Sec 50- Long Term Capital Gain-Short Term Capital Gain

Firm Purchased Premises in A.Y. 1977-78. Claimed Depreciation. Sold it in A.Y.2011-2012
Can I divide the said Asset in Land & Building seperately

As decided by the Bombay High Court :

Commr. Of IT Vs. Citi Bank N.A. dt. 23-04-2003

261 ITR 570 , 134 Taxmann 467

3. Can I substitute Value as on 01-04-1981 for Land for consideration of Long Term Capital Gain and Value as on 01-04-1988 for Building for consideration of Short Term Capital Gain. Being Sec. 50 has given effect

w.e.f. 01-04-1988

4. Any other view or Case Law for above fact.

Thanks

HELL & GOOD MORNING SIR

I WOULD LIKE TO KNOW THAT IF BUSINESS COVER UNDER 44 AD (PRESUMPTIVE BASIS)& HER TAX LIABILITY WAS ABOVE 10,000 DURING LAST F.Y.(2010-11).
IS HE LIABLE FOR PAYMENT OF ADVANCE TAX INSTALLMENT IN FOLLOWING YEAR ?

THANK YOU

My friend is an employee of govt. He gets quarter, but not residing in it and residing in a flat on a rent of its own. Can he claim deduction u/s 80 GG? He does not have its own home at the employement place.

Dear,
My cousin sister is about 28 yrs old. She is about to get married & she wants to transfer money possessed in her bank account to her mother as gift. can she be able to do that? if yes then How without tax implication on her mother for gift? when i discussed same with one of the financial adviser, he was of the opinion that on receipt of gift her mother may be taxed is scrutinized & found unsatisfactory by IT officer. I am deeply confused pls provide me some solution.

Compensation Paid to employee(Become Peronsal Disability) Whether to deduct Tds on Compensation paid to Employee

Dear Experts,

I am working in a pvt ltd company in accounts dept. i know tds but don't know how to file tds return
if it is possible please let me know the procedures of qtrly tds return (step by step) and best software name, by which i can submit regular tds returns so that i can secure my job to my current employer.

please help

Hi,

Scenario 1:
I have one query about warranty pack & its TDS deduction by our customer. When we buy a Cisco Enterprise Switch we buy two things one is product with 5% VAT and 1 Year or 3 Year Warranty Pack separately which will attract 10.3% Service Tax from the National Distributor in India.
Now customer deducts 2% VAT TDS on entire Product sale Value (Product + Warranty Pack) along with 1% IT TDS. So I want to know is it right or there is mistake happening from our customer. As per our knowledge both this sales are Product Sales only.
Scenario 2:
Sometime if we sale the HP LaserJet printer it comes with 1 Year Warranty customer says give me additional support pack for more two years, so product has on-site support for 3 years. So our invoice will have 1 year product and additional support pack for more 2 years. So how this matter need to be handled by the customer in terms of TDS is concern.
Please guide us on this matter, and let us know if any notification or any gazette is their then what is the No. of that.

Thank you in advance

Keshav Shikerkar,
Network Experts, Goa
09822121443, 0832-2731899

PLEASE EXPLAIN THAT IF WE AVOID THE FOREX GAIN INCOME FROM P&L , IS IT WILL AS CONCEALED INCOME OR NOT. PLEASE CLEAR MORE.

HI
RESPECTED MEMBER

I AM LITTLE BIT CONFUSE REGARDING TAX AUDIT LIMIT OF WORK CONTRACTOR WHOSE TOTAL TURNOVER OF RS. 1 CRORE BUT OUT OF THIS MATERIAL AND LABOUR BOTH INCLUDED.

1. IF SUPPOSE IN BILL VAT NOT CHARGED SEPERATELY AND SERVICE TAX CHARGE SEPERATELY.

2. IF SUPPOSE BOTH CHARGE SEPERATELY.

PLEASE CLARIFY ABOVE BOTH SITUTION.

THANKS
IN ADVANCE

I had purchase a house and taken loan amounting to Rs. 525000/-. I had paid housing loan interest of Rs. 32043/- out of which principal amount is seperat.But in the ITR - 4 in which section we should mention amount of Rs.32043/-. He is individual person.