Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: articles on VAT and GST in India :: form 3cd :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: due date for vat payment :: ACCOUNTING STANDARDS :: TDS :: empanelment :: cpt
 
 
News Headlines »
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government

Query corner on Tax
March, 30th 2010

Is every payment to a shareholder a deemed dividend? How is it calculated?
Varun Juneja

No, not every payment to a shareholder is considered as deemed dividend Under Section 2(22) of the Income-Tax Act, 1961. For example, payments made to a shareholder towards goods or services sold by him to the company would not be considered as dividend. In general, distribution by a company of its accumulated profits to its shareholders in certain forms [refer section 2(22) (a) to (d) of the I-T Act, 1961] is considered as dividend. Further, advances or loans made to certain shareholders (i.e. those holding 10% or more voting power in the company) are deemed to be dividend to the extent company possesses accumulated profits.

My son and I sold our respective (two separate) houses in Ahmedabad and invested the aggregate sale proceeds (of both houses) plus a loan of Rs 30 lakh from my husbands HUF in an under-construction flat in Mumbai in our joint names. Can my son and I claim full exemption for our respective LTCG US 54? Can we also claim interest payable to my husbands HUF @Rs 1.5 lakh each after possessing the flat?
Prema

You can claim full exemption for your respective long-term capital gains Under Section 54. You are eligible to claim deduction on interest payable on loan taken for purchase of the house. U/S 54, all you are required to do is purchase / construct a residential house within the prescribed period. The residential house can be old or new.

I am a senior citizen. My PPF account matured this year. I wish to know how and till when I can run this HUF PPF a/c with interest on the existing balance standing in this account. Please let me know the revised rules for matured PPF a/c of HUF status.
Girish C Gupta

You have to file Form H if you wish to continue the account for a further period of 5 years. Interest would be payable on the balance amount in the account during such period.

My wife and I jointly took a housing loan in June 2008. My wife is a home-maker and is not paying anything towards the loan. All the instalments are directly transferred from my salary a/c. Is there any way through which I can claim the entire benefit or give an affidavit of my wife surrendering the ownership to my name?
Vijay Goyal

You can claim the entire deduction on interest payable on the housing loan interest and on repayment of principal loan amount. You need not obtain any affidavit for surrender of ownership from your wife.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions