Dear Sir
Our company has purchased Key man insurance policy (unit link plan) of their directors.

Policy Details
First Premium: Rs 500000/-
renewal premium is Rs 60000/-

Life Insurance Cover is Rs 500000/-

Due to financial problems company wants to assign this policy on individual name

Please let us know the tax implications for the same
to the company
to the directors as individual

And what are the tax implications for the company if company surrender these policies.


Kindly advice for the same
awaiting for your reply

regards
for
Krishna Terine pvt Ltd

F & O is treated as a business income from Ass Yr. 05/06.
For Tax Audit purpose how is the turnover to be calculated ?
I understand that the ICWAI has some note on this which indicates that the transaction value is to be taken as the set off between purchase and sale. Is this correct?
Could you also pl. give the official source of reference for this ?
Thanks,
Jamshed F. Mehta

If a person is staying in flat in an old building, and builder says him that he will construct a tower on that land after demolishing the existing building. Once the tower is built person will get his flat back in new tower with additional facilities.

Builder gives him the following compensation: -

1. Rent for the period from the date construction to the date the tower is built, or he may provide accommodation also.
2. Compensation for shifting.
3. Compensation for getting right to construct tower in his flat.

What will be treatment in income tax of these receipts

Dear All,



A wholly Owned Subsidiary(WOS) of foreign company wants to issue 5% of the share capitals to its one of its employee.Please state what steps required to be complied.



Thanking you,



With Best Regards,



Rakesh

Hello

If a person takes loan from bank for purchase of the house and he starts repayment immediately, but he demolished that house and taken another loan for constrcuction of the house. He is in arented house . My question is whether he can claim HRA as well as Housing loan repayment and interest please ans this....................

Dear Experts,
Please clarify my following doubt.
There is a limit on interest on housing loan to the extent of Rs.150000. Is this aplicable only for the self occupied property?
I mean to ask if a person has letout a property for Rs.15000 and has paid the interest on house property Rs.600000 during a previous year, how much deduction he will get?
Hope I am clear in my question.

An employee drawing sal(basic + DA + other allowances) exceeding Rs.110000/- quits the organisation in April 07. Is the employer liable to deduct tax at sourcce while making a final settlement to the employee?

is there any exemption limit on rent of immovable property at which service tax is charged....? for eg if a manufacturing firm is paying rent @ Rs 12500 pm then service tax will be charged or not?

I am making cash payment of Rs 4000 as rent then receipt of rent should contain revenue stamp of Rs. 1 with signature on revenue stamp.
Also tell me the Act where I can find the related provision.

our company employee was given Rs.100000/-to charitable foundation on that how much amount will be qualified for tax exemption u/s 80G

On that 50% amount (50000/- ) allowable or not ?


pl.sir solve my query