An educational institution is registered under Section 12AA of Income Tax Act.
Its Gross receipts are 30 Lacs
depreciation is 4.5Lac
It has defaulted in the payment of ESI.

How do we compute the income to be applied for exemption under Section 11 Of Income Tax act 1961.

Plzz tel me what is the procedure to Correct TDS Return ..

Dear Sir,
One of my client do not file IT returns and now he is willing to purchase a car of cost around 8 lacs. For being on safe side, how is the idea, if he receives Rs. 1 lac cheques from each of his 5 to 6 relatives.
Please advise me.

Hi

For hra exemption, employees need to produce rent receipt along with pan card of the landlord . Pls clarify is it mandatory/requirement/rule that employees need to submit the rental agreement ( leave and license copy) which is court registered or 100 rs stamp paper registered ?.

if yes then its not possible for all to register the rental agreement in court as the cost is the main factor.

Pls clarify the alternate way also

Hi, I have 2 flats - both jointly owned with my wife.. I stay in one. Other one is vacant. For Notional Income for Income tax
a) can we consider the rent valuation from Municipal corporation ?
b) Can we show the notional income split across myself and my wife in 50:50?

The interest has been recovered on mobilisation advance given by the contractor from the sub-contractor in the form of Recovery from the bills payable. Whether TDS provisions will apply on the recovery of interest directly by the main contractor from the sub-contractor in the form of Recovery.

thanking you

Dear friends,
I'm unable register a pan at efiling website due to non availability of date of incorporation.Pls guide me.

Dear Sir,

My father in law purchased a house in March 2001 for 4 lakhs. Upon his death in Sep 2011, my wife inherited the house (sole heir). We sold the house in July 2012 for 30 lakhs.

My query is regarding the tax implication for the sale of this house.

Since my wife came into possession of the house in 2011 and sold it in 2012, does the gain arising from the sale qualify as a short term capital gain or does it qualify as a long term capital gain?


Assuming that the cost of indexation is taken from the year 2001 onwards (the original date of purchase), I calculated the indexed cost of acquisition to be:

(Purchase value * CII for 2011-12)/(CII for 2001-02) = 400000*785/426 = 737089.

So, the capital gain would work out to be:

Sale price - indexed cost of acquisition =
3000000 - 737089 = 2262910

My wife does not have any other income, so removing the zero slab limit from the long term capital gain, the net LTCG would be 2262910 - 200000 = 2062910

So, the tax liability would work out to 0.2 * 2062910 = 412582


My questions are:

1] Assuming that we treat this transaction as a long term capital gain, is the derivation above correct?
2] How would the calculation be modified if this transaction were to be treated as a short term capital gain?
3] Will investment into PPF reduce the LTCG tax liability?

Looking forward to your help on the same.

We have a joint house loan and property is also in joint name. The EMI is being deducted from my salary account. My wife is a salaried person(government teacher) but her salary is being credited to a local bank(disctrict cooparative bank). This bank do not have core banking and do not have check facility. My wife use to give me some amount monthly in the form of cash. I use to deposit this cash to my account. I have already deposited more than 50000/- to my account which I received from my wife. My query is..

How to treat this cash? Will this be taxable for me?

Please do the needful.

If we gift an immovable property to our cousin brother (i.e our father's real brother's son)is that too exempt or only gift from our father's son (i.e our real brother exempt)?