Hi friends,

I am faced with a situation where I have to suggest one of my clients the implication of the situation :

My client is a NRI. He had booked a flat in the year 2005 at kolkata by paying partly out of his savings as well as a loan from a Bank in the US. The purchase price was 50 lakhs.The bank gave the cheque directly to the promoter of the building and my client paid his portion (25 Lakhs) from his NRE A/c.

However, not satisfied with the progress and the qualityof the work, my client decided not to go ahead with the purchase. The promoter gave him the option to sell it to someone elseand has also brokered to get it sold to someone else for 90 Lakhs.

My client has agreed to the proposal. However the question is :

Is the difference of the sale price and the indexed cost of Acquisition a "Transfer" of Capital Asset.It may be noted that my client had not got the flat registered in his name till now. So is he the legal owner at all ? If so is it taxable as Capital Gains? If not, is it taxable under any other heads of income?

Secondly, my client wants to repay the loan taken from the bank in the US. the question is , can he repatriate the profit and repay the loan. Can the amount received from the Promoter be deposited in his NRE A/c. Is there ant legal prohibition under FEMA or any other Act against such transfer.

I hope friend out here would help me find a solution to this problem

Regards and thanx in advance

Sonal

Is there any internship after the final exams,under the ICWA new syllabus?

hiiiii

my name is Jermy Gunaseelan & i've cleared my PE-2 examination with 53% & nw m finding a good firm in mumbai & Thane for articleship.

so kindly sent me list of all good firms in mumbai & Thane with tel. no. address & e-mail id.

Whether
Timing Difference = Accounting income - Taxable income OR Taxable income - Accounting income

Is there is any difference between Capital Reserve & Capital Profits
Remember these both in Association of Profit than answer the question

Why we don't show subsidiary companies PROPOSED DIVIDEND in Consolidated Balance Sheet?
as we add whole amount of PROPOSED DIVIDEND in the Association of Profits of subsidiary companies

how many hours of study is require for getting pass the pcc exam ( from now may 2010)

I had booked a flat in 2006 with a reputed builder. Towards this an agreement for construction and agreement for sell was executed. The payments were made as per the schedule of the builder. The UDS was registered in my Name while 85% of the construction was completed. Now the builder is refusing to handover the key as i have refused to pay service tax & works contract tax of totalling 4.04% of the construction cost.

Pls inform whether ST & WCT is payable by me as Allottee? If not, how to get the key as I have paid entire consideration of the flat.

if we have casual winnings as income of for eg. 120000 so we have to calculate tax @30% without considering any exemption limit of 150000?
second if we have LTCG on land with and without indexation of Rs100000 and SCTCG u/s 111A of Rs100000 so how to calculate tax on it for individual

please can u help me to find top 20 Ca firms in mumbai as i need to join a CA firms. wel i hv completed my PE 2 .