I have a house property and invested in new house which is under construction by a reputed builder with an estimated period of construction 36 months. Agreement to sale is signed by the builder. As per section 54 F, I need to invest within 3 years of property sold to get Long term capital gain exemption.

What will happen if constrcution is delayed and physical possession is given after 36 months of sale of my previous property. Will I be eligible to Capital Gain Tax exemption.

I have a house property and invested in new house which is under construction by a reputed builder with an estimated period of construction 36 months. Agreement to sale is signed by the builder. As per section 54 F, I need to invest within 3 years of property sold to get Long term capital gain exemption.

What will happen if constrcution is delayed and physical possession is given after 36 months of sale of my previous property. Will I be eligible to Capital Gain Tax exemption.

An Individual has a self occupied property on which he is getting deduction under section 24 and 80C. The intt left is very nominal. Now he want to purchase another property (deemed to be let out) by availing a new home loan from some bank. He wants to get intt deduction u/s 24 and 80C for the new home loan. Is it possible? I want to know whether he can get deduction u/s 24 and 80C for the intt of the Ist house or for the IInd house or for both.

I have created FVU files by using a software for Form 26Q for my corporate and non-corporate clients.I have also generated a form 27A signed by the resp. client. My question is whether it is possible for me to directly e-file the return from the website. If yes, then please tell me the procedure or I have to go to Tin Facilitation centre.

I was working in 3 diff. cos in the last financial year and left all of them without any revieving order , form 16 etc.. no tax was deducted any where .

Now i need to file return for the salary i earned in the last f.y, i dont have form 16 nor i have been deducted tds.

Help me to file return

Suppose if gold or silver ornaments are purchased by an Individual then it is to be shown under Investments or under drawings?

Dear All,

STT Paid on Sale of Listed Securities(Shares)by an individual not being speculation business if it arises to short term capital gain STT paid on such sale of securities(shares)can we cliam as expenses incurred on sale of such shares.
And in the same way while of purchase of the same will STT paid added to the Purchase Cost of such purchases.

Please get me clear picture sicne if it is speculation business we can claim 88E Rebate up to A.Y 08-09. but if it is capital gain what will be the treatment of STT paid on such transaction.

Regards,

Mallikarjun

Sir,

Ours company is Ltd but not listed. During the financial year(2007-08) we purchase Interior Rs.10 Lakhs in cash. As per sec 40(a) no payment is made in cash more than Rs. 20k. In this way our asset purchase is allowable(capital asset) or not. If allowable can we claim depreciation. Please give advice in this thing.

Future & Options Profit to be soon under which head and when it become liable to Tax Audit and if yes when

Hello Mr. CA.Ramesh Ahuja,

Thanks for your reply for my querry dated 19/7/08.

Further to my first querry- what do you think about a partner in a partnership firm? is he an employee for the purposes of FBT? Does the FB or deemed FB as per chapter XII-H enjoyed by a partner/ Managing partner will atract FBT in the hands of the firms.

Actually, the term 'employee' has neither beeen defined in chapter XII-H or anywhere under the Act.

The "guidance Note on Audit of Fringe Benefits under the Income-tax Act,1961" issed by our CA Institute takes the help of the obsevations made by the Hon'ble Supreme Court in Ram Prashad v. CIT(1972) 86 ITR 122(SC).

pls give your opinion...

Thanks and Regards,
CA.R.Tharangini