sir if mr.A sold his residential house which was in the name of Mr.A & Mr.B equally
and capital gain arising from that sale is RS. 50 lakh.
can income be proportionately distributed?? if yes then how exemption u/s 54 be availed?


please reply
thanks in advance

MY CLIENT HAS SOLD A HOUSE IN NOVEMBER 2010 FOR RS. 90 LACS. AFTER CALCULATING LONG TERM CAPITAL GAIN COMES TO RS. 50 LACS. IN THE MONTH OF MAY 2011 HE PURCHASED A RESIDENTIAL FLAT FOR RS. 20 LACS AT CHANDIGARH AND THE BALANCE AMOUNT OF CAPITAL GAIN OF RS. 30 LACS WAS DEPOSITED IN CAPITAL GAIN ACCOUNT IN THE BANK AND ITR WAS FILED CLAIMING THE PURCHASE OF HOUSE OF RS. 20LACS. NOW IN THE MONTH OF OCTOBER 2012 ANOTHER FLAT AMOUNTING TO RS. 30 LACS (WITHDRAWN FROM CAPITAL GAIN ACCOUNT) IS PURCHASED AT MUMBAI. NOW MY QUESTION IS THAT WHETHER MY CLIENT IS ENTITLED FOR EXEMPTION U/S 54 FOR THIS IIND FLAT PURCHASED AT MUMBAI .

Sir

My Query of some tax calculation FY 2012-2013:

My Basic : 22000/- pm
HRA : 11000/-pm
Conveyance: 5000/-pm
Executiv Allow : 6000/-

Company has given CAB Ficilty on our Charging Facility RS 2400/-

But The Company has not given me 800/- conveyance exeption.
Even full conveyance Rs 5000/- is added taxable.

is it Correct?.

Regards

MR Ankit

kindly clarrify

1.whether loan in kind is acceptable under incometax act (

2.any agreement is necessary for such

3.guide me in drafting

Whether said deduction will be available on the assets for which the 50% advance made prior to 01.04.2013 but asset received and capitalized by the assessee after 01.04.2013? -What if in the case of 100% advance?
-What if in case asset is received but payment 100% payment made after 01.04.2013?
-What if 50% payment made after 01.04.2013?

how is the gratuity calculated for LIC agents

Hello Sir,

I have two residential properties. Both are in joint-names in equal proportion. Both are let-out.

My questions are:-
how to calculate income?
Both persons can individually claim 1.5 lac benefit?

A person didnot file ITR From 2007-08. How to file his ITR now.

Dear Experts,

Re:Health Insurance Plan

Family- Myself (35 Yrs),Spouse(31Yrs)& Son(7Yrs).

My company through received Health Mediclaim of Rs.2Lac.

Quest - I am staying in Pune. So I have searching the best Health Insurance Plan. Can anyone suggest which Health Insurance plan is the best & why.

Dear Experts, We are in Bangalore and made sales to Party in Tumkur (it is also in Karnataka state). He told us to issue form 'H' against sales we made. Please clarify I am confusing whether it attracts VAT or Nil against form ' H' Thanks in advance.