and 3 friend (total five) purchase a land jointly without defining their individual share in registry papers.(but on IT return they have defined there individual share)


now after two years if they sell the land defining their share and all 5 receives their share amt in cheque from purchased.. (5 cheque)..

i consider the owner as co-owner
but AO is of view dat its an AOP and will be taxed flat at max.rate of 30%
is there any justification to AO remark.

I am asking an query by an example.

If company A gives loan to company B which is also shareholder of company A (voting power is more than 10%). And another shareholder of company A is also shareholder of company B (voting power is more than 10%). Then on whom tax liability of deemed dividend generates ? whether it is only on company B or also on another shareholder ?

Can we claim stamp duty and registration charges paid for transfer of plot and other investment?explain all conditons for availing benefits of stamp duty paid.

My client's TDS was deducted u/s 194A. His income was below exemption limits. Before filing of Return of Income and claim of refund of TDS, my client is died. Now, Is it possible to file Return of Income?? If yes then Who can sign the Return of Income?? If no then How to get refund of TDS???? Please Help....

Can Charitable trust give the bonus(in cash < Rs.20000) to its employee?

Dear Sir,
In May,2012 I sold a residential flat in Rs 26,000,00/- and another ancestral very old house at Rs 17,00,000/- in Oct 2012.In August,2012 I purchased an undercontruction flat at noida from a reseller(a person who had earlier booked the same flat under construction linked plan and had paid Rs 15.82 lacs to the builder.
I made payments of Rs 15.82 lac plus Rs 7 lac(premium) through cheque to the reseller then through a tripartite arrangement the new flat was transferred in my name by the builder.Thereafter, till date I have paid Rs 514,000/- to the builder. NOW MY QUESTION IS

1)WILL I GET EXEMPTION IN RESPECT OF CAPITAL GAINS ARISING FROM THE SALE OF BOTH THE RESIDENTIAL PROPERTIES OR ONLY ONE OF THEM,

2) WILL THE PAYMENTS MADE TO THE RESELLER (IE., 15.82 LAC) PLUS THE PREMIUM AMOUNT OF RS 7 LAC BE EXEMPTED ALONG WITH RS 514,000/- PAID BY ME TO THE BUILDER AFTER TRANSFER OF NEW PROPERTY IN MY NAME.

THANKS1