Land is located in Green Belt. Green Belt is an area as per law where no building can be constructed.
(A) This land is sold at rates below circle rates.
Decide capital gains vis a vis Sec 50C.
(B) The agreement to sell the same land was entered at a price above sale rate but by the time sale deed was registered the circle rates rose higher than the contracted rates. The sale was concluded at lower rates. Will Sec 50C be apllicable?

Dear sir,
One of our client is selling the land @ 250/sqft coz his land is located at some LOWER ZONE, but along with a condition that if at any time the land zone upgrade than the builder/purchaser have to pay additional sum @ 250/sqft.
Now the Question arises that whether we have to Tax on Rs 250/- or Rs 500/- at the time of Trf.
as Capital gain accrues on the day of Trf itself.
2nd point, if i show sales value @ Rs 250/- only than later on the remaining sum will be Taxed @ 30%.
& if i show Rs500/- as sales value than CG will be taxed even i had received the sum.



i saw too many case laws regarding compulsory Acq. or Compentation received but didn't find the case law in case of Proper Trf of CAP Asset charging capital gain on Receipt Basis.
So please refer the case laws if any in this regard.

I am confused in filling up ITR-2. Please help me. I have a STCG of Rs. 10850/- (out of which Rs. 2386/- is in the period upto 15/9 & Rs. 8464/- in the period from 16/9-31/12. I have STCL of Rs. (-)23272/- in the period 16/3-31/3. So, I have a Combined STCL of Rs. (-)12422/-. Sales consideration is Rs. 247459/- & cost of acquisition is Rs. 259851/-, cost of transfer included. Please help me in filling 3&6 of B-TI, A,C&D of Schedule CG, Schedules CYLA,BFLA & CFL. I have a LTCG of Rs. 71649/- (Exempt income). Is it required to fill this value in 3 of B-TI & B of Schedule CG or is it sufficient to fill it only in Schedule EI. Please help. I also need to know, if I do not want to carry forward the STCL, do I still need to fill ITR-2 or I can do with ITR-1.

THERE IS AN AGRICULTURAL LAND WHICH IS WITHIN THE JURRISSDICTION OF MUNIPAL LIMITS AND THEREFORE A CAPITAL ASSET.

THE LAND IS SHOWN UNDER THE GROUP FIXED ASSETS IN THE BALANCE SHEET SINCE LAST FIVE YEARS.

THE LAND IS NOW CONVERTED TO NON AGRI LAND.
AFTER CONVERSION THE ASSESSEE NOW INTENDS TO DO SUB PLOTING AND SELL DIFFERENT PIECES OF LAND.

WHAT IS THE TAX IMPLICATION ?

CAN THE SALE OF NON AGRI CONVERTED LAND BY AN INDIVIDUAL BE TREATED AS BUSINES ?

IF YES IN SUCH CASES HOW WILL THE BREAKUP OF CAPITAL GAIN AND BUSINESS INCOME BE DONE ?

is TDS applicable on reimbursement of expenses at singapore by an indian Company. As per the agreement the company has to reimburse all the exps incured at singapore.

Is it legal to deduct all the Tax and paid in the last Quarter instead of paying in each quarter.Is there any penalty for non deduction in first 3 quarters and depositing all the tax in last quarter.

Facts of the case\;
1. Partner A is retiring from a Partnership firm XYZ & Co.
2. The balance in his capital account, as on date of retirement is Rs.2,50,000/-.
3. One of the continuing partner purchases his share of investment, in the partnership firm, for Rs.4,50,000/-, by paying this amount to Partner A.
4. What will be the tax implication for the additional amount of Rs.2,00,000/- received by Mr.A?
5. How does the continuing partner, who purhased Mr.A's share, account this in his books of accounts?

we found in tax credit statement that the AY has gone wrong year. how shall we rectify the same now

SUPPOSE WE HAVE GIVEN ADVANCES TO PROMOTERS AROUND RS 2 CRORE AND DEEMED DIVIDEND IS APPLICABLE CAN U PLEASE LET US KNOW HOW DO WE CALCULATE THE SAME AND WHAT IS THE TAX RATE FOR THE SAME.

THANKS

Dear sirs,

We have a HUF A/c and forgot cash withdrawl(in capital account) in June -11 which was Rs.7000/- per month. Can we post cash withdrawl Rs.14000/- in next month .i.e. in Jul-11 (For Jun. & Jul.).