I have purchased property worth Rs.900000 in Six Equal Installments of Rs.150000 paid by Cheque. The First installment was paid on 1-4-1993 and Last installment paid on 31-3-2000.
After the Full Payment the Cost of Improvement was incurred on 1-10-2000 with the amounts of Rs.200000 Paid by Cheque.
The Possession was received on 1-4-2001 from the Builder along with the contract note on his Letter Pad with his signature on it.
The Purchase Agreement was made on 1-4-2006 from the builder. The property was sold on 31-10-2008 for an amount of Rs.250000.

My Query is :

(1) The Capital Gain on this property is Short Term or Long Term?
(2) If the Capital Gain is Long Term then what date should be taken for calculation of the Indexation of the Cost of Acquisition of property i.e. 01-04-1993 or 31-03-2000 or 01-04-2001?
(3) If 01-04-1993 taken then what is the amount taken for Cost of Indexation and what about the Remaining Installment of Rs.750000. Should it be taken as Cost of Improvement?
(4) If 01-04-2001 taken then amount taken for Cost of Indexation is Rs.900000 or Rs.1100000?

plz tell me that can i re- reistered in sane city before annoucemrnt of icai

Which Section relates to the chargeability of Income Tax?

Hi please explain long term capital gain exempt u/s 10( 38) and long term capital gain taxable u/s 112

Thanks

Which section relates to the CHARGEABILITY OF SERVICE TAX?

Is it Sec 65(105) or Sec 66 ?

Dear All,

Please let me know that auditors remunaration paid to auditors by a company is allowable expencess for the company

Thanking you

We have a ancestial property. Where my father, my brother, my uncle and his son were inhereints of the property.

Now since father expired, will it automatically the share of my father transferred to my mother, myself and bother? what procedure is to be followed?

My mother (who is senior citizen) is also received rent of 3,81,000/- in this year from the said property since father expired. How tax liability will be calculated thereon?

Should we create HUF?

We have a ancestial property. Where my father, my brother, my uncle and his son were inhereints of the property.

Now since father expired, will it automatically the share of my father transferred to my mother, myself and bother? what procedure is to be followed?

My mother (who is senior citizen) is also received rent of 3,81,000/- in this year from the said property since father expired. How tax liability will be calculated thereon?

Should we create HUF?

If an Indian Private Ltd. Co. has to pay pure reimbursement of expenses to its Group Company in China who has given the details of the expenses by way of a statement but no supportings for the expenses are provided. Then would Withholding tax apply for making payment to them? If so at what rate? Since these expenses are pre-incorporation expenses, whether the same would be allowable ?

If an Indian Private Ltd. Co. has to pay pure reimbursement of expenses to its Group Company in China who has given the details of the expenses by way of a statement but no supportings for the expenses are provided. Then would Withholding tax apply for making payment to them? If so at what rate? Since these expenses are pre-incorporation expenses, whether the same would be allowable ?