Originally posted by : sm faraz
	Would the suggested answers from the institute come before the results, anyone?

I hope one month before result..... 

Dear Anuj & all

Anuj u hv blamed to Vivek sir . its ok his answer is wrong but don't laugh at him. You hv mentioned that U r student of Shri Ajai Jain sir then it's a good thing but he will never teach u that Section 111A talk about LTCG This section 111A is talk about STCG & lf there is any Short term gain on equity shares or equity oriented fund then it is liable to tax  @ 15%. I want to  tell U that I m student of Shri Sanjeev Varshney Sir I think U have heard about him he taught me section 111A. Now talk about section 51 advance money forfieted this question is from Sanjeev Sir notes (Q no. 3 of Section 51) only figures are changed. In that section U r right becasue section 51 says advance money forfieted by the assessee only shall be deducted from COA.

Guyzzz don't play blame game.....the mistakes could happen from anyone.But Vivek Sir their are lots of mistakes in your solutions.

Great Efforts to help CCI Students. Thanks.

Originally posted by : SACHIN SAINI
	Guyzzz don't play blame game.....the mistakes could happen from anyone.But Vivek Sir their are lots of mistakes in your solutions.

That is i was agreed in the starting in the begining of the forum that it contains error. Anuj and all have given the insight to capital gain section...

Originally posted by : krishna
	Dear Anuj & all Anuj u hv blamed to Vivek sir . its ok his answer is wrong but don't laugh at him. You hv mentioned that U r student of Shri Ajai Jain sir then it's a good thing but he will never teach u that Section 111A talk about LTCG This section 111A is talk about STCG & lf there is any Short term gain on equity shares or equity oriented fund then it is liable to tax  @ 15%. I want to  tell U that I m student of Shri Sanjeev Varshney Sir I think U have heard about him he taught me section 111A. Now talk about section 51 advance money forfieted this question is from Sanjeev Sir notes (Q no. 3 of Section 51) only figures are changed. In that section U r right becasue section 51 says advance money forfieted by the assessee only shall be deducted from COA.

This is right and a Loophole in tax. Section 51 

In my hunble opinion, before posting something as sensitive as 'solutions of exam papers', one should take the opinion of an expert. A solution like this would only baffle the students. However, I appreciate the effort.

Originally posted by : CA.ViVeK M ACA
	Solution to capital Gain Question Number 5 (a)   Computation of Capital Gain   Particular Amount Full Value of consideration 12,00,000 Less Expense in connection with transfer                               Nil Net consideration 12,00,000     Less Indexed cost of Acquisition   45000/140*711 ( Working note 3) 228536     Less Indexed cost of improvement       Improvement expense incurred by Rakesh   50000/140*711 253929     Improvement expense incurred By A       190000/244*711 5,53,648     Long term capital Gain   Less exemption                      NIL Taxable capital Gain 163,887     Working notes Where the property acquired on or before 1981, then following workings are warranted   Working note                 Computation of cost of acquisition       a) Cost of acquisition 105000 b) Fair Market value as on 1/4/4981 150000   a) or b) whichever is higher Shall be 150000                                               Cost of acquisition Working note 2  Section 51   If any of the capital asset was subject matter of negotiation  and advance received in respect thereof , transfer of the asset was not taken place, then, such advance need to be deducted from any of the below component for the purpose of computing capital gain   ·       Cost of acquisition ·       FMV ·       WDV Depends upon the nature of capital asset.   Calculation of Total advance received for sale of property a) Advance received by Rakesh 25000             b) Advance received by  Mr A 80000               Total advance received 105000                               This will be deducted from FMV                                 Working note 3                   Calculation of adjusted Cost of acquisition                 Cost of acquisition as per WN (1) above 150000               Total advance received   WN  (2) Above 105000               Adjusted Cost of acquisition 45000                                                 Working note 4                     Cost of improvement incurred on or after 1st April 1981 is eligible for deduction .Cost of improvement expense incurred by Mr. Rakesh for the year 1979-80 will not eligible for deduction. Indexation will be given for the year of  Gift of property to Mr A. year of Gift was 1986-87 and the index point during that year is 140 point. This is a correction

i think advance forfeited by Mr. A i.e. Rs 80000 should be deducted from cost of acquisition..

Sir,

Pl give PCC solution.
 

I want to say that Ipcc paper lucks easy but its not easy becoz every question has a trick, if u know the trick then only the paper is easy, otherwise not 

Originally posted by : krishna
	Dear Anuj & all Anuj u hv blamed to Vivek sir . its ok his answer is wrong but don't laugh at him. You hv mentioned that U r student of Shri Ajai Jain sir then it's a good thing but he will never teach u that Section 111A talk about LTCG This section 111A is talk about STCG & lf there is any Short term gain on equity shares or equity oriented fund then it is liable to tax  @ 15%. I want to  tell U that I m student of Shri Sanjeev Varshney Sir I think U have heard about him he taught me section 111A. Now talk about section 51 advance money forfieted this question is from Sanjeev Sir notes (Q no. 3 of Section 51) only figures are changed. In that section U r right becasue section 51 says advance money forfieted by the assessee only shall be deducted from COA.

criusly./...kis course me ghus gya main....y cant u people take nething lightly????life me itna crius hona bhi achhi baat nahi hota hai mere bhaio....le bhai sanjeev varshney is d best teacher in dis world..bas khush....n as far as my laughing at vivek sir is concerned....he said dat those students who did not do a balanced study would find the paper hard...n ironically nearly all of sir's answers were wrong..so i cud not help myself from laughin at d irony...vats d big deal dude....lyf me itne crius reh kar koi kabhi kuch achieve ni kar paya bhai...n i even said no offences...so i did not disrespect him..he is a ca n he is much bigger dan me in stature n post n haisiyat n education but dat does not mean dat if i laugh at his mistake i m commiting a crime...so just kewl down n enjoy d 3 months b4 d result 

Sir,

Can you Please Provide PCC taxation solutions of May 2011 Examination also.