CA PARAS BAFNA's Expert Profile

Queries Replied : 9397

I am a practising CA from Surat

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knamit says : Basic accounting for shares
Dear Sir, I have a fundamental question on accounting as stated below. I am not sure if it is valid. Your view on the same is requested. Suppose in AY 2012-13, I buy 100 equity shares of a co - ABC at 10/- (market value) investing 1000/- on it. For that AY, my capital account will state the following investment line 100 eq shares of ABC @10/- = 1000/- After 2 years, the market value of the eq share appreciates to 20/-. I decide to get my principal invested amount out of the company but keep the long term capital gain in the form of shares.(50 in this case) . so for the AY 15-16, can I describe my capital account as follows - 50 shares of ABC @ 0/- = 0/- At a later date when I sell them , i can put the gain directly in the capital. Is this okay?. I am aware of the comventional way of splitting the principal and gain for that many no of shares which are sold. But I am not sure if this is legal. Your viewpoint on it is requested.

hdhitesh says : Regardin LTCG on Sale Of Residential Flat
Dear Sirs, I own a residential flat which acquisition Price As on 19/12/2009 was Rs. 7,00,00/- as per Sale agreement. Now I want to sale it on 20/12/2012 @ Rs.26,50,000/- Now I`v a question that how much is the capital gain & the purchaser is asking for full agreement of Rs.26,50,000/- which I think must be less. Now Please inform me that if I purchase a new Flat of Rs.19 lakhs or Rs.20 Lakhs then what amount of agreement should be made for the Old Flat? Read more at: http://www.caclubindia.com/experts/modify_message.asp?entry_id=560589

hitesh shah says : TDS ON CARRY BAG BILL
DEAR SIR MY QUESTION IS WHETHER TDS IS REQD TO BE DEDUCTED ON CARRY BAG BILL ON WHICH VAT IS CHARGED

CA Amit Rajput says : Please give your comment
****Welcome to all experts to join in discussion **** I have a case about a an Investment (private limited )company which maintaining books of account on mercantile basis. But company records income on receipt basis from April to Feb and in the month of march a consolidate receivable from April to Feb is recorded and for month of march on receivable basis. my question is that is this practice of following cash basis accounting for 11 month and in March remaining receivable on consolidate basis i.e.(receivable less received) and for only month of march on pure receivable basis is Correct ??? Means following cash basis accounting for 11 months and Accrual basis accounting in month of march is correct or it will be treated as hybrid system. Is there any clarification from ICAI or Department for following accrual basis accounting through out the year? Pls join in discussion

jay says : capital gains tax query
sir my client has 3 house properties sold during the financial year 1 of the house property and purchased another house property will he be eligible to claim capital gains tax?? how do i save him from capital gains tax arising from sale of 3rd house property