If a person sell car which is used for business but depreciation not claimed on by assesse in his income tax returns and car is held for more than 3 years,Can it will be long term capital gain and index cost to be calculated?

As per my thinking,it is not depreciable asset because assessee not claim depreciation on it and thats why we can't treat gain on sale of such asset as short term capital gain.Please guide in this respect as its very urgent

Dear Sir,
A salaried person has been received compliance letter regarding ay 2014-15 for non filing of return.
At compliance link which option he should select
and
Whether he can file his return online in responce to this letter

Please advise me.

R/all, one of my friend sold a residential plot in rs 25 lakh, he and his father jointly purchase a flat, costing around 65 lakh. they invested all amount they received from sale of plot and for rest they avail home loan, which is in the name of my friend. they also invested around 6-7 lakh from there pocket to purchase the new property. now whether my friend have to pay long term capital gain tax or it will be exempt as he has invested full amount in new residential flat and he is not having any other house in his name. please suggest.

sir

one of our client is having exempted income. while filing st3 return, he filed nil return, instead of first showing gross service charges and afterwards deducting under exempted income( vide notifications nos). The return period was April 2015 to Sept 2015

is there is any implication or penalty ?

pls explain the difference between rent and depreciation......what is known as the cost of using an asset....is it rent or depreciation

whether income earned by huf on cash gift received from co- parcners is taxable to Income Tax Act in the hands of co parcners or huf ? ? ?

Facts : - Co - parcners made cash gift of Rs. 10 Lacs to his Huf. The Huf has invested said cash of Rs. 10 Lacs in Bank FD and earn interest of Rs. 12000/- on it.
Whether interest earn Rs. 12000/- is taxable under Income Tax Act in the hands of Co parcner or Huf

Wrong PAN mentioned wile filing the TDS return for FY 2015-16, can I revise it now.
Will it effect the refund of the concerned assessee.
Case:
Instead of 'A' person PAN, 'B' person's PAN is given, revising the return is the only remedy ? or any other option....?
If person 'B' has already filed his ITR and claimed the refund, what 'A' can do to claim his refund ?

I plan to e-file my return for FY 2015-16 in form ITR-4. I am not using ITR-4S as the sources of income include salary, capital gains, business & profession, house property and income from other sources. The income from business is derived by trading in futures and options (FNO). The turnover of trading is Rs 90 lacs and the net profit from business declared is Rs 9.9 lacs (about 11%). As the turnover is below the limit of Rs 1 cr and profit is > 8% of turnover, I understand that I am eligible to report my business income u/s 44AD (presumption basis) and that maintenance of books of accounts (44AA) and audit of accounts (44AB) are not required. I shall provide the relevant profit information in P&L schedule under ‘NO ACCOUNT CASE’.

Please answer my following queries considering the above information.

1. Am I correct in reporting my business income under ‘No Account Case’ in ITR-4 or maintenance of books of accounts is mandatory?

2.Does the criteria of Profit not less than 8% of turnover apply on gross profit basis or net profit basis?

3. Shall I be compliant with income tax rules if I declare net profit just equal to 8% of turnover?


Many thanks!

Sincerely,

Anil Kumar

Hello Sir,

Will rcm applicable if comapny paid cartage to Individual Transporter on stock transfer from state to another state???

Dear Experts,

I am planning to buy a bigger second residential property from the consideration and sale proceeds of my existing smaller house.
But the condition is that I will buy the bigger house before selling my existing house by taking house loan and then latter will repay the house loan from the consideration received by selling my existing house. I will sell the first house within six months of buying second house.

Is it allowed to claim long term capital gain tax exemption by reinvesting consideration received from first house and payment of house loan of second?