Contact info of ca dr. girish ahuja

hi khushboo...

instead of asking for ahuja sir's contact details if you will post your queries in CCI ,i am sure that your queries would be resolved and it will help others also to clear their doubts.....

Mr. Suvajit Sahu

I agree with your reply...

I had a query in Taxation of Trusts concerning Sec 11,12 and 13

treatment of Depreciation i.e. whether to be considered in application of income or not? Cos our practice manual says it shud b taken while the other author;s books says it shud not b taken since purchase of asset has been taken as application of income in previous years

Awaiting response

Another query

Specified person as per Sec 13(3) are to be taxed at normal rates or Maximum marginal rates??

Specified persons are to be taxed at normal rates and yes depreciation can be claimed as purchase of asset can not be claimed as application of Income.

Application of income can be cf revenue expenditure only and Fixed asset being a capital expenditure can not be claimed except by way of depreciation.

So depreciation can be claimed.

Purchase of fixed assets used in activities of trust can be claimed as deduction for Application of Income .........and therefore no Depreciation can be claimed on the same....See Kerela HC ruling....:-)

hi Khusboo....

Thanks for posting your questions on CCI.....

let me answer your questions one by one ......

1) Treatment of depreciation

As per a recent Pronouncement of kerala high court in case of "Lissie Medical Institutions VS CIT "

high court observed if full value of an asset is already allowed as deduction then further depreciation will result in double deduction which would amount to violation of provision of sec 11(1) . hence trust is not allowed to claim dep on such capital assets in any financial year.

You may quote this judgement to support your answer till any pronouncement is made by Supreme court on this issue......

2) Incomes which are used for the benefit of specified persons u/s 13(3) are to be taxed at maximum marginal rates u/s 13(1)(c).

Best of luck for your exams.......

Originally posted by : khushboo garg
	Thank u suvajit...ur reply surely helped...bt the issue is..institute own book says u can claim dep. Even if u hav claimed purchase of asset earlier...in this case whts d correct way?

Do not worry for the solutions given in practice manual .....ICAI tries to amend the practice manuals with recent provisions but it is very difficult to check and rectify every little change that has taken place , so things does go out of notice sometimes. The most important thing is that you must support your each and every answer with certain logic which will help you to give your answer a professional look .

one can also think , since this is a high court judgement and not of supreme court's hence they did not incorporated it while amending Practice manual but as a professional student you must keep yourself updated and answer what is more accurate and logical......

Dear Sir,

I have registered a pvt ltd company in 2010, I have taken sales tax No. in 2011, I havent done any transaction as on date. I have even not filed any sales tax return and  not done company audit . I want to close the company.What is the procedure. What will be expenses.How much time it will take and whom to approach. pl guide me. I am in jumble

Dear Sir,

How to create HUF. My Grand Dad wants to open HUF in my name. I am Elder Son of my Dad and also Uncle is there with three sons. What should he write in his will or otherwise

I am having query regarding Capital Gain Exemption.

Assessee has not yet filed the ROI for F.Y 2014-15 & he is liable to LTCG of Rs. 50 lacs approx. & also has not deposited an amount in CGAS so how can I plan for Tax Saving in this case.Now ROI is required to be filed for the purpose of taking Loan for making of Lift in the property on which capital gain is arising.

Kindly suggest.