One of our client has given his land on lease of 99 years to a company for a lease rent of Rs. 30 lacs received in advance.Will this transaction be treated as 'Sale' for Capital Gain Tax ? If yes, Why ? If not,then how the rent should be taken into computation of income.Entire Rs. 30 lacs or Rs. 3000000/99=30303 for the FY 2007-08 ?

IF OUR CO. GIVES AWARDS FOR LITERATURE/SPORTS ETC TO AN INDIVIDUAL WHAT ABOUT THE IMPLICATIONS OF TAX ON OUR CO. AND RECIPIENT

Dear Sir,

pls feel free to contact, raju_osnn@yahoo.co.in

I am from Vellore and like to file my return of 3 years together, please if u know anybody in this place who can help me to file my return.

Your kind help will be appreciated.

Thanks & Regards,
Raju.

IS THERE ANY LIABILITY TO PAY ANY INCOME TAX UNDER SEC.195 ON ACCOUNT OF THE PAYMENT TO A FOREIGN COMPANY AT GERMANY TOWARDS MAINTENANCE AND UPGRADATION FACILTIY OF THEIR SOFTWARE. THIS DOES NOT INVOLVE ANY SALE/PURCHASE. THIS IS JUST LIKE AN AMC SERVICE. IF SO WHAT IS RATE OF TAX. PL RESPOND

Transfer Price Clarification

X Ltd, a Manufacturing company, sells products to its Associates, Y Ltd(40% holding) , singapore. It also sells the same products to Thailand company called Z ltd, which is not an associates or subsidiary.

The company sells the same products in domestic market also. If it compare with domestic market, the export price is very less. More over the price charged to the singapore and Thailand also not similar. The mostof the product price is charged based on the quataion and the market price prevailing outside the country to which it is exported. price also varying from time to time.

My question is how to compute transfer price in the above situation.
Which method is suitable.
The cost of the above product is available.
But the comparable uncontrolled price is very difficutty to find out and
Whether the selling price adopted for Thailand can be taken for comparable purpose.

With regards

Mani

I have perused the Question on the above subject, viz., Interest on Housing Loan raised by Mr Vinod Sharma.

I intended to answer the Query but the website didn't allow me to post my reply. Hence I wish the following reply to be posted to Mr Vinod Sharma.

"Please visit www.apnaloan.com in which a similar point has been answered under caption-Home Loan Tax Tip Tax deduction for a co-borrower who is not a co-owner".

Only Owners and Co-Owners would be entitled to claim any tax benefits in respect of the loan installments repaid on such a loan. You could explore the option of becoming a co-owner by virtue of a gift deed or sale deed both of which will entail payment of stamp duty. Only after you become a co-owner, will you be able to claim the tax benefits.

Is a gift received by Mr X from mother of his spouse comes with in the purview of gifts received from relatives and there by not taxable?

Dear All
Our travel agent providing us the Air/Train ticket for staff travels.

For Air travel he charges nothing but fare.

But in the invoice for Train ticket he submits also his service charges plus service tax on service charges though mentioned separately.

Do I need to deduct TDS on the total invoice amount( it comprises of Train fare + (service charges+ service tax)) if amount goes above INR 20,000.00 in a single invoice or INR 50,000.00 for the full year.
Shall I ask him to submit two different bills one for train fare -for no tds and other for service charges for tds as per law,

or

one single bill that mentioned two amounts( one for ticket & other for service charges)separately & cleary but total is a sum of the two will serve the same purpose.

An early reply would be appreciated.

Regards
Puran Dangwal

Whether section 115JB is applicable to a company having 100% deduction under Section 80JJA.And whether profits under sec 80JJA can be reduced from the profit as per the calculations U/s 115JB to arrive at Book Profit U/s 115JB ?

Can a son claim Intt.or repayment of housing loan (Loan taken by son) but house is in the name of mother. If yes, any sec./rule/or case law, because the employer of son is not giving expemption to son. Another query, whether a son can claim two housing loan benefits.

Thanks
Vinod Sharma