what will be the treatment for sale of one of the 4 flats build on a plot of land by demloishing previous one storeyed building? whether cost of demolition of previous house build be added in cost of acquisition/improvement? and how do we arrive at cost of one flat sold in May 2010 out of four flats constructed.Also whether Indexed cost of acquiring land be added to cost of construction of four flats and thereby taking 1/4th propotionately thereby for cost of acq/cons/improvement for one flat sold.?

Dear sir, please guide regarding the provision of Trust, which is accumulating more than 15% of its receipt by taking permission of AO in form 10. whether the trust is compulsorily required to make investment in the scheme specified in sec 11(5) all the money accumulated, despite of its construction work going on. For eg. the accumulated sum is 4cr. for march 10 and expense incurred for the purpose is 1 cr.??? whether 3cr. will be treated its income before the expiry of specified purpose if not utilized!

M/S “M” Pvt. Ltd Co. having three directors Mr. A, Mr. B &C (Indian resident) wants to appoint Mr. D (non resident) as director. Mr. D is employee of M/S “L” of Switzerland.

M/S M Pvt. ltd is in the business of repairs and maintenance and supply of parts of Machinery. M/S M Pvt. Ltd purchases more then 90 percent of parts from M/S L of Switzerland. M/S M Pvt. Ltd does majority of repairs works in India and supply of parts is of Machinery supply by L to Indian markets. Some times M/S M Pvt. Ltd billed to M/S L for repair worked done on behalf of M/S L (machinery under warranty period).

Whether the transaction between M/S M Pvt. Ltd and M/S L of Switzerland is international transaction under chapter X i.e. Section 92 etc before appointment of Mr. D or after appointment of Mr. D? What care should be taken?

If any person staying in house at mumbai on a rent basis (bcoz his office situated in navi mumbai), and he is claiming the HRA deduction.
Now he purchase a house at kolhapur,
then can he take the housing loan & principal amount deduction along with HRA deduction.
In this he can get HRA and Housing Loan exemption Both.
But what about if he lives in same city where he has home for which he has taken a home loan.

kindly suggest

Can, any one tell me, what are the tax benifit under Income tax Act 1961, for donations to an Trust (charity purpose) or society ? which more beneficiary for an Individual or company etc.

and procedure to open an Trust ?

If a proprietory business has been converted into partnership firm,whether capital gain tax will be levied or not?

Dear Sir/Madam

We sold charcoal scrap for Rs.1lakh weather any tax applicable or not?

I have puchased a flat in 2005 for Rs42 lakhs and Rs20 lakhs was financed by Bank.I got the property registered for Rs.28lakhs in 2006. I have purchased one more flat in 2008 (registered in 2009.) Now, I am willing to sell the flat for Rs55 lakhs and would like to clear the loan of Rs 20 lakhs taken in 2005 and would like to use the remaining balance of sale proceed to clear the loan of new flat which I purchased in 2008.

My question, Do I need to pay Capital Gain Tax on the sale made? If yes, then what amount do I need to pay.

regards,
Kaushik

IF AN INDIVIDUAL HAS ACQUIRED THE PROPERTY UNDER WILL(BOUGHT BEFORE 1981) AND GET IT MUTATED IN HIS NAME IN 1995 AND IN ABSENCE OF COST OF AQUASITION,IS THEIR ANY DEEMED COST VALUATIO METHOD IS THERE OR WHAT VALUE TO CONSIDER ,PROPERTY SOLD IN FY 2010-11

A person is employed in UK since July 2007 with a software company. Company in UK is a branch of an Indian company. During the F.Y. 2009-10, the said person received salary in India as well as in UK from the same company. UK branch has deducted income tax at source on salary received in UK as well as on salary received in India and has issued Form P60 to him. Form P60 is something similar to Form 16 which is issued by an employer in India. Indian company has also deducted income tax at source on salary paid in India and has issued Form 16 to him. This has resulted in double taxation on salary received by him in India. Can he claim relief u/s 90 of the Indian Income tax Act. During the F.Y. 2009-10 he has been out of India for more than 182 days. His status is that of a resident but not ordinarily resident.