CA Siddhartha Bhardwaj's Expert Profile

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Parag Ghonge says : Income Tax query
Case: I have an existing residential property in name of myself and wife (share not defined). I am purchasing new residential property and required to decide ownership patter for the same. Should I register new property in my name only? Or again jointly with wife? Housing deduction and benefits is required for me and not for wife. I am evaluating two options and request to suggest the better one considering income tax , wealth tax and capital gain taxes and stamp duties applicable. Option One: Registering new property in my name only: I will claim this new property as deemed to be let out and will set off full interest against my salary till interest component is high. Now after years when interest will be negligible, I will transfer 50% share in current house to my wife. Now I will be absolute owner of new property and my wife will be absolute owner of existing owner and both property will be exempted from income tax, wealth tax. I will be required to pay 50% stamp duty for this transfer and also transferring 50% share without consideration will still make me deemed owner of existing property. But I will try to show some consideration or will transfer at market value to avoid capital gain. Please evaluate this option? Option Two: Registering new property jointly with wife: I will claim this new property as deemed to be let out and will set off full100% interest against my salary till interest component is high. Will I be able to take benefit of full interest though I am 50% owner? I will be paying full EMI and interest and will I be able to claim 100% interest?. Now after years when interest will be negligible, I will transfer 50% share in current house to my wife and in consideration she will transfer 50% share in new house to me . Now I will be absolute owner of new property and my wife will be absolute owner of existing owner and both properties will be exempted from income tax, wealth tax. Will transferring shares to each other for consideration at same time exempt capital gain? I need to pay stamp duty on the property(50%value) whose Market Value is more? Please share opinion as to which option is good to follow. Also requesting to answer the questions asked in between those options.

G.HARIPRASAD says : income tax sec 44AD
sir, it seemss you have not read question while answng qn reg sec 44 AD.HE had income from contracts and also commission income.For commission income sec 44AD is not applicable with retrospective effect ie from ay 11-12. i think for contract business he can file u/s 44 AD and for commission business ,he has to maitain accounts and offer income as per books of a/c. To declare both incomes, he can use form 4. KINDLY CLARIFY me also.

Manoj says : pt slab rates in karnataka
i want to know the pt slab rates in Karnataka,just i want to know whether any changes have made in the present fy..

CA Jignesh Patel says : Service Tax
We are aveiling the services for the Construction, repairs & maintanance of Road outside the factory premices. The Road is used by the General Public as well as the company. Now as per the amended finacne act, construction, maintanace repairs of Public Roads is covered under the NAGATIVE LIST. Whether the services availed for the construction Repairs and maintanance of the Road outside the factory premices used by the company and general public will be exempt or taxable????