One of my friend who is a housewife had rental income of Rs.60000/- in 2004-2005 and profit on shares of Rs.506841/- upto 30-9-04 and loss of Rs.150768/- during second half (from 1-10-2004 to 31-3-2005).

Most of the shares traded during the year were acquired (about 50%) through IPO in previous year / assessment year. About 30% of shares were acquired by transfer at market rate from friends who were employees in Issuer Companies and were allotted in employee quota. These employees were partly funded by granting interest free loan. About 20% of shares were purchased / sold from market through BSE/NSE. The tax was paid treating net income as capital gain.

ITO while assessing the case has opined that the trading in shares which has been done at frequent intervals is business and the profit thereon is business income and not capital gain. Pl advise with decided case, if any.

Kindly clarify the following
1.A 100% EOU receives interest on deposits ade with customs dept. Is it taxable ?
2. What about exchange difference income?

hi friends...!!!
i would like to know the due date for filing of return of charitable trust... pls answer

Dear Friends,

My query is do we have to file the return of the TRUST digitally i.e. e-Return

If my mother gives gift to her husband's brothers wife does it attract gift tax?

a coy is receiving rs.18000 p.a. of rent from sister concern for last 10 years on verbal agreement though market value is appx.6 lacs & ALV as per MCD is Rs.70,000/. AO is making the assessment at market value. pl. comment

Dear Friends,

My company has installed Captive power plant which produces the electricity which is captively used.

I want to know whether deduction u/s 80IA is applicable to us on generation of electricity as the fact is we are not in the business of power generation but we are forging manufacturer.

Kindly Solve.

Respected Sir,
I have filed e-return and after uploading I found that some wrong information has been submitted in General Information schedule.In order to rectify it I filed a revised return and now I have two ITR-V(original & revised)
whether I should submit both ITR-V to Department or only the revised one?

Thank You.

Is training expenses paid to external professionals and agencies to impart technical and personality development training to employees - when conducted in the company's premises - LIABLE UNDER FBT? IF SO GIVE DETAILS OF RELEVANT SECTION AND RATE APLLICABLE

Sir,

I am working in Pvt. Ltd. Company at delhi and residing on rental basis. I am claiming HRA expemtion under the salary head. Now I would like to Purchase house property in U.P. after taking loan from father and the payment of loan will start after 2 year. when he gets his aged about 66 year. my Quesation is are under : -

1. Can I the loan from Father ?

2. After 2 year I will start making the payment of loan with Interest, then I claim the exemiton of Interest under head Income from house property and Income the head Salary u/s80c?

3. Can I claim the both exemition of HRA & Interest Income.Because I am living in Delhi & my house in U.P. ?

Pls advise me, what is my position ?


Regards,

Baljinder Singh