Sir,
I want to ask that if proprietor of a shop, creates HUF then,
1. Whether he has to change the name of the firm?

2. Whether after creating HUF, he would file return with his own PAN number as individual or through HUF PAN number?

3. Whether he can file nil return as indivdual and pay taxes as HUF?

Thanks & Regards
Kanhaiya Garg
CA-IPCC
Nangia & Co.
Dehradun

If there were 5 partners in a firm(XYZ) say A,B,C,D,E. The assets & liabilities of the firm before retirement was as follow:-

Asset side: land of rs. 1 Crore

Liab. side: all partners have capital of rs. 20 Lakh each i.e. total rs. 1Crore.

there were NO CASH & BANK BALANCE with the firm.

Now A,B,C wants to retire. In consideration they will receive portion of land amounting to rs. 20 lakh each
i.e. land of rs. 60 lakh will be t/f to retiring partners & which amounts to capital gain to the firm e.g. cap. gain is rs. 6 lacks.
all the partners have a settlement that cap gain will be bear by retiring partners i.e. A,B & C will have to pay Rs. 2 lacks each to the firm.

Now my question is how we can make the entries in books of accounts of firm so that no tax liab exists for firm and the balance of retiring partners i.e. A,B & C will also be nil (Capital A/c as well as Loan A/c).

Hello

Can you please explain me the proceduer to transfer immovable property from a father to daughter and also all statutory compliances, if any to be satisfied. Also please let me know the total taxes involved like stamp duty, VAT(if applicable), or any other tax...

Thanks...

Sir,

Recently, i have purchased a new flat in Apr-2012. Now in coming months,I may be transferred to some other place. Therefore, I am thinking of selling the flat which i have purchased in Apr-12.

One of my friend informed me that if I will sell the flat in the First year of purchase i.e., before Apr-13 than 30% Income Tax will be liable under the Category Short term gain etc.

Sir, my question is that what type of taxes i have to borne if i sell my flat within one year and after one year of purchase the flat.

Thanking you in anticipation.


Regards,
Sanjeev

Dear Expert,

I have the following queries:

1. Where assessee has registered himself for service tax even though his turnover has not crossed 9 lakhs, whether service tax is applicable owing to the fact of his registration? Whether returns has to be filed even if service tax is not applicable?
2. Where assessee is in the first year of operations and crosses 10 lakhs of threshold limit of charging, say 11 lakhs, whether service tax is chargeable on 11 lakhs or on 1 lakh only?

any one give me the notes Or guidelines, something Technical on the subject of "bank Concurrent Audit"
Becz i m fresher i have dont any experience at all. form some days i am going to bank for conc. audit, but i dont know how & what to work there is no any experienced person with me .


Please Help me .........

Can anyone help me out with the detailed procedure and resolutions for the appointment of Whole time Directors of a Private Limited Company.
Thanks

Dear Expert,
A Pvt Ltd co. purchased a land for Investment purpose.

During the filing of ITR where it should be appeared.

In ITR Under the Head of investment only securities is given.

SIR,

PLEASE SUGGEST ME HOW CAN I CHECK ONLINE STATUS OF THE SHARES OF MY UNLISTED PVT LTD COMPANY

how can i calculate capital gains tax on sale of land with building and machinery ? when DLC value of whole Property is 43 Lakhs( including Land Machinery & Building)