Dear Experts

Please guide for below situation
An ancestral property purchased in 1979 has been convertedc from agricultural to residential.
Now a construction project is going on under an agreement with developer to build flats on the same.
Please explaib tax implications
1. When will capital gain arise on sale of flats or now at the time of construction
2.What exemption can be claimed
3. What will be sole consideration
4. Whether cost of conversion can be taken as cost of improvement
5 Can assessee gift all his share to his sons without attracting tax


According to a case law, land and flats are two different assets and should be taxed accordingly

Please clarify

Regards

Dear Sir,
One of my client incurred some preliminary expences like Sales tax registration fee etc. at the time of set up his business in FY 2011-12. Now my query is that, should I show it in the debit side of P&L A/c as expences or I should subtract it from Capital of the proprietor in the Liabilities side of balance sheet.
Please advise me.

My client being an Individual booked from builder under construction flat in Aug 2006 . It will be ready for possession in Oct 2012 . I want to know the following .

1) If He sell before possession , will the gain be LTCG ?


2) If He sell immediately after possession ( means after registry in my name ) , will the gain still be LTCG or He has to wait another 3 year after possession to avail LTCG ?

Dear Experts,

We are making the payment of following re-imburible charges to Custom Clearing & Forwarding Agents which are re-imbursible in nature :

1. Quota Fee
2. Chamber of Commerce Fee
3. Custom Duty/Demmurrage
4. GSP Fee

Is TDS u/s 194C is applicable on above payments since all above are actuals and re-imbursed to Agents.

Mohan Saxena

Audit is compulsory if net profit is less than 8% of turnover. Section specifies 'Income from Business or Profession' should be atleast 8%.

So 8% is 'Income from Business/Profession' OR (PAT/PBT as per ITR4)?

Thanks in advance.

what is "below the line" in Accounts

please let me know

Suppose a company is organising an event for its employees and their families. The company have an unregistered club (No pan number)who organises the event. The club calls a singing star for his performance in the event.The company has given an advance of Rs 1,80,000/- to an employee for paying to the artist.The payment is done without deducting TDS. IS it valid????

Sir,

I purchased a machinery way back in 2000 and now in 2012 I have purchased an INSURANCE SPARE and capitalised it. Can I claim Additional Depreciation on it ?

Dear,
I want to ask about section 54 of income tax act. Actually I am selling my house very soon so i want to ask what should I have to do to save my tax on capital gains resulting from difference in circle rates prevailed at the time of purchase and rates prevailing now?...
What is the time limit to invest in new residential property?
What is required tax rate?

In case of Commodity Derivatives Trading on a Recognized Stock Exchange..

1. What will be the turnover? Absolute sum of profit and loss on each commodity or the actual turnover?

2. Whether it would be considered as a Speculative Transaction or Non-speculative Transaction in light of proviso (d) to section 43(5)?