CA PARAS BAFNA's Expert Profile

Queries Replied : 9397

I am a practising CA from Surat

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Favourite field of activity is Income-tax .

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CHAITANYA says : capital gain
Query regarding cost of indexation to be taken on enhanced construction in residential property after few years of Allotment . Mr X booked a house in 2000-01 , allotment money was paid in 2002. For this Mr X paid Rs20 lacs over the years in installments . In 2010 due to enhanced construction the property cost increased to Rs30 Lakhs.(ie 10 is the cost of enhanced compensation) Question :- Cost of indexation for the enhanced property will be taken for 2002 when the allotment money was paid or when enhanced construction was made in 2010 please reply ASAP :) Read more at: http://www.caclubindia.com/experts/modify_message.asp?entry_id=572782

indranil basu says : OOMPOSITE RENT
I WOULD LIKE TO KNOW 1)IF A PROPERTY IS LET OUT WITH AN AIR- CONDITIONER THEN HOW CAN I JUDGE THAT THE RENT SHOULD BE PGBP OR UNDER HP INCOME 2) WHAT IS MEAN BEY THE WORD INCIDENTAL SERVICES OR LETTING OUT AN ASSET TAKE THE FOLLOWING EXAMPLE : IF A H.P IS LET OUT WITH AN AIR CONDITIONER THEN HOW CAN U JUDGE THAT IT IS NOT AN LETTING OUT OF AN ASSET OR INCIDENTAL SERVICES GIVEN IS IT WILL TOTALLY DEPEND ON TERMS OF AN CONTRACT AND EVEN ANY PERSON DIFFERENTIATE THE TERMS OF THE CONTRACT THEN WHAT WILL BE HIS GAIN AND IS IT POSSIBLE TO CHANGE THE INCOME TAX LAW BY ANY AGREEMENT? MY EXAM IS COMING PLEASE HELP ME OUT MAIL ID -caindranilbasu05@yahoo.com

ASN Professionals says : Son's HUF - can mother give gift?
Can a mother who is not the member of son's HUF give gift to the son's HUF? I saw your posting that a father can so I am assuming a mother can as well. http://www.caclubindia.com/experts/huf-gift-tax-857095.asp#.UK8Y-Wf4aiM

Manali says : Presumptive taxation
Sir, One of our client is following presumptive taxation. In order to switch over to normal provision is it necessary to show profit @ 8%?