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Topics - subodh

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Discussion / Rural gricultural Land - Income on Sale
« on: March 10, 2015, 12:37:30 AM »
Respected Experts,
Rural Agricultural Land is not a Capital Asset, hence capital gains are not applicable on its sale.
Then under which head such income is taxable?
 - If it falls under "Income from Other Sources"?
 - or is it not taxable?
If the provisions of Sec. 43CA are applicable on sale of Rural Agricultural Land ?
Please enlighten me.

2
Discussion / Interest on loans- Income from other sources
« on: December 03, 2011, 01:49:50 AM »
my question is about the income from interest on deposits with banks. perhaps i should proceed with the example straightway.
A salaried person has earned interest amounting to Rs.2,000/- in his bank accounts, and the interest accrued in his car loan account is Rs. 8,000/-. What is his income from interest: Rs.2,000/- or Nil (as loss can't be set off from salary).
I feel its nil, but the AO is adamant that interest paid on car loan is immetarial, and there is income of Rs.2,000/-.
Friends, please suggest.

3
Discussion / Section 44AD
« on: July 23, 2011, 03:29:14 PM »
Dear Sirs,
Kindly suggest me if the provisions of amended sec 44AD is applicable to : -
1. Professionals (Specified as well as Unspecified)
2. Life Insurance / UTI Agents earning gross commission more than Rs.60,000/-(who are not eligible for ad-hoc deduction of expenses - as per circular no. 594/1991, 648/1993 and 677/1994).
3. Photographers.
Regards,

4
Discussion / Exemption of Entertainment Allowance
« on: April 26, 2011, 08:42:43 PM »
I have come across a case wherein a well managed company has allowed exemption amounting to more than `60,000/- in form No 16. However under sec 16 (ii), the Entertainment Allowance is specifically taxable in case of non-government employees and or exempt up to ` 5000 only in the hands of Govt employees.
Can the Entertainment Allowance be considered for exemption under section 10(14) also?  ??? I am sorry if i sounded stupid


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Discussion / Sec 10(38) - Shares Pledged, Sold by Bank
« on: April 26, 2011, 01:38:53 PM »
A and B had jointly taken overdraft facility from Bank under Loan Against Securities scheme jointly. They both pledged their holdings held in their separate demat a/cs.
After three years, when the account became irregular, the pledge was invoked and shares (security) were sold through BSE and NSE. From perusal of contract notes and the DP a/c narrations, it seems that: -
1. The pledged shares were first transferred into the demat a/c. of the bank before sale through stock exchange.
2. In all Contract Notes, the first named person is the HDFC Bank and the second named is A (first named person in loan a/c)
3. There is no mention of B (second borrower) in the Contract Notes even in the shares held in the demat account B.
4. No valid PAN is quoted in Contract Notes.
In view of the provisions of the Income tax Act [also sec 2(47)] and technicalities of the agreement of Loan Against Securities, kindly advice me if A and B are entitled for exemption of Long Term capital Gain u/s 10(38) IT Act.
Thanks and regards

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