Situation is as follows:

If someone has earned Rs. 100000/- from STCG i.e from physical delievry of shares system and in the same case someone has a loss of Rs. 75000/- from inter day speculation or u may say jobbing in share market.Will the loss from speculation be set-off with the income from physical delivery???

What is the tax rate for LTCG in shares???Is it free from tax???
Plz solve these querries...

i have to file income tax return of an educational institution for assessment year 2007-08. The gross receipts of fees & other receipts of the institute amounts to Rs.35 Lacs and the excess of income over expenditure comes to Rs.1.72 Lacs. The institute is not registered u/s 12AA , nor the institution has applied for registration u/s 12AA till date.Please enlighten whether the income of the institution is taxable or whether it be exempt u/s 10(23)(c) of the Income Tax Act , 1961.If the income is taxable then, what shall be it tax liability.

Under the head other sources, what is the exact meaning of the term lineal ascendant or descendant of an individual within the context of the term relative for gift purpose

How much is the penalty charged on late filing of return of TDS & service tax.

(STCG)or Short term capital loss may be set-off only by STCG.But this STCG may be of two types i.e.Earned by delivry (Shares transferes) and by Jobbing System.
Now my query is that whether this Jobbing Short term Capital Loss is capable to be set off & C/F for being set-off??
If Yes Whether by
(i)STCG by Delivery System
(ii)STCG by Jobbing System
(iii)OR Both

When a firm declares 8% Net Profit on its gross receipts under section 44AD,what shall be the value of fringe benefit and on what amount the FBT shall be payable?

For e payment of TDS, bank is insisting that no separate bifurcation for primary cess and SHE Cess is required.
Pl comment on the veracity of the same

Dear Sir
We book ticket through Travel Agent he raised bill to us which include Ticket amount + Charge for Service which show separate in One Bill Now question is that
(1 ) we have to deduct TDS on full bill amount OR only Service charge amount and ( 2 )Which amount we consider for TDS DEDUCTION LIMIT means full bill amount Or Service Charge Amount

Rajesh Bajaj

Hi to all!

Pls define speculated income with example

thanx

g.shyam83@gmail.com

Situation
HUF has created in 1991 with inheritance property. At that time one residential plot has purchased by the Karta in his name for the HUF and fund for the same has also given by the HUF. Now in 2007 HUF sold this plot and investing the sale value in Residential House to avoid the Capital Gain Tax. HUF has purchased the new residential house in the name of HUF. Now they want to dissolve the HUF and distribute all the property of the HUF amongst their members.

Queries
1. Whether Karta can purchase the new residential house in his name out of the funds given by the HUF.
2. Whether female members of the family (wife and daughter of the Karta) will be considered the members of the HUF for distributing the property of the HUF.
3. Whether legal title of the property should be transferred in the name of the members for the requirement of the Income Tax Act.
4. What will be the acquisition date for the members for calculating the capital gain tax if they sold the property after dissolution of the HUF.
5. Whether individual members can be made their own HUF out of the property and funds received from the dissolution of the HUF.
6. Whether any time limit is there for selling the property of the HUF by their members after the dissolution of the HUF.