ITR Queries

Please help me with the following queries:

1) Can S.T. Capital gains on equity MFs(STT Paid) be off-set against S.T. Capital loss on Debt MFs of the same Financial Year?

2) I have received gift of money(thro' cheque) from my mother.Have I to disclose it under "Exempt Income-Others" (Schedule EI of ITR 2)?

3) My daughter has gone to USA to pursue her higher studies.In her absence from India,can I file the Returns for her as a "Representative Assessee"? If not,what are the options available?

4) Would my daughter be deemed to be an NRI if she stays in USA for more than 6 months as a student?(She has been a Resident Indian till now)

5) Can my mother give a gift(by cheque) to my wife or I receive a gift(by cheque) from my mother-in-law without attracting the Clubbing provisions ,i.e.,Will the gifts from a mother-in-law to either the daughter-in-law or son-in-law attract the clubbing provisions?

My heartfelt thanks for an early response.

Sundaram.

I will be grateful if I am advised on the following matter urgently

Background : I am working with a Private firm on six months agreement at a monthly rate. As per agreement I have to put up the bill for a month’s work upto 5^th of next month and then the company is to pay upto 15^th of the month. I started on 9.2.09. The company paid me in March’09 for my work of February’09.

Case :

1. As per my assessed income for the financial year 08-09, which included payment of February’09 paid in March’09, I deposited my tax in the month of March’09.

2. For my work of March’09 the company paid me in June’09 . The company has issued a Form 16 to me which shows payment of March’09 also in March’09 itself.

3. If I include this payment of March’09 (shown paid in March’09 by the firm in Form 16), some addirional income tax may work out.

4. Now do I have the option of showing the payment of March’09 in the financial year 09-10?

a. If yes then will I have to submit photocopy of present Form 16 or some other procedure is to be followed for next year’s Return?

b. if not, then will I have to pay any interest/penalty on the additional income tax to be deposited as per revised calculation.

c. Is there any other way to do it without incurring much loss?