CA PARAS BAFNA's Expert Profile

Queries Replied : 9397

I am a practising CA from Surat

Sharing the knowledge is my hobby.

Favourite field of activity is Income-tax .

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C.A. HIREN says : gift
thnks sir.... but from abroad ......till the limit is Rs. 50000/- is applicable????

Vikas Shukla says : Capital Gain/ Income Tax
I have been reading your comments on net and appreciate your knowledge & support on several points. Could you please advise me on below matter? My wife purchased a property / vacant land in 2002 for Rs. 2 lac. on G.P.A. by its original owner. No Sale Deed was done on that time. In year 2008 as a safety, my wife felt better to get the property registered through Sale Deed, hence made a Sale Deed in the name of her husband / me for sale value of Rs. 250000/-. You know as per a rule, GPA owner can not get the Sale Deed done in her own name, so ‘Sale Deed was done in my / husband’s name. Since it was only a documentary formality, value was declared only Rs. 250000/-. I wish to know whether this transaction of property between 'Wife & Husband' can be treated as ‘Gift’ to Spouse ? with no Tax liabilities, or will effect on any Tax liability and called as Long Term Capital Gain to Wife? She mentioned this in Balance Sheet already and Rs.2.5 L was shown as cash receipt against sale deed in her account books. We both are Income Tax Assessee. Can I know what is the exact ruling of income tax deptt. in such cases for property transaction in relatives/ wife- husband. or any previous court references of same cases? how should we handle this case? Please advise, I shall be thankful. Kindly give your mobile number to talk. Best regards, Vikas 9810785682 shoemachines@gmail.com

sathish kumar says : direct enrollment to ipcc
Sir/Madam I have finished my B.com degree with 75%. I heard news about direct enrollment to ipcc without passing of cpt exam for graduates which has been announced by ICAI on july. I have been waiting for that still now. For the purpose of doing CA i am now working in a Audit firm from july onwards. So that i have not yet register for cpt exam. Will that amendment come before june 2012? Whether can i wait for that or better registr for cpt june 2012 exam. Please send me your suggestions or ideas. Thanking you.

Piyush Agrawal says : TDS RATE FOR COMPOSITE RENT
WHT IS THE TDS RATE FOR COMPOSITE RENT

harshal says : Taxation on foreign remittance and payments
Sir, can you please guide on taxation liability of the comapany who is paying interest to foreign banks against ecb loan. can you just brief or guide with the section details applicable thanking you in anticipation for your time and guidance