Long term capital gain

This query is : Resolved

CA Sanjay Baheti (Querist)
Follow

18 June 2012 In case of my client being an Individual has sold Industrial Shed during F.Y.2011-12 for a Consideration of Rs.3,95,000/-.However its Purchase/Acquisition Cost is not known to Assesse as the same was purchased since more than 20 years back. also no other documentary evidence is available with Assesse for seeking any rough idea about its cost from Assesse.

Now How to determine the Indexed Cost of Acquisition/Purchase for the purposes of computing Long term capital gain/Loss as per I. T. Act,1961.

Surbhi Goyal

Surbhi Goyal (Querist)
Follow

18 June 2012 Please let me know....
What are the powers of member to see Annual Returns of the Company and of how much period he has a right to see the returns ???
As per my view member can see only last five years annual returns... Please correct me if I am wrong.....
Reply as soon as possible !!!

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
Follow

18 June 2012 Dear Surbhi,

The copies of annual returns and certificates required to be annexed thereto should be open for inspection during the business hours of the company, subject to such reasonable restrictions as the company may impose by its articles or in general meeting so that not less than 2 hours in each working day of the company are allowed for inspection.

Members or debenture holders can inspect the annual returns without payment of any fee and any other person can inspect the annual returns on payment of the requisite fee.

It is not mentioned either in Companies Act or in Secretarial Standard that members can see the past 5 years annual return.

However Secretarial Standard of ICSI on Registers and Records state that Copies of the last 8 annual returns and all certificates and document required to be annexed thereto should be preserved in the custody of secretary of the company or any other person authorized by the Board for the purpose. According to that we can pretend that Copies of last 8 annual return can be made available to members for inspection.

Message likes : 1 times

Ajay Mishra

Ajay Mishra (Expert)
Follow

18 June 2012 Hi

As per sub section (1) of section 163 the following documents can be inspect by person referred in sub section (2) of said section:

1. The Index of members
2. The index and register of debenture holders
3. Copy of All Annual Returns prepared under section 159 and 160 of Companies Act, 1956 together with the copies of certificate and documents required under section 160 and 161 of the Companies Act, 1956.

As per Ms. Surbhi query:

The members have a right to inspect all copy of all Annual Returns prepared under section 159 and 160, so you can not restrict for only five years. He can inspect for any numbers of years as he demand.

Regards

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now