in my family there r 4 demat a/cs -(1 of my mother,1 of my father,1 of my grans ma, 1 of me) .of the above i have to mtain only 1 a/c(either my mother /father/my).others i have to close b/c of amc or other mtance. problemsi have no earning as such but my father/mother/grandma has taxable income.wht strategy should i adopt so tht it becomes tax free?

grandmother's shares----(as a gift to me or my father) since relative(as per income tax act in sec 56(2)(vii)).

mother's shares -----to me

fathers share --to me

whether any clubbing provisions apply since i am major son & there r no clubbing provisions regarding major son in the act?

but if my father transfer to my mother there wil be clubbing provision.

consisdering all permutation &combination give me the best advice.

Motor Vehicle Dealers are required to file AIR return??

Whether limit of Rs 1,00,000 in case of AIR is for the particular transaction or for series of transaction during the year??

CA Club India is a very useful platform where people can share ideas and seek advise from experts.
However often it is noticed that the advise of expert does not answer the seekers, yet the question is set 'resolved' and it is closed. Sometimes it seems that the expert was not able to understand the question or he was not well aware of the matter being questioned. be it because of the lack of knowledge or expertise or lack of seriousness to the question or his role of an "expert", such practices defeat the very purpose of people interacting on CA ClubIndia.
My appeal to experts is that... please don't reply to a question without understanding it well, and please don't reply if you don't khow about the issue or can't understand the question itself.
Please remember giving a reply only for the sake of saying something or to earn "Hall of Fame" is not the pupose of the person questioning... the seeker wants help... a real help...

We received Interest on Fixed Deposit made for issuing BG for Earnest Money for A contraction Project. Now there is question whether interest on fixed deposit should be less for project cost ( From Wrok in Progress) or it is treated as income from other sources. What implication under Income Tax.

1) Mr X has is in the Indian Navy. He has got Rs. 5000 p.m as Technical allowance (ie. Rs. 60000). What is the exemption limit of Technical Allowance in this case? Or is Rs. 5000 p.m fully exempt.

2) Mr X has also recd. Submarine Allowance Rs. 14000 p.m (Rs. 168000). What is the exemption limit for submarine allowance recd. ?


Please reply...its urgent.

MY CLIENT HAS TURNOVER OF RS 1.00 CRORE FOR THE YEAR ENDED 31.3.2010
BUT UNFORTUNATELY FAILED TO GET ACCOUNTS AUDITED WITHIN TIME . NOR THE ITR HAS BEEN SUBMITTED TILL DATE
WHAT IS THE SOLUTION TO AVOID PENALTY UNDER SECTION 271 B

Dear Sir
My doubt regading the salary structure of a company. The company pays basic pay , DA , HRA and Pf etc and debit to salary and wages account. But in addition to that it also pays aum of Rs 25,000/- p.m as reimbursement of conveyances and reimbursement of house rent to some of its employees and debited to other expenses head like reimbursement of house rent and travelling and conveyance head.
Is this treatment is correct ?
and what are the consequences for violation of law .?
Please Guide me.
Regards

Hi, If a loan is taken for purchase of a capital asset ( Land), can we include the interest and other charges paid for the loan as part of cost of acquisition and calculate Short Term Capital Gain accordingly?. The land is taken by an individual assessee and the same was sold within a period of three years and hence Short Term.

Sir
i am a contractor in a company previous year company has deducted my tax around 23000 but tax credit statment show only 14000 so how can i revised it my company don't want to revise his return .
dasrath