Dear Sir,
One of my client is receiving property rent around 18 lacs p.a. And he wants to divide the income between him & his spouse and also to divide the taxation between each other as the property was purchased by using the funds belonging to both of them.
But the property is registered in the name of one person only and the division of property between them will require a lot of registration expenses which he wants to save.
Sir, what will be the best way to solve it

author : deepika
Posted On : 9/9/2008 11:58:38 AM
hello to all,

I wanted to know whether surcharge on FBT is aplicable to all irrespective of amount paid on FBT or profit of an company.


its Quiet Urgent..................




Expert : rohit
Posted On : 9/9/2008 12:36:51 PM
Hi Deepika

For Company & Partnership firm the rate of FBT is 33.99%(i.e. IT+SC+EC) irrespetive of the amt of Fringe benefit or its total income.

CA Rohit
Surat



Expert : CA Rajesh S
Posted On : 9/9/2008 4:20:33 PM
SC IS applicable irespective of profits





Answer: Surcharge Is Applicable If Value Of Fringe Benefits Exceed 1 Crore in Case Of Companies.

Therefore, Tax Rate Will Be 30.90% Or 33.99% Depending Upon Value Of Fringe Benefits.

Experts Are Giving Answers Hurriedly Just For Sake Of Earning Points And Thereby Misguiding Others.

we purchased computers on which vat was levied .
can we claim credit over such vat amount

or if it cannot be treated as as credit
can we claim as expenses

Dear Sir,
In the case of Partnership firm as on 31-03-2008 partnership firm was dissolved and partnership firm converted into proprietorship firm and retiring partner has received his share in cash exceeding Rs. 20000/-.
I want to know that whether contuining partner(proprietor) can paid cash to retiring partner. I also see section 269ss and 269T but can't get any clue.

Hello,

Pl let me know if the construction period of a builders appartment can be considered for calculating the mandatory holding period of 3 years to qualify the asset as long term capital asset. For example the apprtment was bought in Nov.06 with Bank Loan and the construction got completed in Nov. 09. Possession is still not taken and units is not yet registered in my name.

I intend to buy another under construction house property after selling the present one in Dec.09. Interested to know whether I can get the CG Tax exemption on the profit made on the first house property.

Thanks in advance for the suggestion.

a civil contractor paid to an agent rs 137000 for drawing the structure of buildings.

please tell me the applicable tds rate? can i treat it as a sub contract..?

Hi Experts,


Its with regard to Manufacturing 100% EOU compnay. They have deducted the TDS amount from the transporters of goods U/s 194 C. But failed to remit the same..and no return has been filied...

Could you please tell me what is the penalty for non remittance of TDS amount and non filing of E-TDS return...and section reference...

Is TDS to be calculated on Basic amount inclusive of Service tax or just on the basic amount.I m aware that TDS on rent is to be calculated on basic amount exclusive of Service tax.What abt other TDS payments?

the company in FY 2004/5 was having block of assets building @10 % depreciation with opening wdv say rs 100.
during the year comapny was demerged and part of block of assets transferred to the other company say rs 70.
So balance rs 30 remained as wdv of the company which consisted of only few residential flats which at end of the year the comapny showed as residential building and in effect transferring from building block @ 10 % to residential building block @5%.
was the company right in doing so or should it have retained it as building block @ 10 %.??
the comapny has since filed IT returns for the next few years and can it change back to building block @ 10 % showing previous transfer as a mistake??
keeping in mind that the residential flats were purchased long ago and at that time had been shown for non residential use.
IS it the nature of the building or the use to which it is put that decides if it is residential or non residential?

What is the taxability of amounts received after maturity from investments made under section 80C?