kisan vikas patra
This query is : Resolved
25 January 2008
my kisan vikas patra investment as on 1st april 2003 is 1,00,000.how much interest should i accrue for financial year 2006-2007(a.y 2007-2008).give me the answer with procedure..
my LIC BIMA NIVESH is matured for rs 1,00,000...will i get exemption? if yes, for the interest amount or whole sum...
MY CLIENT HAS MADE PAYMENT FOR FLAT IN 1985 BUT HE RECD SHARE CERTIFICATE IN 1990..WAT WOULD BE THE YEAR OF PURCHASE FOR CALCULATING LTCG......
my LIC BIMA NIVESH is matured for rs 1,00,000...will i get exemption? if yes, for the interest amount or whole sum...
MY CLIENT HAS MADE PAYMENT FOR FLAT IN 1985 BUT HE RECD SHARE CERTIFICATE IN 1990..WAT WOULD BE THE YEAR OF PURCHASE FOR CALCULATING LTCG......
26 January 2008
Date of purchase - For the purpose of section 54, the date of agreement to purchase should be taken as the date of purchase and the date of registration of sale deed for purchase is not relevant - CIT v. R.L. Sood [2000] 108 Taxman 227/245 ITR 727 (Delhi).
Date of taking possessions relevant for computing time-limit - Date of taking over possession of property purchased, and not the date of registration of sale in favour of the assessee, is relevant for computing the prescribed time-limit - CIT v. Mrs. Shahzada Begum [1988] 173 ITR 397 (AP).
Date of taking possessions relevant for computing time-limit - Date of taking over possession of property purchased, and not the date of registration of sale in favour of the assessee, is relevant for computing the prescribed time-limit - CIT v. Mrs. Shahzada Begum [1988] 173 ITR 397 (AP).
27 January 2008
answer for Query 1.
normally the interest rate is 8-9%, you can accrue accordingly.
pass the entry
Accrued interest Dr
Interest on Kisan Vikas patra Cr
calculate the full interest in the 5th year and adjust the same to Accrued interest account and balance charge as income
LIC Income is exempted wholly
normally the interest rate is 8-9%, you can accrue accordingly.
pass the entry
Accrued interest Dr
Interest on Kisan Vikas patra Cr
calculate the full interest in the 5th year and adjust the same to Accrued interest account and balance charge as income
LIC Income is exempted wholly
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