Dear Sir,
Here are my queries. I would request you to respond as per your convenience
Income Tax query for the Assessment year 2007-08

Query #1
As to whether property in Mutual fund inherited on the death of my mother is taxable in my hand during the month of April/May 2007?
Query #2
As to whether the amount gifted by me to my wife and son will be taxed in there hands separately, if the transfer of money is on irrevocable basis?
Query #3
Whether provisions of sections 60 to 64 are applicable or not?
Facts of the case:

I am the only successor of my parents. My father expired in 1976 and my mother died in Jan 2004. She had invested in Mutual Funds (Debt Scheme) and in saving bank long back. The sum total of investment at today’s NAV was over Rupees ten lakhs. The investments in Mutual Fund were made by her in the year 2000-01, 2001-02 and 2002-03. The accretion in bank balance was less than Rs. one lakh till 2007.Total investment made by her was to the tune of over Rs. ten lakhs.

Based on her death certificate as well as survivorship certificate, the Mutual Funds redeemed the units in my favour and the fund was received in my bank account at the latest NAVs. I gifted the whole redeemed amount to my wife and only son. Incidentally my son is no more a minor. He is 20 years of age. They have now invested the funds in various Mutual Funds.
As per my understanding the provisions of section 56(2) of the Income Tax Act 1961 are not applicable. The receipt of money without consideration by a relative is outside the scope of the section. I am the lineal descendant of my mother and received the redeemed amount by way of inheritance.
Likewise I have gifted the whole of redeemed amount to my wife and son. All the earning henceforth from the investment shall taxed in the hands of wife and son.

Thanking you,
Regards
Ashok

An assessee has sold a residential flat along with furniture and fixtures, the sales consideration for which is available seprately. However no details of separate cost of acquistition of furniture is available neither is any details of seprate cost of making the furniture is available.

Please advise on the above at your earliest

Hi All,

Can we deducted TDS on internet provider?
If yes under what head and rate of TDS.


Thanks

Hi All,

Any one help me,

My question is,

Deputaion allowance paid to Employee is taxable in the hands of the assessee ?

We hired a foregin consultant at price of Net off TDS & Service Tax (i.e. TDS & Service Tax bear by our co.). how the calcualtion will be done for TDS & service Tax liability.

Dear all,


As per Section 195

The fees for technical services payable by the Govt. or an Indian Concern in pursuance made by the non-resident with the Govt. or the Indian Concern and where such agreement is with an Indian concern, the agreement is approved by the Central Govt. or where it relates to matter included in the industrial policy, the agreement is in accordance with that policy-
Where the agreement is made on or after June 1, 2005. TDS rate is 10%.

Can anyone please tell me that what is the meaning of the line starting from where the agrrement is with indian concern........ in the above pharagraph?
Is every agreement with non-resident always approved by the central govt. or in accordance with the industerial policy?
Also what is the difference between TDS & Withholding Tax?

I've taken a loan jointly with my wife to buy a house property. Basically the loan is sanctioned on my salary and repaying capacity only. EMI is Rs. 19,000/- Whereas my wife salary is Rs.13500/- only
I've registered the house property in my wife's name only.
In this circumstance whether i can claim Interest on salary u/s 24 and deduction u/s 80C for the principal portion paid from my salary income
Please clarrify

Thanks & Regards
R.Devadass

We submit the SOFTEX forms in Triplicate to the STPI , for the following parties records.

Original Softex for STPI
Duplicate Softex for RBI thru STPI
Triplicate Softex -Will be returned to Exporter after due endorsement..

Triplicate copy after due endorsement received from STPI we need to submit with Income tax authorities to Claim the tax exemption U/S 10 A&B of Income tax Act. ( Since our is 100 %EOU).

Where as Endorsed Tripicate copy in Original form seeking by the Banker.

Pls Advise how to go about.
at the same time STPI also not accepting the softex in Quar-Triplicate.

I have purchased a house two years back and availed a house loan. I have been claiming interest setoff from the residential income and principal amount u/s 80c. Now, i purchased another house and availing housing loan. Can i calim both housing loan benefits by declaring rental incomes?

a person who is a salaried employee, gets HRA. He stays in a leased house for which he has paid a lumpsum amount at the beginning of the stay in that house which will be refundable at the end of the stipulated period. Can he claim HRA exemption U/S 10(13A) of the Income Tax Act 1961