We have a piece of plot owned through inheritance from Great Grandfather. The present plot was tranferred in the name of my father in 1994.Now we like to dispose the plot , at the same time seek to be benefitted under the capital gain tax. Kindly advise in context of the following :-
(1) Can I show the sale realisation to close home loan already running in my name; the logic being that the realisation has come from ancestrol property and I being the inheritor of the family stand to have my share out of the ancestrol property. Also , if any tax possibility under capital gain can be used to nullify home loan prior to gain under capital gain
(2) If not (1) above, then apart from investing the sale proceeds into another house what other option could be there to nullify the tax under capital gain
(3) It is to be mentioned that the govt rate will be Rs 220.00 per sq ft and sale deed shall be on the same value.

Hi,
I have a question regarding taxpaying. I have lost my father last October 2009.He was a retired person and he filed his return (thought he had no tax to pay).

Now with his sudden demise,my mother has received a lumpsum amount of Rs 1.5 lac from LIC Varistha Bima Yojana & an amount of Rs 1.09 lac from Employees Provident Fund & now she receives a regular income of Rs 545 as monthly pension from EPF.Other than this she receives some minimal amt as dividend from shares which are in the name of - [a]my father only [b] my mother & my father both.

My Mother is a housewife.And now with my father's demise will she be required to pay tax?If her income is taxable for this year & then not taxable in the next year then does she still hve to file return next year also. Will the 2 lumpsum amt that she has received from LIC & EPF be taxable? Is there any manner by which I can save tax ( as she is financial not strong)?Please suggest some investment option for her keeping in mind that she has a studying son(for which they may need maney soon) & a married daughter(ie me). I have heard some investment option-

[a] MIS - but there the money will be for 6 yrs & penalty will b there if I withdraw before 6 yrs but MIS is exempt from tax?

[b] FD - but it is not tax exempt?

I need to know about investment that will not have a long duration & also be tax exempt.

I will be highly grateful if someone reverts me back with suggession as I am totally confused.

Thanking you
Anjana

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i m an article Assistant of ....co. in ludhiana but i m from distt. bathinda which is 135 km away from Ludhiana .my parents 's financila & healty condition do not permit me stay here so i want to tak transfer from ludhiana to bathinda

is it a justifiable reason

plz guide me

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Dear Members,

Please share your opinion with reference to practising professionals ( Doctors, Lawyers, CAs, Architects, etc. ). Whether there is any concession in the initial years of practice to such professionals ?

I have come across a DDQ of the Profession Tax Act, which says that two complete years of practice are to be excluded.
[ Case ref. : Shri Rameshchandra Shankar Jadhav, Sangli ; Case No. PTQ-1178/Admin-5/39/B-3 dated 01.01.1979

Opinion is solicited from the members in this regard.

Dear sir
As we all know a vacent plot of land is taxable asset under wealth tax..
my quiry is that i have purchase one plot of land in 1995 and know i have to file wealth tax return......
for this i have to mention the value of the plot in the calculation of total wealth......
So which value i should show is it the purchase cost or the current market value certified by the valuation officer.......
if i need to get it certified by the valuation officer who will be the eligible valuation officer for the same....
kindly reply early its urgent......

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