A person received Rs 500000 for surrendering his tenancy of a godown from the landlord. What will be the tax treatment of this amount received by him. If relevant sections are also quoted it will be of great help.

What is the basic concept of Deferred Tax Liability/Asset? How it is arrise?

Also can anyone forward problems and solutions on Dererred Tax Liability/Assets to understand the concept.

Dear sir/Madam,

What is the basic concept of Deferred Tax Liability/Asset? How it is arrise?

Also can anyone forward problems and solutions on Dererred Tax Liability/Assets to understand the concept.

Thanks,

Regards,
Shrishail

My email id: shrishail.umaranikar@rediffmail.com

Under Sec47A of IT Act, capital gain on transfer between Holding & subidiary which were exempt under Sec 47 would become taxable under certain circumstances and it is chargeable in the year of such occurrance.

The question is who is liable for tax payment - Transferor or Transferree?

If it is transferor (assuming- holding co)and such holding co was aquired by another company, who will be held liable?

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?