IS additional Depreciation allowable for machinery for AY 2008-2009 ? If yes what is the percentage for additional depreciation for the year ended 31/03/2008.

Assessee has recieved 3000 USD after sufference of tax of 900 usd towards TDS.The same is towards Royalty which the university pays to all the students who had developed the product and hold the patent.Assessee was a student in USA and has since returned and is now a salaried employee in India.


Is the amount ;

1.Taxable in India.
2.If so , under Salary or Other Sources.
3.How to claim TDSA credit as TAX Identification Number of the university is not available on the form which has been received.This needs to be mentioned in ITR 2.Details of Tax Paid.
3.Amount was received in november 2007.
4.If not taxable , should it be disclosed as Exempt income.

can u please tell me what is the new in this budget for F/y 2008-09 regarding minor's income

Dear Sir,
I intend to sell my flat in New Delhi after 5 years of ownership. During this process, I shall be making profit from my investment which will come as long term capital gain. Would I get any exception on tax liability on capital gains, If I invest my profit earned from selling this property for the purchase of a land for residential purpose?
I seek clarification on this matter pl.
Regards,

Hitesh Malviya

A person has raised loan from bank to finance the purchase of a flat. The amount is payable to the builder in installments based on progress made in construction. Registration of the flat will be done in his name after he pays 90% of the purchase price.


The person has paid 75% of the purchase price to the builder till 31 March. The bank has charged interest on the loan amount drawn. Since the person has paid only 75% of the total purchase price the flat is not registered in his name yet.


1)Can he claim deduction u/s 24 for interst paid eventhough the house is not registered in his name?



2)If the answer to above question is 'No', is it possible to claim deduction for interest paid before registration, during the financial year when the registration takes place?

do we have to deduct tds on directors sitting fees payable to a NR? if yes at what rate of tax? substantiate if full time director?

I WANT TO KONW THAT TDS SHOULD BE DEDUTED OR NOT ON INTERNET(BROADBAND) CONNECTION( NOT ON TELEPHONE LINE)FROM VSNL ( A TATA GROUP COMPANY) BILL PAYMENT/CREDIT?
PLEASE GIVE SECTION CODE AND CASE IF APPLICABLE?

1) Is there a distinction between revenue and capital expenditure for making TDS?

2) Do we need to make TDS for provision made during the year (for e.g., audit fees)?

3) What is the consequence if TDS is made without applying for TAN?

Two people invest money as follows:

A invests Rs.10 lakhs in cash to purchase a piece of land but takes his brother B as joint holder in the registration though B does not invest anything for the land at the time of regn.

Later B takes a housing loan based on his income for Rs.13 lakhs taking A as a co-applicant for the loan but without any liability. A and B invest 4 lakhs cash each to build a residential house on the said land. Their total investment is as follows
A Cash for land 10 lakhs
cash for building 4 lakhs

B Loan for building 13 lakhs
cash for building Rs.4 lakhs

The property fetched a rental income of Rs.20,000 of which RS.15000 was appropriated by B towards his loan every month and Rs.5000 taken by A.

Seven years later the said property is sold for 80 lakhs and the loan of B was repaid in full. The market value of a similar vacant land at the time of sale is 5 times the original purchase price. Balance Loan of A is around 10 lakhs.

My question is how will the sale proceeds be distributed between A and B and the amount of Capital Gains liable by each?

Since the land value has multiplied five times and B has already taken a substantial amount of the returns on the property for appropriation towards the loan Principal and interest, Can A claim that the original investment in land was made by him and the it is the value of the land that has increased while the building actually depreciates over time.

for EG. Land value at the time of sale Rs.60 lakhs to A
and

Balance being value of the building Rs.20 lakhs in the proportion of their investment in the building after setting off the balance of the loan of Rs.10 lakhs. Then both are entitled to Rs.5 lakhs each.
But even then they have not shared the income from property equally. Will B have to repay a proportionate amount of the rental received over the past seven years? Then B's share will again reduce substantially.

Since this is a very tricky situation, I would appreciate an answer that should be substantiated with some legal facts.

Dear Memebers,

If an employee leaves the job by not serving the full notice period then salary equivalent to shortage of notice period will be recovered from the employees salary. Will this amount be deducted from the total salary paid by the employer in the Form 16 sent to employee. Can an employee show this amount recovered by employer as deduction from salary income in the return to be filed with Income tax department.

Reagrds,
Sridhar J