Answers On Topic: taxation
In case of a charitable society running educational institution, if all the members of the society, retire and new members are introduced the executive body is also replaced by the new members. However, this being a commercial deal, the incoming members desire to pay the outgoing members say by way of gift through account payee cheques. In such a situation can incoming members pay to the outgoing members directly. The outgoing members are in the tax bracket of 30% plus surcharge, then what will be the implication of such transaction, and whether society will lose its character of being a…
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My Mother had a Flat (460 sq,ft) on Ownership basis since 1984. Building went into Redevelopment in the Year 2014. Builder paid Stamp Duty only on Construction Cost Rs 1760/ sq.ft.(as the Law Prevailed in 2014), whereas Fair Market Value & Stamp Duty Value was 8600/ sq.ft Now which Value I Have to Take for Capital Gain Tax Calculations I have sold the Flat in August 2023. from 2001 as base rate or stamp duty paid value or market value as on 2014 (agreement yr)
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A battalion of reserve police force (RPF) has been allotted a petroleum retail outlet by Hindustan Petroleum Corporation Ltd. for sale of Petrol and Diesel. The battalion office has got its PAN under Government category with 4the character of PAN being 'G' and based on that PAN GSTIN has also been allotted. The petrol pump is selling Petrol and Diesel to public, other departments of state and central governments, and it has captive consumption as well. The sale during the FY 2021-22 which is the first year of operation is Rs.11.13 crores. Please advise on followings : 1. Whether Tax…
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Charitable Trust , all members retire , Incoming members paying to outgoing members by way of gift , tax implication of such transaction? . Whether Society will loose the exemption?