02 May 2012
Good-morning, we incorporated a Pvt Ltd last year in June, we are foreigns, our company secretary informed us about the FCGPR only last week. Now we are facing troubles as we remitted the money in cash...not by Int. wire transfer. Because of this the bank is not providing KYC and the FIRC
It seems that also our CS doesn't know hot to go on...he suggested us to open a personal account at the bank...
The second question is about the rate for CS services, are the charges regulated? how can I compare the prices?
02 May 2012
If the house on which exemption u/s 54 is sold within a period of 3 years, the cost shall be; for the purposes of computation of STCG; taken NIL. In your case, have you claimed exemption u/s 54 or only intended to claim is the crucial point? If you have not filed the return for the same then you will be having various choices.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
02 May 2012
HOW CAN COST BE NIL.? IF HE SOLD THAT NEW HOUSE AND PURCHASES AGAIN SUM OTHER NEW HOUSE. HOW STCG WILL BE CALCUULATED ?
02 May 2012
You have rightly calculated STCG Rs. 25L. As per section 54, where the new assets is transferred within 3 years from the date of its acquisition/construction, the cost of such asset shall be reduced by the amount of capital gain exempted earlier and STCG shall be computed by deducting such reduced cost of acquisition. Further you will not get any benefit of purchasing new house again as exemption u/s 54 is available only against LTCG.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
02 May 2012
THANKS A LOT FOR YOUR REPLY. BUT ARE YOU SURE ABOUT THIS THAT NO NEW EXEMPTION WILL BE GIVEN AGAIN. ACTUALLY LAW IS NOT CLEAR HERE .