Facts:The Company (C) has entered into a notarized Agreement landlord (L) for construction of a building on his land say in 60 : 40 ratio. The Broad terms are as follows:

1. Ground floor as commercial and Area of 5 existing shops will be deducted from landlords share on ground floor.

2. 1st floors to 3h floor as residential flats (more than 12 units)

3. The construction of the building is being done by company by engaging daily construction workers

4. The total Super structure is complete

5. So far Company has not entered into any agreement for sale and intends to use booking form for booking of flat and after full payment to execute final Sale deed in favour of would be purchaser.

Queries
LANDLORD’S Allocation
1. Whether any Service tax is payable against the landlord allocation
2. under which section
3. Rate of ST
4. Quantum of ST
5. Date of Payment of Such ST


DEVELOPER’S Allocation
1. Whether any Service tax is payable against the Company’s allocation
2. under which section
3. Rate of ST
4. Quantum of ST
5. Date of Payment of Such ST

say there is a sole proprietorship business ' X Enterprises' whose proprietor is 'M HUF' and the karta of that huf is Mr. M. Now if he reimburses medical expenses of karta M, can he claim it as busuiness expenditure or not ? Will HUF be liable to FBT ?

Dear Friends,

Let me know the formula for calculating interest on recurring deposit.

For example:
If i deposit Rs.2000 per month for 10 years, what would be my interest after 10years @ 15% interest interst.

Let me know the formula for the same.

sir,
can you please suggest me a good book on tally i.e. from Basic to advanced level.
Thank You

I purchase and sell shares so i am paying short term capital gain tax on the profits earned on selling of shares within one year my auditor has said that there is no tax if i have sold the share which was purchased i year back whether there is no long term capital gain tax like in properties i want to know

i am working in a pvt.ltd. construction company and we do not have a service tax no while building flats we engage contractors and we give to them the work like masons, carpentars, painters, electricians, plumbers even they do not have sevice tax no so i want to know the impact of service tax on us, while registration of the flats we register the flat as semi finished flat and we give construction agreements to the customers whether these sonstruction agreements attract service tax or not, we have also developed land in plots and we have sold them to customers and we have collected developments charges whether this development charges attract any service tax i want to know

A Ltd. firm had let out the house property owned by it to the employees of its sister concern, B Ltd. Under what head of income should the income from the house property of income from the house property of A Ltd., occupied by the employees of its sister concern B Ltd., be assessed? Can A ltd., claim that such income is not chargeable under the head “Income from House Property”, on the ground that the property has been occupied for the purpose of its business or profession?

Can the expenditure incurred by an assessee to remove an encumbrance be allowed as a deduction u/s 48, in the following cases:-

„« where the mortgage was created by the assessee himself;
„« where the mortgage was created by the previous owner.

Z Ltd., a running concern, received interest on the loans/advances made by it to its debtors. It contended that such interest was to be treated as business income. Is the contention of Z ltd., correct, if such interest was not on account of delayed payment towards sales or compensation/damages or an item relatable to its business.

ABC Enterprises is a partnership firm which was undertaking manufacture of plastics and is a small scale indutry.The business was discontinued Five to six years back and is not having any other income and the Firm has not filed any incometax returns since it has discontinued its business activity.

During the Financial Year 2004-05 the Firm has sold its plant & machinery to a third party and no gain/profit has arisen consequent upon sale of its machinery and the firm has not paid any tax and it has also not filed any tax return. The Firm has received a part of the consideration in the same Financial year 2004-2005 and the same was used for the payment of its creditors. The firm has not received the balance sale consideration from the sale of plant & machinery and there is no chance of recovery.

The Firm has sold its Land and Buildings during the Financial 2007-2008 to a company in which two of the partners of the Firm are also directors in that company say XYZ Private limited. The Firm or its partners have not paid any tax on the gain or on the business income which has arisen on transfer of Buildings and has also not paid any capital gains tax on the transfer of Land and it has also not filed any tax return for the Assessment Year of 2008-09. The company which has purchased has not deducted/paid any tax on behalf of the Firm. The company instead of paying the sale consideration to the Firm has paid the total sale consideration during the Financial Year 2008-09 to the partners of the Firm individually at the mutually agreed ratio and all the partners have got double the investment/capital they have made 12 years back ie for Rs.100/- capital they got total amount of Rs.200/-; The Firm was not formally dissolved and is not functiong for the past 5 to 6 years.
Pl inform the consequences/liabilities/penalties in detail that will arise out of this transaction to the Firm as well as to its partners.
Some of the partners are willing to pay their part of tax on the excess amount they have received, then such excess amount will be treated as long term capital gain or income from business or income from other sources, will these partners will also be required to pay taxes on behalf of other partners who are not willing to pay any tax or the partners are liable for only to the excess amount they have received?

Adinarayana
Email:t.adinarayana@yahoo.com