Arun Kumar Singh's Expert Profile

Queries Replied : 3962

About me

I am Delhi based Advocate practicing in the field of Direct & Indirect Taxation Laws. Presently I am associated with M/s Rajesh Kumar & Associates, one of the most reputed firm working in the field of Taxation Laws for the last 20 years. Our firm is providing legal advisory and other the part of litigation services (Reply to SCN, Commissioner appeal, CESTAT, ITAT, High Court & Supreme Court) in the field of Direct & Indirect Taxation in all over India.

Mob: 9818350318 arunks03 @ gmail.com , skype id: arunks03

for details about our services you may visit on: www.rklegal.org

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Sai Karthik says : Capital gains
Hi, I have constructed 6 flats in Mar-12 and incurred total cost of one crore. and sold 2 flats in Jan -13 for 60Lakhs and I was using the remainig 4 flats Of the sale proceeds,on land I got long term gain on building short term loss. Now am I eligible for claiming exemption under section 54,54F for the 2 flats which I was residing now? If yes,plz tell me under which section and refer supporting case laws? Thanks…

Sai Karthik says : Capital gains
Hi, I have constructed 6 flats in Mar-12 and incurred total cost of one crore. and sold 2 flats in Jan -13 for 60Lakhs and I was using the remainig 4 flats Of the sale proceeds,on land I got long term gain on building short term loss. Now am I eligible for claiming exemption under section 54,54F for the 2 flats which I was residing now? If yes,plz tell me under which section and refer supporting case laws? Thanks…

kfgfgdfgffdfd says : please reply
rm purchase-rs 1000(20 kgs) vat-rs 4 other expenses-rs 5 total-rs 1009 Q1) i presume that the below mentioned journal entries for vat purchases eligible for input credit are to be passed (using figures mentioned above ) purchase dr 1005 vat recevbl dr 4 party cr 1009 vat adjustment entry is vat payabl dr vat recevbl cr unadjusted vat recevbl amount will remain as dr balance in vat recevbl a/c and will be shown in asset side OF BALANCE SHEET .Am i correct? xxxxxxxxxxxxxxxxxxxxxxx Q2)what about cst purchases? (using figures mentioned above ) is the rm price 1009 in case cst is rs 4 and are following journal entries right purchase dr 1009 party cr 1009 xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Q3)the accounting policy for 2012-13 is closing stock value of raw material= cost price or market price whichever is is lower 31/03/13- 500 kgs for which costprice is 108 and market price is 100 therefore closing stock value is 500 x 100 = 50000 as on 31/03/13 closing stock of 2012-13 is opening stock of 2013-14 so which of the following is correct working 1 o/s 500 kgs rs 50000 purch 100 kgs rs 10000 (assumption ) consump 500 kgs rs 54000 (108 rs (cp as given above) x 500 kgs) clsng stoc 100 kgs rs 6000 or working 2 o/s 500 kgs rs 50000 purch 100 kgs rs 10000 (assumption ) consump 500 kgs rs 54000 (100 rs (mp as given above) x 500 kgs) clsng stoc 100 kgs rs 10000 ASSUMING ONLY THE OPENING STOCK IS CONSUMED IN THAT MONTH AND NOT THE GOODS PURCHASED DURING THAT MONTH.Which rate is to be applied to determine the value of consumption -opening stock rate or actual cost price?

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Jasmine Thakkar says : Registration as Importer
Dear Sir We are traders and importers of goods. We have already registered as dealer. Should we have to take registration as importer again. If yes what is the procedure. Thanks in advance