Sirs,
During fy 2011-12 I transferred 8 lacs to my wife's account(by selling an urban orchard land) and bought an agricultural land in her name only. I really intended this transfer as gift to wife. My first question is whenever the land is sold capital gain will accrue to her or me?
Subsequently, during fy 2012-13 I transferred Rs 19 lac to my wife's a/c and purchased a res. flat in our joint name. This money was received by me by selling a vacant urban land. I am going(intend) to claim exemption u/s 54f for waiver of capital gains tax. My second question is in order to get 100% exemption should I show the said transfer as gift to spouse or interest free loan to spouse?
My third question is in general from taxation point of view which is beneficial-loan to spouse or gift to wife ?
Both me and my wife are preparing to file our tax returns for AY 2012-13 and 2013-14 shortly.Please reply very soon.

THANKS!

Sir\Madam, I am student registered under IPCCourse i have already passed Group1 of ipce now i am preparing for group 2 but i am facing difficulty as my articleship office time clashes with the coaching institute's time which i am currently studying with.Moreover article training time is so hectic that i barely get time for self studies,i seek your expert advice on this matter Regards, Pranjal mittal

I want to know when I can know ipcc may 2013 revalution result ? I applied online on 9th august, 2013.

Hi,

Someone may please see the following and if possible, give reply:

Query 1

Which is the appropriate field in Form ITR-6 for filling ‘Loss on sale of Land’ in P&L?

Ans : ………………..


Query 2

Which is the appropriate field in Form ITR-6 for filling ‘Investment in Land’ in BS?


Ans : ………………..


Thanks in advance for your replies.

hello sir ,my registration ipcc through direct entry scheme and ijoin articleship in 12th august 2013. can i attempt may 2014 ipcc examnation.

Pls give me different between advantage and benefit with example...

an assessee is engaged in rendering professional services and his taxable income is below Rs:-200000 and he always gets refund of tds deducted on his professional charges. can he apply for lower/no Tds rate deduction u/s 197?

Sans
Can you one please let me out of this doubt.

Well we are planning to float an Audit firm. Can any of us hold a proprietory firm registered under his name with the institute?
Also that can we apply individually for some audit assignments of our own apart from being a partner in a firm?
Please clarify about the full-time partner issue which the institute has been raising recently.

-Regards
SARMA

Subject: Clarification on TCS to be collected on sale of Coal u/s 206C (1), whether applicable at the point of first sale or at the point of all re-sale

As per the amendments inserted by the Finance Act, 2012, w.e.f. 01-07-2012 it is stated “that every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, collect from the buyer of Minerals , being coal or lignite or iron ore , a sum equal to One percent of such amount as Income Tax in accordance with the provisions of 206C(1).”

term “buyer” in section 206C is defined to mean “a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table referred above or the right to receive any such goods but does not include : (i) a public sector company, (ii) a buyer in the further sale of such goods obtained in pursuance of such sale, or (iii) a buyer where the goods are not obtained by him by way of auction and where the sale price of such goods to be sold by the buyer is fixed by or under any State Act.


For the removal of doubts, it is hereby declared that the provisions of subsection (1) shall not apply to a buyer (other than a buyer who obtains any goods from any seller which is a public sector company) in the further sale of any goods obtained under or in pursuance of the sale under sub-section (1).


Now the debate lies that whether the TCS will be collected from the buyer at the point of first sale onlyi.e.by the Coal companies (Coal India & its subsidiaries) from the Wholesales/Retailers etc. Or whether the TCS is applicable on the re-sale also(on each point of sale).

Kindly support your answer with relevant circulars/notifications.

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