Hello Sir
My client is a partnership firm, it formed in 1995. The nature of business is buying n selling land, construction of shops, complex and trading in that. The firm had 9 partners. But in last seven years it has no trasaction so the land standing in books as stock in trade @ Rs.18,00,000/- But today the market value is Rs. 1,00,00,000/-.
One of the partner is retiring and two new partners are introducing.
Now the problem is capital standing in the credit of the capital account of the retiring partner is Rs. 3,50,000/- but he is demanding higher amount.
so how i deal with this in income tax, as income tax does not provide computation for this as per my idea. so whether it is taxable or not. or there is no effect in the income tax.
In accounts i can do this by debiting gaining partner and crediting retiring partner.

Please guide

There was a case of Penny stock Shares Transactions, wherein shown as a LONG TERM CAPITAL GAIN, and shown as exempted in original return for A.Y. 05-06, however later on investigation dept on broker at mumbai in jan.06.

Broker given the statment the same was modus operandi.

Hence assessee declared the same as income and filed revised return and paid tax along with tax+int.

During scrutiny, same was accepted and levided the penalty u/s 271 (1)(C)after issuing a notice and given the reply.

can any one suggest on the same any case law / any same type of cases and how to handle the matter in CIT APPEALS.

THANKS IN ADVANCE

SHAM

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Dear All Experts,

As per Budget 08-09. Suppose, My Salary income is Rs.150000/- & my Short Term Investment (short term capital gains)is Rs.100000/- what is tax calculation for both Salary & Short Term Capital gain income? Give detail information.
Awaiting your valuable guidance.

Dear All Experts,

As per Budget 08-09. Suppose, My only income source is Short Term Investment (short term capital gains). In the whole year my income (short term capital gains) is within threshold limit or Rs.140000/-, then, will I liable to pay 15% tax on my gain or income?
Awaiting your valuable guidance.

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Thanks in advance.

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