Bhaskaran Chackrapani Warrier's Expert Profile

Queries Replied : 22307

Graduate of Kerala University.

Fellow member of ICAI.

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Dinesh Agrawal says : Query on consequences of non payment of SFA
Sir please explain what will be the consequences if i filed the return of income on due date but didn't paid self assessment tax ????? Under witch section i will be required to pay interest and whether interest is also payable on outstanding interest amount (means interest on interest).

abc says : GIFT TAX
If a real estate pvt ltd company gifts its STOCK IN TRADE i.e. LAND to its shareholders then is gift tax payable? Pls note its a STOCK IN TRADE and NOT A CAPITAL ASSET FOR THE GIVER OF GIFT. PURCHASED by Co on 1.9.2009 Date of GIFT: will be in 2013 Cost to Co. - 1 CR FMV - 10 CR 1) Will GIFT TAX be payable on cost to company OR FMV? 2) What will be COST IN BOOKS OF SHAREHOLDER? I mean will the cost to company be the cost to the recipient shareholder? 3) Is stamp duty also payable? By whom? and on what amount? 4) what will be the period of holding for SHAREHOLDER? will companys period be added to his period? 5) can this tax be saved in any way the shareholder being an Individual? MY QUERY IS POSTED AT http://www.caclubindia.com/experts/gift-tax-1199019.asp http://www.caclubindia.com/experts/gift-tax-1199019.asp#.UPZls6x0Y7p pls advice thankss

MANAV says : Sec. 47 of Capital Gains
Respected Sir, Can exemption be availed u/s. 47 in respect of Capital Gain if two proprietorship firms are converted in to pvt. ltd. co. and each proprietor will be given 50% voting power (50%+50%=100%) and other conditions are satisfied? Will the exemption be available to both the proprietorship firm or one of them will face Capital Gain issue? And what about stamp duty on immovable properties transferred to pvt. ltd. co. in the above way? Can stamp duty be fully escaped in whole scheme?

jasvinder says : time limit for online c form
generally the c form should be issued with in 3 months from the end of 1st quarter, but what is the procedure if it is not issued or applied with in stipulated time.

MANAV says : Sec. 47 of Capital Gains
Can exemption be availed u/s. 47 in respect of Capital Gain if two proprietorship firms are converted in to pvt. ltd. co. and each proprietor will be given 50% voting power (50%+50%=100%) and other conditions are satisfied? And what about stamp duty on immovable properties transferred to pvt. ltd. co. in the above way? Can stamp duty be fully escaped in whole scheme?