final nov new direct tax solution

q.3.a.   capital gain    10150000

  less                            10000000  so balance  150000   (sandep  50 lks in finacial year hear she invested in 2 financial year dates are 5-3-2010   and  5-5-2010)  so exemption is available , now the balance is 150000 + 46000=   196000   ,    i might be wrong in calculating the tax  what i did is  i written

  taxable income   196000

capital gain

no benefit of basic exemption so 190000-46000= 0  income chargable to tax is nil

than on capital gain  150000*20%  =30000  +600+300=30900

so i m wrong over hear i need to let give the basic exemption and only 6000 is chargable to tax

Originally posted by : sandeep
	Hai friend Your answer to question 6(a) is wrong.Exemption under section 54EC is availabe only upto a maximum of Rs.50 lakhs.The answer will be different in such a case

ram is right

section 54ec imposes limit on financial year basis

Originally posted by : ramsinghania
	q.1. d   contribution by husband :-  2 lks  and  furture 2 lks profit is not to be club, now balance is intrest  only  total intrest 80000  for  7 lks 5 lks for 12 months 2 lks for 11 months i think thats even right

its wrong yaar

refer problem no. 209.7-3p1 of VK Singania book

the ratio will be taken as on first day of yaer i .e 2:3

not proprtionate

Originally posted by : Harish Suwalka
	Originally posted by : sandeep Hai friend Your answer to question 6(a) is wrong.Exemption under section 54EC is availabe only upto a maximum of Rs.50 lakhs.The answer will be different in such a case ram is right section 54ec imposes limit on financial year basis

The maximum amount that a person can invest in these bonds (NHAI and REC combined) in any financial year is Rs 50 lakh. If a person has long-term capital gains which have accrued to him after 1 October of any year, and the amount of capital gains exceed Rs 50 lakh, he can split his investment by investing Rs 50 lakh up to 31 March of the following year and the balance on 1 April of that year. The balance amount in this case, however, should not exceed Rs 50 lakh. By doing this, he can have the benefit of investment of up to Rs 1 crore. Joint applications shall also be included for the purposes of this limit.  

source: https://taxguru.in/income-tax/tax-benefit-under-section-54ec-on-long-term-capital-gain.html

But in question they asked that find taxable income for A.Y. 2010-11 . So even though she can claim a who deduction of 1 crore (50 lacs + 50 lacs) , for A.Y 2010 - 11 she can claim only 50 lacs as deduction  u/s 54EC

Plz correct me if I am Wrong.

@ kzn

your interpretation of this article is wrong

and in that perticular que deduction will be allowed of 1 crore

if still confused than its better to refer bare act inspiteof refrence materials

logically its seems right but there is a specific provision to this , suppose the motive is to exempt 50 lks then why they need to refer 50 in one financial year , again if  u tell that the motive is that they want to split then even the provision read as exempted if invested in 6 months  so the  whoe 1 cr investment is eligible for deduction plz refer singhania

@ ram

you havnt repiled about the clubing question

Originally posted by : ramsinghania
	logically its seems right but there is a specific provision to this , suppose the motive is to exempt 50 lks then why they need to refer 50 in one financial year , again if  u tell that the motive is that they want to split then even the provision read as exempted if invested in 6 months  so the  whoe 1 cr investment is eligible for deduction plz refer singhania

I saw the Bare Act, The words "in Any Financial Year" w.r.t. 50 lacs does seem to strike a bell. 

It seems You are Right.

i m  telling the same that ther is a specific provision  all what u told is applicable when the act dnt speak abt it

thanks

sorry harish but i m not sure i had seen the problem in singhania as u told but still i hold that the intrest should be calulated the way we did , see what happen as the balance at the start should be taken as a base to calculate the interst thats right bcause intrest is paid on capital account but when the details are not given u can assume that the intrest is paid even on currunt account and again i m sorry i m not so sure abt it , but i fell that

1. intrest should be calculated and the amount on which the intrest paid should be divided and then the portion to which her husband contribution should be clubed and the profit is taken in the return of wife

but still i m not convince abt it sorry

what a post ji.......!!!!!!!!!!!!!!!!!!

keep it up............

thanks for taking note and u r valuable appriciation

@ ram

why to be sorry yaar

we are just discussing a debatable point to reach on a fair concusion

zuz chill

i fell its better to tell sorry rather then provind a solution which u even dnt sure abt any way whats life been for u

is anyone got the complete solved papers of ca final