Two persons, A & B, jointly acquired a property for Rs.250000/-.Mr.A paid the entire amount of Rs.250000/- out of his own fund. A & B are non-relatives as per Income Tax Act 1961.As per deed both of them have equal rights in the above said property.
Is Mr.B is taxed for proportionate value of consideration i.e Rs.125000/- as a Gift from non-relative as per Income Tax Act,1961.

Hai Friends I am manikandanv from Coimbatore.

Could you please tell me how can i improve my language (English)because i am study upto 10th in Tamil medium.

please help me.

Hi,

This is Gireesh Hegde.I have a query regarding IT Computation of Employees.Due to Recession effect one of our client not paid their employees salary for the last three months and the company agree with employees for paying their salary for these months (Dec, Jan, Feb and Mar) sometimes in the month of April May 2009.Now my question is while calculating Income tax (TDS) can I treat this as employees income for this year and deduct the TDS for this year? Or employees are personally liable to pay these taxes?

Please revert back with your answers and help me to solve this issue.

Thanks.

Gireesh Hegde
E – Mail : gireeshheg@gmail.com

Hi all,

Kindly clarify on the below issue.

I own service apartments. I raise invoices on customers inclusive of service tax. I charge service tax on the whole amount of rent without deducting municipal taxes paid and collect the service tax.

While remitting the same to the government, I deduct the corporation tax from the rent and compute service tax and remit the same.

Can I Do so? What is the remedy for the same. should i refund back the excess amount collected to the customers

Pls reply to ma queries

I am going to give my CA Final exams in Nov 2009. I want to persue CPA after my exams.CPA of which state is globally recognised? How do I get the details of this course? Is there any website for this or any institute in Bangalore?

Sirs
I need to invest my income from short term capital gains in a long term specified asset as under section 54 EC.

Though the section specifies that only capital gain from long term assets can be invested in these specified assets, i need to know Whether there is any provision or case law that will enable me to claim exemption u/s 54 EC for investing short term capital gains.

( I ask this under the assumption that ultimately the gain is transferred to the government through the specified assets mentioned by it )

what is the percentage of PF, EPS & EDLI, the employer is liable to pay..
and also please specify the percentage of administration expenses....

PLS URGENT...

Sirs
I need to invest my income from short term capital gains in a long term specified asset as under section 54 EC.

Though the section specifies that only capital gain from long term assets can be invested in these specified assets, i need to know Whether there is any provision or case law that will enable me to claim exemption u/s 54 EC for investing short term capital gains.

( I ask this under the assumption that ultimately the gain is transferred to the government through the specified assets mentioned by it )

Sirs
I need to invest my income from short term capital gains in a long term specified asset as under section 54 EC.

Though the section specifies that only capital gain from long term assets can be invested in these specified assets, i need to know Whether there is any provision or case law that will enable me to claim exemption u/s 54 EC for investing short term capital gains.

( I ask this under the assumption that ultimately the gain is transferred to the government through the specified assets mentioned by it )

My client is a Commission Agent for the manufacturing company, he only receives the commission after getting claring the payments from the customers. The manufacturing company raise the invoices to his customers and gets the payments after the credit period (say 45 days). The commission agent raise his bill only after clearing the payments by the cusomter to his manufacturing company. My doubt is, for the invoices raised during the month of Jan-09, the commission agent raise the bill only during Mar-09, what is the service tax rate applicable, is it 12% or 10%