I have been investing regularly in Fidelity Equity Fund (Growth). I stopped my SIP as soon as I learnt that L&T Mutual Fund was acquiring the schemes of Fidelity. Over 12 months have passed since I made almost all of my SIP investments (barring the last 4 monthly installments) in Fidelity Equity Fund (Growth).

Hence, the capital gains on all the units purchased (except the last 4 SIP installments) are long term and hence the long term capital gains from the redemption of these units should be exempt from tax and, furthermore, no exit load should be applicable on these units as they have been held for more than 12 months (1 year).


After 15/11/2012, Fidelity mutual fund schemes will be transferred to those of L&T.




Please clarify that even after the units are transferred from Fidelity Equity Fund to L&T Equity Fund, the units purchased by me (except the last 4 SIP installments, mentioned above) will still be considered long term, and hence, even if these units are redeemed immediately after their transfer from Fidelity Equity Fund to L&T Equity Fund, that is, redeemed in the 2ndhalf of November, 2012 itself:


1.the capital gains on redemption of these units will still be exempt from tax

2.the redemption of these units will still not attract any exit load

3.only STT @0.25% on total redemption amount has to be borne by me

I will be thankful to you if you could offer your clarifications at the earliest.

dear sir/madam,

my brother is MBBS doctor and working in a medical college as Lecturer and getting salary 30,000 per month, but the college is not issuing form 16 because they are taking his income under fees for professional and technical services services and also issuning form 16A. and in bank statement it is showing salary not fees.

please tell me which itr should we use for filling return.

senior citizen with no professional income but having pension ,interest and dividend income totalling Rs 8lac.shall have to pay incometax when i.e. at the time of filing return in june/july or as advance tax for assesment year 2013-14.

A vacant plot of land was sold for a net sale consideration of Rs.1,10,36,000/-. The fair market value, after indexation, of the land, as on 01/04/1981, was Rs.19,39,091/-. Hence, Long Term Capital Gain was Rs.90,96,909/-.

The following are the investments made and proposed to be made for claiming tax exemption:
1)Rs.50,00,000 in NHAI plus REC bonds for exemption u/s 54EC(now, investment already made),
2)Rs.60,36,000 in a residential property for exemption u/s 54F(proposed to be made)

Please advise:
a)computation of the total tax exemptions that can be availed,
b)total Long Term Capital Gains Tax payable after considering the exemptions.

Sir,
Mr. X, a NRI, comes to India and purchases gold bar or invests in any fixed deposit or mutual funds then explain me whether he is liable to pay any tax to indian government at his earnings from such an investment. such earnings are remitted to his bank account in foreign.

1)A person has leased out commercial property @ Rs 30000/- per month. Rent is received after TDS deduction @ 10% = Rs 27000/- per month. What would be the taxable income and net tax payable with regard to this rent received? Please help and elaborate with calculations if possible. Also provide any ways of tax planning/saving regarding the same. 2)Is there any difference between computing tax on rental income from residential property and rental income from commercial property? Do they both fall under the same head "Income from House Property"? 3)How does one differentiate Residential Property from Commercial Property? What are the documents which show the difference between the two? 4)Is there any possibility that rental income from such a simple lease agreement can tantamount to profits/gains/income from profession or business? The assesee, who has given the property on rent, is a retired semi-literate person and is not involved in the activity going on in the leased premises.

Dear Sir,

Would be grateful to get your clarification on following:

1)Can I sell an industrial property of my Pvt ltd company as a director of the company, after passing of the board resolution. Me and my wife are the only directors in this pvt ltd company,I have acquired this Pvt ltd company in year 2000.

2)After selling the above property I want to buy a commercial property of the same value. Am I liable to pay capital gain tax for the above transaction. The new property will be purchased in the joint name of me and my wife.

3) In case I decide to sell the present company itself with all assets and liabilities & float a new company, can I purchase the new commercial property in the name of new pvt ltd company which I propose to float. Will there be any capital gain liability

5) Should I float the new company before selling the property or can i float it after the sale.

As we know that for fillig individual return thr is no need of digital Signature...my question is that if we file belated return of that person whether digital signature is required or not??

actually have filed return 1 year before and forgotten id and password

is there any penalty for late filling of pt return and payment.