what is reverse mortgage?

as per new sec. 36(1)(15)
deduction for STT paid is allowed
Is it allowed only for asseesses carrying on bussiness of dealing in shares or for all?

when revisionary order is passed u/s 263,which record is relevant:
records at the time of revision by commissioner
or
records at the time of passing order

also,tell me whether the same equation holds true for rectification order under sec.154 & sec.254

Dear Sirs,

We are planning to get registered as dealer under Karnataka VAT Act.We will open a depot in Bangalore.We will purchase goods from outside Karnataka ,stock it in the depot at Bangalore and sells the same to outside the state .There will be no local purchase or sale.Our products are Diesel Generating Sets and Earthmoving Equipments.
Kindly clarify :
1) Whether Entry Tax is payable by us.
2) What forms are required for entry into and exit from the state towards inter-state purchase and inter-state sale of our goods.

Thanks

tapas kumar

Sir,

Case:
The property registered in the name of Firm M/s ABC.

The firm sold out its depreciable assets
on Say 10th May 2009.

Would it eligible for any kind of Tax exemtion u/s 54 etc.

And whether total gain will mbe taxable as STCG

pl clarify

Hi, can u plz tell me mutual funds which don't have any exit load (even for investement less than 6 months). I want to invest in mutual fund for 3 to 4 months and do not want to pay exit load. Do i have any option to invest in?

My client sold a piece of land for Rs. 2 lac to her husband. Both are happily married and the same was not a consideration to live apart.

The circle rate of the land was Rs. 15 lac. The ITO after applying section 50C added Rs. 13 lac in the income of assessee and initiated penalty proceedings u/s 271(1)(c).

My client always remained under the bonafide belief the she is making a gift to her husband (which is apparent from the value of consideration).

That it will be not out of place to add here that instead of executing a clear ‘Gift Deed’, she executed a ‘Sale Deed’. It was a technical lapse but my client still rely on the legal opinion and judgment of the Hon’ble High Court that ‘a Sale Deed executed for an inadequate consideration shall be a deemed gift’. Merely because a Sale Deed has been executed, it does not take away the character of the transaction as gift. In this context reliance was placed on the judgment of the Karnataka High Court in the case of Sanjeev V Kudwa vs CIT (1981) 127 ITR page 354

She remained under the bonafide belief that exemption u/s 47(iii) of The Income Tax Act is available to her which excludes Capital Gain on transfer of property under a gift.

My question:
1) Is the ITO right in adding 13 lac to the assessee’s income ?
2) Is he right in initiating penalty proceedings u/s 271(1)(c) ? (keeping in mind that she never hide or furnished inaccurate particulars of her income as the same was disclosed in detail by way of note in the computation of income in Form 2D for the assessment year 2006-07).

…thanx

Hi. Pls clarify this query.

In the rates of depreciation chart as per IT Rules, under BUILDING:
1) Its given that on "Building which are used mainly for residential purposes except hotels & boarding houses can claim depr. at 5 percent.

So does that mean a Business owner can claim depreciation on his residential property(specifically on ground flr house, and where the 1st flr is used as office premises & claims depr. thereon. Can he debit the same to P & L Account.

What is Offshore Banking Unit(s)

One of my client has shown LIC loan as LIC maturity and added the same in capital. When the case was selected u/s 143(2) for ay 2007-08, this mistake came into light and offered to submit the recasted balance sheet. All the proof regarding loan taken from LIC and its re-payment are present. The ITO says that he will not accept the recasted balance sheet and add the entire amount of loan in his income. Is he correct in doing so ?

In ay 2007-2008 only loan was taken against policy amount, no repayment in that assessment year was done. Thus the same was mistaken as LIC maturity.