Go green (ICAI) (666 Points)
19 March 2012Mr. X expired on Jan. 1, 2012 when his age was 79 years, 11 months and 20 days. So had he been alive, he would have turned 80 years in the previous year 2011-12.
So can anyone please clarify as whether Mr. X can be considered as a Super Senior Citizen and his representative can claim exemption till Rs. 5 lacs?
Please provide the relevant case law, if possible.
deepak
(Chartered Accountant Company Secretary)
(94 Points)
Replied 19 March 2012
I don't think practically there is any need of paying income tax,
But theoritically no the person will not be considered as Super senior citizen ,
so no 5lk exemption
vivek kumar
(CA FINAL)
(34 Points)
Replied 20 March 2012
Mr X cannot be considered for Super senior citizen, for the previous year 2011-2012
prakash panchal
(Finance Controller)
(24 Points)
Replied 28 March 2012
In the proprietery concern Properter purchase house propery in the F.Y.2008-09. As per his Balance Sheet showing advance paid to M/s XZY till it is showing advance during the year when I ask about he told me it is an property Investment and the F.Y 2011-12 I sold that property. any buy new one. My Question is In the F.Y. 2011-12 how I can close said entry and what about 4 year Depreciation if we book in Fixed Asset?
Regards
Prakash
prakash panchal
(Finance Controller)
(24 Points)
Replied 28 March 2012
In the proprietery concern Properter purchase house propery in the F.Y.2008-09. As per his Balance Sheet showing advance paid to M/s XZY till it is showing advance during the year when I ask about he told me it is an property Investment and the F.Y 2011-12 I sold that property. and buy new one. My Question is In the F.Y. 2011-12 how I can close said entry and what about 4 year Depreciation if we book in Fixed Asset?
Regards
Prakash
Ayyappan M
(PCC Student)
(49 Points)
Replied 16 April 2012
i didn't think so,,, Bcoz he has passes away before he completed 80 years,,, he cant enjoy the super senior citizen, only if he completed 80 years,,,, not before that,,,so return may be filled by legal heir,,
Ayyappan M
(PCC Student)
(49 Points)
Replied 16 April 2012
| Originally posted by : prakash panchal | ||
 |
In the proprietery concern Properter purchase house propery in the F.Y.2008-09. As per his Balance Sheet showing advance paid to M/s XZY till it is showing advance during the year when I ask about he told me it is an property Investment and the F.Y 2011-12 I sold that property. and buy new one. My Question is In the F.Y. 2011-12 how I can close said entry and what about 4 year Depreciation if we book in Fixed Asset? Regards Prakash |
 |
I think there is some mistake taken place in the financial year 2008- 09,why the advance account involve in this case,,so first of all we have to rectify the same,,,advance account regardsthis HP becomes nil balance,,,u've to ask ur client whether he get the title or not,,,if he didn't get the title means tha above question will not rise,,,otherwise do the first point and continue the regular procedures,,,
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