Dear colleagues,

Pls. tell me that in the following situation can i get rebate u/s 24 of IT Act.
Interest on Housing Loan :

Facts are:

I have a plot in my father's name.
Plot is registered in my father's name.
Plot has been purchased by my father by his own money.

I do not want to transfer/register this plot in my name.
Now i want to construct it taking loan from bank.
I & my brother will take the loan as MAIN BORROWER & my father as CO-BORROWER.

I & my brother will Repay the loan from our personal bank accounts.

Can i & my brother will take the benefit & claim deduction u/s 24
Interesr on housing loan & what extent.
i.e if I & my brohter paid intt. rs. 150000 each total intt. 3000000/- then both claim deduction of rs. 1500000/- each or not.

Your valuable suggestion will help me about this matter.

Thanks & Regards.
CA Saurabh

[1] If I receive in CASH Rs.10 Lac gift from a NRI Friend (He is not Relative) who stays in USA, and is Doctor there, will this transsaction attract Income Tax? If Yes, at What rate?

[2] If I receive the above gift in USD then will it attract Income Tax?

[3] Is Gift deed Complusory for Such Transactions? If Yes, Where can I get Draft of the same?

[4] Can I receive Gift in CASH from my Mother 4 -5 times in one F-Y? Do I need to make Gift Deed?

[5] Which is the Right way to Receive GIFTS in CASH / Kind - so that It will not Attract any TAX Liability

[5] If a Spiritual Leader / Religious Preacher Receives CASH Donation of Rs.5 Lac from Donation Box - Since he is not charging any Entrance / Professional Fees for his Spiritual Knowledge which he Imparts - Will it be Treated as Income? Will it attract TAX? He is also a Trustee in a Charitable Trust Registered under 80G - which is Founded by HIM.

[6] If the Spiritual Preacher gets Donation of Rs.25 to 50 Lac p.a. then is he liable to pay TAX on that Donation Received? Can we call this a Gift in Legal Term? Is the details of the person who has given Donation Compulsory for him to keep?

sir, I have passed pcc in nov. 08 with rank. now i have got a chance to complete my articleship in SS KOTHARI. but they are not allowing for any coaching classes.
I am doing MBA also. if i go for ss kothari then how will i continue my mba which has semi annually exam. pls suggest. and one more thing if i don't join ss kothari what would be the loss to me. how much it values to have a name of big firm.

I am appearing for CS Executive Programme. Pl. give me the information regarding the Name & Auther of the following reference books,

1) General & Commercial Law
2) Economic & Labour law
3) Securities Law & Compliances

Thanks

dear all

i will appear in nov 9 pcc.
i am finding difficult to study inf. tech. not yet started.

many of my friends have said that j.k shah's notes is more than enough.

my classes sir suggested me to go for module?

please suggest me how solve this proble?

Hi,

There is a confusion regarding this ST rate to be used in the forth coming exam.

So Can i get a confirmed and uniform answer.

Thanks & Regards

Supposing Mr. X has income in excess of the exemption limit since AY 2002-2003. However he has not filed return of income in any of the assessment year. During the AY 2008-2009, this aspect comes to the notice of AO. Under which section, he can assess the income of Mr. X.? (Will it be under section 144? Is there any time limt for taking up any case u/s 144 as it is u/s 147?

Hi everyone,

Can any one tell me how the economy of an country like India moves on, what are the factors determining growth of an economy, how the economy affects with rise or steep in share prices etc.

Does any of you have any material to share for the same.

I am having June -09 PCC attempt , kindly let me know if we will have to study the AAS or any other standards .
I would really appreciate your concern.

Dear Sir/Mam,
I have following queries regarding Core Capital Asset:

1. What is Core Capital Asset as firstly pointed out by Tondon's Committee for Financing of Working capital?

2. What is the difference between Permanent Working Capital and Core Capital Asset?

3. How to calculate Core capital Asset when Maximum Permissible Bank Finance is also not available?