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PLz hlp urgent

CA Nikita (Chartered Accountant) (4158 Points)

15 October 2007

Hi!!

UTI bond fund 2002 whether exempted on redemption???????

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9 Replies

CMA Gul S (Program Manager) (5910 Points)
Replied 15 October 2007

Hi Nikita, I do not think this would be exempted. This money is received as of date and this is taxable as of now

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Shaily Jain (Chartered Accountants) (1054 Points)
Replied 15 October 2007

no it's not exempted but i m not very much sure

mrudhul (ca) (36 Points)
Replied 15 October 2007

no it is not exemped in income tax

ravi sankar (Chartered Accountant) (157 Points)
Replied 15 October 2007

Nikita, Just read the offer documents of the bonds under question. does it state any status of trax-free bonds. Usually the bonds wil get such status even before the allotment. Such status will not be notified by IT authorities after allotment.

(Guest)

Mr X is employed with a nationalised bank. He enters in to leave and license agreement with Mr Z who is not conntected with the bank. On the basis of the agreement banks pay the rent directly to Mr Z. Will the rent amt shall be taken as FBT or it is a perquisite. IF perquisite then what is the perq. value assuming rent paid is 2500 pm.

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CA Nikita (Chartered Accountant) (4158 Points)
Replied 15 October 2007

thanks everybody... also normally on bonds no indexation is done.. but in case of UTI bonds..will indexation b reqd???

som kansal (chartered accountant) (307 Points)
Replied 16 October 2007

hi nikita uti bonds are not exempt the taxation proceedure isL A) the value on the next succeeding date B) the value on the very first day of this previous year A-B is taxable, always be STCG * succeeding date bole to 1st April of the next py