CA PARAS BAFNA's Expert Profile

Queries Replied : 9397

I am a practising CA from Surat

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Favourite field of activity is Income-tax .

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nisha sancheti says : for transfer
i wantto take tranfer .. i had completed 4 months of training.. can i take within same city transfer?

sridhar balakrishnarao says : long term capital gain tax
Dear sir, my WIFE (assessee) purchased a flat in dec.2000 and sold it by august 2008 for a consideration of Rs.15,05,000/- where as the market value was 20,90,000/-.Mean time she purchased a old house in my name(husband)immediately, demolished and reconstructed to our convenience. 1.Can my wife claim ltcg exemption benefit for the same, as the entire sale proceeds were used on the new property? The document was registered in my name(Husband) and not in her name.(Apart from the sale proceeds she took a housing loan in joint names(husband) for the same). Iam not a assessee and not spent even a single pie on the new property. 2.If so, The new house was constructed by me with out any contractual engineers.we don't have many bills for the same. How can we substantiate the spends? 3.To claim the benefits what are the procedures? n.b: Both are/were self occupied residential property by the assessee. Either the assessee or the spouse have no other immovable property elsewhere. kindly give your valuable advice. thanking you,regards.

jaytilak mohanty says : Tds on payment as per court order
Sir, our company is directed to pay an amount to another company by the court.Will tds be deducted on this payment. We have transaction with that company, where we deduct tds u/s 194C on payment made to them. Please advise. Regards Jaytilak

Arun Arora says : about revised return
sir, an assesse has filed ROI u/s 44AF for A.Y 2011-12 as turnover approx. 850000 and profit 166090 profit %age 19.54 for A.Y 2012-13 ROI filed u/s 44AD before due date u/s 139(1) as turnover 454000 and profit 204200 profit %age 44.98. Can return FOR A.Y 2012-13 be revised ? as sale is wrongly taken as 454000 acutal sale is 954000 nd profit% 21.40 i.e profit same as 204200.