The company has block of assets as residential building.it consists of 3 apartments.
Value of blaock of assets is say 100
During the current year company has sold one apartment say value is rs 400.
So there is deemed short term capital gains of rs 300 as per section 50.
Now company is purchasing one apartment of rs 400 so as to set off short term capital gains.
If for any reason the new apartment purchased is not put to business use can the ITO disallow the asset to be included in the "block of assets" and hence resulting in short term capital gains?
Or is it that ITO can only disallow depreciation on the new asset but inclusion in "block of assets has to be allowed??

I had purchased a land in 2003 and have sold it in sept 2008. If I buy a residential house by the capital gain amount and let it out, will I get exemption under section 54F

can an individual partner sign more than 45 tax audit files but within the limit of firm's overall limit. that is if there are 2 partners can one partner sign 90 and other partner 0. Pl. clarify.

thanks

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..................

Dear Sir,
Suppose Company has a car using for official purpose by Our GM and on his retirement car sold to him under car policy of Co.
WDV of Car as on date of sale Rs.400000/-
Sale value recovered from GM Rs.200000/-
There is loss of Rs.200000 for Comapany.
Actually Mkt value may be more the sale price.
Whether this transaction covered in the ambit of FBT liable for Company

Hello,

I would like to know what is the rate of withholding tax while making a payment to a consultant based in UAE for services rendered in India?

Under what head would the tax be paid since the consultant does not have a PAN no or account in India?

Thank you.

Anwar

i need clarification from income tax act w.r.t writeoff of a asset which got destroyed in fire during the PY.can the asset WDV written off completely?

We buy boats . . Average life of the boats is 2 to 3 years. . We import that specially for sporting purpose . .
Boats are not usefull after 6 months for any championship tournaments. .
We can use that only for training purposes . .
That too cannot be used for practising for tournamets. .
We import every year . With concession of customs through yatching association of india . .
We are a registered society
Our bylaws silent about capitalization
Why cannot i take buying of boats as revenue expenditure
Depreciation rate prescribed by income tax department is not in logic
Please somebody solve this with reference
Whoever answers keep this as open query
Also mention if there is any caselaw regarding this

We buy boats . . Average life of the boats is 2 to 3 years. . We import that specially for sporting purpose . .
Boats are not usefull after 6 months for any championship tournaments. .
We can use that only for training purposes . .
That too cannot be used for practising for tournamets. .
We import every year . With concession of customs through yatching association of india . .
We are a registered society
Our bylaws silent about capitalization
Why cannot i take buying of boats as revenue expenditure
Depreciation rate prescribed by income tax department is not in logic
Please somebody solve this with reference
Whoever answers keep this as open query

Hi Experts,
My company manufactures auto parts, but recently scraped and sold Rotary table (made inhouse from iron sheet cuttings could be waste) to one of its creditors and that creditor uses it as its asset, whether TCS is applicable, Rotary table was never capitalized.But,let me explain, the creditor does job work of machining for us and he uses it as its asset for placing machinery over it and our unit is excisable, how can we treat,we have shown it in excise records as scrap (1) if we treat it as scrapping of old asset (2) selling of new asset developed out of scrap and fresh material(3)developed for own use but considered unusable and sold, Please give opinion with discussion.