CAclubindia

Queries Replied : 2549

Myself JITENDER, graduated from Delhi University in first class and become a CHARTERED ACCOUNTANT in Nov-08.

I am currently working with Max Healthcare.

I am also a part of self study group known as "karwan" for young CAs on emerging issues like IFRSs, GST, etc.

I believe in the saying that " knowledge is not the power. It can be a power only & only when u put knowledge into the action".

I have the interest in Cricket, Chess and Politics too.

Thanks for vivsiting my profile.

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pavit says : capital gains tax
In 2005 i inherited residential property from my father. Sold the particular property for 36 lacs in 2005 itself. Bought a plot of land worth 17 lacs(including registration charges)out of the sale proceeds of the inherited property. both these transactions were reflected in the Income Tax returns. Constructed a house on the said plot and completed the construction by December 2007. I intend to sell the newly constructed house by july 08. It is likely to be sold for approximately 60 lacs. After which i propose to purchase a plot of land from the sale proceed for about 32-35 lacs. and later construct a house on that plot. Please advise me on the following issues: a)if the money earned from sale will qualify for capital gain tax? b)what will be the tax liabilities like and under what provisions of income tax clause do they fall? c)are there any provisions for exemption / relief for this?

Robin Kumar Gupta says : articleship stipend
Sir, I m a third year article, i want to knoe that is there any provision in the ICAI rules to give the stipend to the Article by the employer for the period of examination leave taken by him. Plz mail the sucb notification of such if possible at robin21gupta@gmail.com

Praveen says : STT FOR AY2008-09
WHAT IS THE TREATMENT FOR STT PAID FOR AY2008-09....CAN IT BE DEDUCTED FROM STCG REPLY ME AT PARMAR_43JAIN@YAHOO.COM

VIPIN KUTUMBALE says : cenvate credit
you have answared yest for availing credit , we have to see that is person having other income liket trading or exempted income, if yes then answere will be diffrent

VIPIN KUTUMBALE says : limit 8 lakhs & 10 lakhs
We have to see that services providedt not under any Brand Name or Trade name in that case exemption of 8 lakh & 10 lakh not applicable,