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Department can’t collect service tax on renting of immovable properties

Written on 6 Feb, 2010 at 12:15 in Income Tax, Real Estate News | viewed 18 times | 0 Comments

In absence of stay from SC, Department can’t collect service tax on renting of immovable properties by resorting to other means Executive Summary: – In absence of Supreme Court’s order staying operations of High Court’s judgment relating to levy of service... (Continue reading)

Gift of Immovable Property or any other property

Written on 3 Dec, 2009 at 15:58 in Income Tax, Legal | viewed 40 times | 0 Comments

By R.V. Shah, CA Section 56(2)(vii) of the Income Tax Act, 1961 applicable from 1st October 2009 has inserted this provision and made in case the property received by an individual or Hindu Undivided Family (HUF). The Section states that, where immovable... (Continue reading)

Transfer of leased premises sans business ends taxpayer’s right in capital asset

Written on 24 Nov, 2009 at 21:17 in Income Tax, Land Mark Judgements, Legal | viewed 27 times | 0 Comments

Recently, the Mumbai bench of Income-tax Appellate Tribunal (the Tribunal) in the case of United Motors (I) Ltd. has held that income from transfer of a leased premises without transferring its own business amounts to extinguishment of the taxpayer's right... (Continue reading)

Capital gains tax planning while buying a house

Written on 11 Sep, 2009 at 15:47 in Income Tax | viewed 101 times | 4 Comments

Capital gains tax planning while buying a house By Advocate K. K. Ramani Friends, The savings made during the entire life normally may not be sufficient for you to purchase a flat of your own choice. Hence many a time, it becomes... (Continue reading)

Property Gifts now Taxable w.e.f 1st October 09

Written on 10 Sep, 2009 at 12:05 in Income Tax, Real Estate News | viewed 40 times | 1 Comment

Gifts in kind and deemed gifts of immovable properties brought under tax net with effect from 1st October 2009 under section 56(2)(vii), 49 & 2(24). The finance Act 2009 has been amended. The provisions of Section 56(2) of the Income... (Continue reading)

Applicability of Chapter XXC to Housing Society, Additional FSI & TDR

Written on 17 Aug, 2009 at 16:15 in Income Tax, Society | viewed 113 times | 0 Comments

Applicability of Chapter XXC to Housing Society, Additional FSI & TDR By Vimal C. Punmiya, Chartered Accountant 1. Before delving into the applicability of provisions of Chapter XXC and Taxability of additional FSI and TDR it is a must to... (Continue reading)

Income Tax Exemptions : U/S 80-IB (10)

Written on 11 Aug, 2009 at 17:57 in Income Tax | viewed 150 times | 1 Comment

HOW TO AVAIL OF MAXIMUM BENEFIT U/S 80-IB (10) THE INCOME TAX ACT. [ In respect of undertaking(s) engaged in the development and construction of Housing Projects(s)] By Vimal Punmiya (CA) Posted on 15th May 2002 Recently, I was approached by a Builder Group... (Continue reading)

Judgment on 80IB

Written on 8 Aug, 2009 at 13:19 in Income Tax | viewed 99 times | 0 Comments

Judgment on 80IB IN THE INCOME TAX APPELLATE TRIBUNAL: ‘A’ BENCH: MUMBAI Before: S/Shri K.C. Singhal, J M & V. K. Gupta, A M. ITS No. 5520?Mum/2005 Asstt. Year: 2002-03 Income Tax Officer – 14(3)3, Nariman Point, Mumbai- 400021 (Appellant) Vs. Shri Vimalchand M. Dhoka, Ramwadi, Mumbai-400002 PAN No.... (Continue reading)

Claim your depreciation on office premises

Written on 8 Aug, 2009 at 13:09 in Income Tax | viewed 84 times | 0 Comments

Even if you claim depreciation office premises, still you are entitled for long term capital gains – Tribunal By Vimal Punmiya, Chartered Accountant OPINION Querist………………………………………. M/s. PRASHANT CORPORATION The Querist is a Partnership firm, Registered in Mumbai, The firm is involved in business of... (Continue reading)

RECENT JUDGEMENT & CONTROVERSIAL ISSUES ON CAPITAL GAINS TAX

Written on 6 Aug, 2009 at 16:47 in Income Tax | viewed 210 times | 1 Comment

RECENT JUDGEMENT & CONTROVERSIAL ISSUES ON CAPITAL GAINS TAX. By, Vimal C.Punmiya. CHARTERED ACCOUNTANT. The Sections particularly relating to the Computation of Income from Capital Gains deals from Section 45 to 55A under Chapter IV E of the Income Tax Act, 1961. The... (Continue reading)

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