Dear Sir,
Happy new year. I have a query regarding applicability of deemed STCG on depreciable assets.
FACTS of the case:
X Pvt Ltd have a factory building constructed in February 1990 for Rs.10 lacs on a leasehold land (rights for 99 years). The building was used for production purposes upto September 2000. Hence till A.Y.2001-02, we were allowed depreciation under I.T.Act. The closing WDV on March 2001 was Rs.6 lacs.
From 2001 the building was let out for rent and income was considered under head House Property.
In June 2007, the building was sold for Rs.30 lacs.
QUERY : Whether we can claim LTCG with indexation from 1990 on WDV, claiming the asset to be no more depreciable and as a capital asset; and also claiming that the source of income generated from the asset has changed ?
If not what should be the taxability of the case ?

Thanking you for your reply.

are articled asst allowed concessions in railwyas.. if yes, plz give details

hi

please tell the form in which the quarterly C\D forms to be submitted to the department and the due date of the submission .

thanks

Does a CA hold up Articled clerk's certificates during the articleship period?
Please rospond to my query urgently

if we do not file acknowledgement within 15 days of filing return

and if we file late say after 1 month

what are the consequences?

In case of a proprietorship concern suppose there are two concerns AB and CD but the proprietor is same. Vat number is alloted in the name of AB.
Can CD also use this number?

If yes please tell me the relevant extracts?

Dear Friends

Service tax deptt. has imposed penalty for late deposit of service tax, whereas the tax and interest thereon was deposited before issue of SCN, I have quotated 4-5 case law for not imposing penalty in such cases

Please arrange me copy of the following circular, which is urgently required

Service Tax - F. No. 137/167/2006-CX-4 - dated October 3, 2007



Sanjeev Kumar Jain
C-2/12, Sector-11
Rohini, Delhi-110085
9811274429, 27570780,47553469

Dear sirs,
what is meaning of investment property?

FACTS OF THE CASE

H Pvt Limited is a company holding 99% shares in S Pvt Limited. Balance 1% shares are held by individual shareholders who also hold shares in H Pvt Limited.
S Pvt Limited wishes to declare dividend of Rs.10,000.00 during the Financial year ending 31.3.08 and resultant dividend tax u/s 115O of the Income Tax Act will be Rs.1402.00.
H Pvt Limited will receive Rs.99,000.00 from S Pvt Limited as its share of dividend.
If H Pvt Limited wishes to declare dividend of Rs.1.00,000.00, dividend tax of Rs.14,025.00 will be levied.

QUERY

(i) Since the dividend income of Rs. 99,000.00 received by H Private Limited forms part of total income from which dividend is declared and dividend tax is paid , whether Rs.99,000.00 suffers double incidence of dividend tax.
(ii) If the answer is in the affirmative whether any relief is available.
(iii) Whether it is possible to transfer H Pvt Limited’s holding of 99% in S Pvt Limited to individual shareholders. In the event of such transfer what will be the mode of valuation of such shares.
(iv) In the event of above transfer whether the difference between fair value and face value will be treated as deemed income in the hands of shareholders.



CA Sumit Sarkar

Membership No.55816

A factory is producing some excisable goods. It is billing in two manners a) for customers availing modvat credit and b) for customers not availing modvat credit.
'A' 'B'
Basic price 10000 10000
Excise duty @ 16% 1600 1600
E. cess & SHED @ 3% 48 48
_______ _______
Sub Total 11648 11648
VAT @ 4% 466 402
_______ _______
Total 12114 12050
Less :- Cenvat 1600
_______ _______
Net payable 12114 10450

In situation 'A' - VAT is charged on total of Basic price & BED whereas in situation 'B' VAT is charged on Basic price & E.cess as the entire duty has been refunded to the customer. Whether the treatment is correct ?