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)?

If sum of Rs. 9,00,000/- is deposited in S.B A/c and after 2 months it is taken back.

How does this affect in annual income tax declaration? what are the Income tax related issues wiil arise on this?

Please suggest.

DEAR SIR
I HAVE MINOR PAN CARD BUT NOW I AM ADULT SO I WANTS ADULT PAN CARD.
PLEASE SPECIFY PAN FORM NO & WAY BY WHICH I CAN GET NORMAL PAN CARD ON MY NAME & WITH MY SIGNATURE

WHERE CAN I FIND NEW WEALTH TAX RETURN FOR FURNISHING IT???????
PLS DO PROVIDE THE LINK?

whether professional tax is applicable to consultants or not?

what are the tax effect will take into consider when private Ltd company take over the registered firm.
what are the section are relevant during and after taking over the firm in to private ltd company?

I want to know how share market income get taxable in following cases..

If i Trade in "Future". [For both intraday & long {i know it don't give delivery, let say 30 day{if it makes difference}]
(A) Would it come under the head "Capital gain" or "Business profession" ?

(B) What about STT, Stemp duty, Service tax, turnover tax, SEBI charge. I mean these all expense can be claimed?

(C) What about commodity market's Income? (I mean how it would be taxable)

(D) What about section 44AB ??? and can i claim all expenses stated about for the limit of 60 Lac or 1 Crore?

Thanks in advance...:)