Hi, i want know that whether any expenses on which TDS paid from own pocket on payment to to a non resident is allowable as deduction or not.is there any case law if expenses will disallowed.

My father holds a independent House in Karaikudi (Tamil Nadu).He wants to sell it and with some additional amount [which I am arranging through a home loan] wants to purchase a flat in Chennai.I want to register the flat jointly in the name of myself and my father.
Can he avoid Wealth tax and I get Tax benefit together for the same? What are the total tax implications for the above transactions?

An Assessee has sold residential house.Due to his severe illness, he purchased a new residential house in the name of his wife.My question is that whether he can claim deduction U/s 54.Whether there is any High Court/ Supreme Court decision on this situation. Please quote the relevant one.

we are a proprietor firm & C&F agents.we hire transporter to carry our goods.Every month we receive bill from transporter.we pay him through cash or bank.I want to know whether we have to deduct TDS as payment to transporter is above RS 20000 every month.i also want to know if transporter quote his PAN NO then whether we have have to file nil quarterly return of TDS.

Hi

If a individual filled income tax return in 2007-08 (AY 2008-09) but there is by mistake for which PAN number mentioned and the Income Tax department send a letter u/s 272B (which is penalty not less than 10000)
Can anyone give suggesstion what can do the Assessee?

Can he filled the revised return or any other option that he can do?


Thanx & regards
Anirudh

we have purchased licence of Sonic wall for one year.

please advise whether TDS is to be deducted , if so what is the rate of tax.

Hi,

Last year my mother bought a house in Faridabad. My mother and me are the joint borrower for the home loan. I am not the owner or co-owner of the property. I have only salary income. However, I am the borrower in home loan and all the EMIs are paid by me. The bank issued a certificate in my name and my mother.

Can I claim deduction for the home loan interest & principal @ 50% or Nil.

I discussed this issue with some CAs who are in practice but not able to find a consensus.

Could some one help me with the reference/ circular to resolve this issue.

Thanks in advance.

Regards,

Piyush

If a company tranfers the term loan from one bank to another bank for getting term loan at lower rate of interest,
1.Can the comapny capitalize the expenses incurred for new loan and write off during the period of new term loan?
2.Can the expenses for pre-payment of previous loan be written off in the balance period of loan?

As per Income tax act,A BOI is taxed when any joint income is received as a separate entity itself.Suppose in this case, there is a property is jointly owned and rent is taxed as BOI Entity..But later on when such funds are transfered to respective member as their share..what will be tax effec ? Would be again taxable in hands of those individuals..Or it would be exempt in the hands of member/individuals?

In case of transaction which are covered U/s 49(1), i.e. gift

if my parents gifted me a land on 1.1.2000 which they purchased on 1.1.1980, for Rs. 100000. (FMV on 1/4/1981 is 150000)

I sold that land on 1.1.2010 for Rs. 1000000

as per my point view i ll claim indexation from the date when asset was first held by me. i.e. 1.1.2000

but as per Vinod Gupta book of CA Final he claimed indexation from 1.1.1990.

what is correct method and valid for CA Final exams.