Karta of his HUF wants to make complete partition of the property and close down the HUF entity.

Can he make the partition at his discretion i.e. without following the percentage of the members?

What would be the tax significance in the hands of members?

What documents are to be prepared for making the partition perfect in the eyes of law?

A public welfare society has been registered under the registration of firms and societies act. society operates a school. school earns net income Rs. 235900/- for the financial year 2010-11. how much income tax liability will arise ?

I am working in a sister concern of closely held company (both are closely held companies) and having a total share of 10,000 which includes public, rights and bonus issue.

Now my parent concern is proposing to buy my share as per the details given below:

1. 50% of my shares (ie., received out of public and rights issue shares) at say Rs. 50 per share in this month.

2. Balance in the month of May - 2012 at the above said price.

3. There are some old receivables and if the same is collected before May - 2012 i will get a price of Rs. 10 extra per share.

Now my query is as follows:

1. Is it legally correct? (ie., the price can be settled in two instalments).

2. Whether the shares can be partly transferred for the consideration received.

3. What will be incidence of the tax in my case with point no.3 and with out point no.3.

Regards

Kalyan

sir
please give ur answer fllowing of these.

quries is:-

Traning Allowances/Teaching Allowances paid to the faculty members at different training institution of BSNL like BRBRAITT Jabalpur, NATFM Hydrabad , ALTTC ghajiabad etc. and DDO's(Drawing and Disposal officers )are deducting income tax there on at sources.
it may be confirmed whether such allowances is treated as special allowances u/s10(14)of income tax Act and refund is allowed by the income tax dept. for the amount of income tax already deducted by the DDO on such Traning Allowances/Teaching Allowances if specifically mention while submitting the refund.

I have purchased a house property in the joint name (me and my wife) I have paid all the money from my account and I am paying the whole EMI.

My querry is that can I claim 100% interest rebate from my income or it will be it will be divided 50:50. My wife is not claiming any rebate of home loan because her income is not taxable. Kindly resolve the issue.

I have sold a House property chargeable under IT act last month.
I wanted to invest the LT-CG gain in another HP. The new property will be handed over to me in 46 month as per builder plan.
I wanted to know whether the Down payment which is more than LT-CG (and 95% of the booking amount)will entitle me to claim exemption u/s 54 if IT act. Also if you can advice me on this.

Thanks

Dear Experts,

I want to know about below note..

it is also informed that the branches are not showing the set of transations in the tds statement where form 15G/15H has been submited by the depositers to the branches for non deduction of tds. please note that such transaction are required to be shown in the tds statements by flagging such transaction with appropriate flag (flag B) as provided in the form 26Q (refer annex - I)

thanks in advance

Our company is 100% EOU . To get the exemption, we have to receive the money in foreign currency within certain limit. Pls let us know what is the time limit . as per my understanding the earlier limit of 6 months extended to 1 year

thanks in advance

ITO ask me to produce cash flow statement in a case of cash deposit of Rs.1750000/- deposited in a saving account during the year in an individual assessee scritiny case where no books of account has been mantained.cash deposited by 10-15 times during the year on different dates ranging from 50000/- to 200000/-. what can i do and how can i prepare the cash flow statement.

we see the 'defaults' menu in tin-nsdl.com.

How to correct the same. Whats the procedure to clear all defaults.

Reply urgently.