Tax Benefits available or not

Tax queries 1106 views 4 replies

Sandeep Rohatgi

Accounts and Tax Consultants

92 Points Posted on 01 November 2008

We are part of large Group

The Facts in the matter are

Our Group Company A has lend other group company B a unsecured loan of Rs 7 crores .Four years back

Company A was in resturant business and suffered heavy losses and at present Accumulated income tax loss is Rs 15 Crores . Since the company A left with no Funds to repay the amount to creditors .

Company B has no options just to outright purchase the business of company to adjust the loan outstanding .

How shall the company B shall reflect the business takeover of A as per Income tax .

Replies (4)

S.Srinivasaraghavan

Chief Financial Officer and Co

11318 Points Posted on 01 November 2008

The purchase can be on slump basis or A and B can amalgamate.

CA Harbinder

1245 Points Posted on 01 November 2008

Originally posted by :Sandeep Rohatgi
"	We are part of large Group The Facts in the matter are Our Group Company A has lend other group company B a unsecured loan of Rs 7 crores .Four years back Company A was in resturant business and suffered heavy losses and at present Accumulated income tax loss is Rs 15 Crores . Since the company A left with no Funds to repay the amount to creditors . Company B has no options just to outright purchase the business of company to adjust the loan outstanding . How shall the company B shall reflect the business takeover of A as per Income tax .	"

Guest

460130 Points Posted on 02 November 2008

Hi,

I just want to know, if my salary breakup contains HRA of Rs.4000/-, can I show the rent receipt separate then this to get an exemption on tax. I want to know the basic rules for rent for an individual. What is the limit of rent an individual can show for getting an exemption on income tax.

Reagards,

Purti Madhav Joshi