sivaram (Asst Mgr-Taxation) (6918 Points)
30 March 20101.Can any one expalin with examples in lay man terms to make me understand the term Transfer as per sec 2(47) of the Income Tax ACT in particular i need examples and meaning for reliquishment ,extinguishment etc
2. what is menat by demutilisation or corporatisation explain
shushantsinghal
(BCOM(HONS),C.A)
(283 Points)
Replied 30 March 2010
sec 2(47) of income tax act define the meaning of transfer for the purpose of capital gain......
relinquishment means to give up or surrender.....(voluntarily giving any assets to someone)
extinquishment means not to exixts(khatam ho jana)......(depreciable assets stolen ).
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 30 March 2010
anshul bafna
(student)
(522 Points)
Replied 31 March 2010
CHECK LATEST NOTES AND AMENDMENTS FOR CA FINAL
/forum/ca-final-may-2010-amendments-and-notes-for-all-subjects-75890.asp
Manish Mohan
(Sr. Lecturer)
(21 Points)
Replied 31 March 2010
I am running a Sole Proprieter firm, total transaction in present financial year is less than 2 lakhs. how to calculate my income tax ?
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 31 March 2010
ur firm will be assessed as individual person. at present income ur tax liability will be around for ex, ur income is Rs. 195000, tax will be Rs.(195000-160000)*10% = Rs. 3500
This tax burden will be reduced by showing ur savings and investments as well.
for further any query mail me at ratan_deep1 @ yahoo.co.in.
keep smiling.
regards,
ratan
CAclubindia
