Dear All,

I have a query which i am putting here as below:-

I have a house property as self occupied acquired 5 years ago.

I have entered into a purchase agreement with a builder regarding purchase of a flat in a under construction building.I will get the possession after 6 months from now.

I have a plan to sell my existing self occupied property and i want to avoid LTCG on the same.

As per section 54 of Income Tax Act, I can purchase a house property "one year before the date of transfer" to avail exemption of LTCG.

In my present situation as discussed above, my questions are as below:-

a) Will i get exemption under section 54 of Income Tax Act for my booking of A FLAT in a under construction building. Will it be a "purchase" and not construction so as to qualify for "one year before the date of transfer" cretaria ?

b) What will be the "date of purchase" ? Will it be the date of buy agreement or the date of getting possession ? This is relevant because accordingly i will plan the date of sell to qualify for exemption under section 54 of income Tax Act.

If answeres are based on any Rulings/circular, please indicate some reference so that i can retrieve the same.

Thanks

Subhash Sinduria

Dear Freinds

If a sick company (Listed, trading suspended) has not complied with the requirements of filling annual accounts and returns for continues 5 yrs. Whether it existing directors are disqualified under section 274(1)(g) or they will get some relief as the company is a sick company and reffered to BIFR.

Thanks and regards
Gourav Mehta

Can CST be set off against VAT??

what is the stamp duty to be paid on share certificates issued ( not transfer) in case of pvt ltd co in the state of karnataka

When we supply material to government department they deduct TDS on supply bills also. Is it valid to deduct TDS on supply of material.

In case it is not valid then where can we find reference for not deducting the TDS on supply bill

what is the peanlty for late filing of return after 31.03.2009 & under which section it fall?

I have cleared my icwai inter and now doing job as a manager in a taxi stand,it is registered,but not a ltd co.can i use it for the purpose of industrial training in icwai inst.

Sir,

Is there any changes to TDS rates for the FY 2009-10.

Pl provide me applicalble TDS rates if available


Thanking you


yours faithfully


G Ramesh babu

I agree that as per Service Tax rules if Abatement is claimed, Cenvat Credit can not be availed.

However I have a genuine query, which I would like to clarify, with the following example-

Suppose I provide a Tour Package worth Rs. 1 Lac, for which I charge my clients Service Tax/ Cess @ 2.58% of the Package Value (Rs. 2580/-). (Means my total Invoice Amount is Rs. 102,580)

Now, I take some of the Ground Services from my Sub Agent (worth Rs. 50,000/-), for which he issues an Invoice in favour of our company and charges Service Tax/ Cess @ 2.58% of the value of Service provided (in this case- Rs. 1290/-).

Now my question is that I have charged my client Rs. 2580 as Service Tax/ Cess. Out of which I have already paid Rs. 1290/- to my Sub Agent as Service Tax/ Cess.

So the remaining amount of Service Tax/ Cess with me is only Rs. 1290/-.

Now as per your reply, because I have claimed the Abatement, I should pay the full amount of Rs. 2580 as Service Tax/ Cess (whereas I'm left with only Rs. 1290).

SO SHOULD I PAY RS. 1290/- OUT OF MY OWN POCKET (Reducing my Genuine Profit Margins)???

KINDLY ADVISE !!

Regds....Anurag

Hello ! Freinds
In case of Goods Tranport by road recepient of service is liable to pay the Service Tax. But, for the purpose of registration or to decide the liability to pay whose turnover is to be considered Whether the transporter or the receiver. And how it is to be Calculated.
What if the turnover of either of the two exceeds Rs. 10lacs and other one is below taxable.

Thanks and Regards

Gourav Mehta