Hello Sir,

In CIRCULAR NO. 8/2005, DATED 29-8-2005 issued by CBDT as Explanatory Notes on the Provisions relating to Fringe Benefit Tax There are few FAQs. One question is

Whether employer-employee relationship is a pre-requisite for the levy of FBT?

The answer is 'Yes'.

My question here is whether a Managing Director of a private limited Company who is owning 60% of the shareholding is considered as an employee of that company for the purposes of FBT.

Thanks and Regards,
CA.R.Tharangini

Sir,

If someone is not filed his return on time, can he claim the short term capital loss and carry forward the same ? Please clarify with reason.

if income tax return is not filed on time , whether short term capital loss can be claimed and carried forward or not ? please explain with reason and sections.

wat is the difference betn beneficial ownership n legal ownership?

wat is the difference betn beneficial ownership n legal ownership?

pl.inform which ITR is to be filed for salaried & what is the date for the same

which form be used for filing return of Employee welfare trust?
ITR-5 or ITR-7?

Interest on education loan taken for childern educaiton is eligible for deduction in financial year 2007-08 tax computation.

Dear Expert(s),
My father has been alloted a flat by a co-op Hsng socy and that is the leagal ownerhip in this case. We have availed a home loan where i m co-borrower. My father has contributed to the extent of 40% of cost and rest is funded by way of a loan where I will be practically paying the whole of EMIs. Since i m not a co-owner i propose to receive some share in the house property from my father as gift. I propose to receive a nominal share as gift, as higher share would entail higher stamp duty payment. Now my questions are as under:

1) Will such gifting certain share by the owner (father) to me (Son), without adequate consideration, will create co-ownership in my favour.

2)Will any inter-se agreement where the Owner recognises me as co-owner with definite share say 60% and relinquishes his right to claim house loan deduction,executed on a 100/- (or Rs.200/- as an affidavit) stamp paper will create ownership in my favour?

2) For claiming deduction u/s 80 C as well as u/s 24, will my deduction be restricted to my share in property or it will be max. Rs.1,00,000 for principal and Rs. 1,50,000 for interest ?

Mr.A is a employee of software company.

He worked in india for 2 month. His salary is Rs.30,000 p.m & tax deducted say Rs.3000.
Thereafter his company send him to uk for the remaining 10 months. Salary is paid in foreign currency & credited in foreign currency bank a/c. Tax also deducted as per UK tax laws.

1) Whether he has file the return for the income earned outside india?

2) If no, whether he can get refund for the tax paid in india since his income doesn't exceed the basic exemption.

Clarify the above query with relating supporting