CAclubindia

Queries Replied : 456

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RamaKrishnan says : guide me plz
I have offered CTC Rs.2 Lakhs with a Basic of Rs.8, 000/- Our HR person has informed me that my Basic exceeds Rs.6, 500/- hence, PF deduction is not compulsory. If I haven’t opted PF deduction then I can take home my salary without any deduction. If I have opted PF deduction, then the company’s share also will be deducted from my salary (that is CTC). If I choose PF what benefit can I enjoy? If not what am I loosing? Guide me plz.

pavit says : capital gains tax
In 2005 i inherited residential property from my father. Sold the particular property for 36 lacs in 2005 itself. Bought a plot of land worth 17 lacs(including registration charges)out of the sale proceeds of the inherited property. both these transactions were reflected in the Income Tax returns. Constructed a house on the said plot and completed the construction by December 2007. I intend to sell the newly constructed house by july 08. It is likely to be sold for approximately 60 lacs. After which i propose to purchase a plot of land from the sale proceed for about 32-35 lacs. and later construct a house on that plot. Please advise me on the following issues: a)if the money earned from sale will qualify for capital gain tax? b)what will be the tax liabilities like and under what provisions of income tax clause do they fall? c)are there any provisions for exemption / relief for this?

Kirti says : FBT
Namastey sir, am an simple accountat in pvt. ltd. company. just changed my job from partnership firm to pvt. ltd. comppany. so would like to ask you some qurrey when i face it in the company related to taxation and accounts. presenty i come to know we can treat FBT as expense. is it true ? thanking you.

Kamal Mittal says : ICWA - please help
Dear Sir i have done my MBA from symbiosis and is employed in an IT major .... My complete profile is B.com(Hons) MBA(Telecom Management) , now i want to pursue a course in finance , finally i have decide to go for ICWA ...can u pls guide me in this direction ...like can it be pursued offline/correspondence ...heard u have to go through some compulsory training...if yes what is the possible way for claiming exemption for the same ...and if there is any other possible way out ...please guide me in this direction . Thanks a lot !!!