WHAT IS TAXABLE ?
This query is : Resolved
21 July 2010
MR. A GIFT A CAR(MARKET VALUE RS.5LACS) TO MRS. A AT
A. CONSIDERATION 6 LACS
B. CONSIDERATION 5 LACS
C. CONSIDERATION 4 LACS
D. WITHOUT CONSIDERATION
THAT CAR IS EMPLOYED BY MRS. A IN TAXI AND INCOME EARNED IS RS.5000
WHAT IS TAXABLE AMOUNT OF MR. X AND MRS. X
WILL THERE BE CLUBBING ?
PLEASE ANSWER POINT WISE
A. CONSIDERATION 6 LACS
B. CONSIDERATION 5 LACS
C. CONSIDERATION 4 LACS
D. WITHOUT CONSIDERATION
THAT CAR IS EMPLOYED BY MRS. A IN TAXI AND INCOME EARNED IS RS.5000
WHAT IS TAXABLE AMOUNT OF MR. X AND MRS. X
WILL THERE BE CLUBBING ?
PLEASE ANSWER POINT WISE
21 July 2010
A. There will be STCG for Mr. A of Rs. 1Lac (I have assumed Rs 5L as book value of the car) and Rs 5000 in Mrs A income
B. Rs 5000 will be added in Mrs A income
C Rs 1L will be STCL for Mr A and Rs 4L will be actual cost for Mrs A and Rs 5000 will be her income.
D Rs 5000 will be added in Mr A income. In this part clubbing provision shall apply.
B. Rs 5000 will be added in Mrs A income
C Rs 1L will be STCL for Mr A and Rs 4L will be actual cost for Mrs A and Rs 5000 will be her income.
D Rs 5000 will be added in Mr A income. In this part clubbing provision shall apply.
21 July 2010
agree with sudhansu ji, According to the question His answar is right.
But i dont know when there is a consideration then where is question of gift.
But i dont know when there is a consideration then where is question of gift.
21 July 2010
I think his main query is related to gift thats why he mentioned gift in the beginning of the question
21 July 2010
I think so.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- HOUSING LOAN ISSUE
- Carriage Road Act, 2007 read with Carriage by Road Rules, 2011
- Sec 44ada applicable only or both
- IS AUDIT MANDATORY IF COMMISSION INCOME IS MORE THAN 50 LAKH
- GST Rate for Catering Services
- Same demand raised for original as well as rectification request return
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
