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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RAKESH SHAH says : CAPITAL GAIN FOR LAND IN THE NAME OF DIRECTOR
SIR, ONE OF MY CLIENT HAS USED HIS 1/3 PORTION OF OPEN PLOT FOR INDUSTRIAL PURPOSE BY MAKING LEASE TO COMPANY IN WHICH HE IS A DRECTOR.COMPANY HAS CONSTRUCTED BUILDING AND INSTALLED PLANTS ETC.NOW COMPANY HAS SOLD AFTER 15 YEARS LAND WITH BUILDING CONSTRUCTION ( 1/3 PORTION) AND DIRECTOR HAS ALSO SOLD REMAINING 2/3 PORTION OF LAND. PLEASE ADVISE ME HOW CAPITAL GAIN WILL BE CHARGED IN THE HAND OF COMPANY AND DIRECTOR. PLEASE ALSO ADVISE WHETHER COMPANY OR DIRECTOR PURCHASE ANOTHER LAND FOR INDUSTRIAL PURPOSE CAN COMPANY OR DIRECTOR CLAIM CAPITAL GAIN EXEMPTION ON SALE OF LAND U/S 54. PLEASE ALSO ADVICE CAN STCG OF DEPRECIABLE ASSETS OF COMPANY IS ELIGIBLE FOR SET AGAINST C/F BUSINESS LOSSES AND C/F UNABSORBED DEPRECIATION LOSSES OF PREVIOUS YEARS WITH REGARD THANKS IN ADVANCE PLEASE REPLY AT YOUR EARLIEST RAKESH SHHA B.COM. FCA PUNE

ca binny says : HUF taxation
i have a query regarding death of karta of HUF... what will be the status of HUF if the karta dies? his two major sons, the wife of karta, thedaighter-in-law and grand chilldren are the survinvg members of the HUF. moreover the two major sons are also the karta of their respective HUFs. now what will be the status of all these three HUFs i.e. the HUF od the deceased Karta and the HUFs of the sons. Please its urgent, kindly help.

sumit kansal says : value added tax
should seperate vat invoice books for taxable and exempted sale be maitained ? i am making taxable sales in sirial no. invoice books now i started making tax free sale, my question is that can i make tax free sale in same invoice book or i have to get print other invoice book and also tell if i get other slave invoice book then it will have other serial no. or different serial no. from present taxable sale book

sumit kansal says : value added tax
should seperate vat invoice books for taxable and exempted sale be maitained ? i am making taxable sales in sirial no. invoice books now i started making tax free sale, my question is that can i make tax free sale in same invoice book or i have to get print other invoice book and also tell if i get other slave invoice book then it will have other serial no. or different serial no. from present taxable sale book

sumit kansal says : value added tax
should seperate vat invoice books for taxable and exempted sale be maitained ? i am making taxable sales in sirial no. invoice books now i started making tax free sale, my question is that can i make tax free sale in same invoice book or i have to get print other invoice book and also tell if i get other slave invoice book then it will have other serial no. or different serial no. from present taxable sale book