ITAT issues guidelines for stay of demand.
Started by yameen, June 28, 2012, 02:11:31 PM
Quote(v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882); or(vi) any transaction (whether by way of becoming a member of, or acquiring shares in, a cooperative society, company or other association of persons or by way of any agreement or any arrangements or in any other manner whatsoever) which has the effect of transferring, or enabling the enjoyment of, any immovable property.
Quote from: satyanveshi on June 28, 2012, 08:36:01 PMEven if Apex Court decides the issue in favour of public at large, there is every possibility that a retrospective amendment will be brought into the statute by the law makers. Ergo, you are advised to estimate cost of litigation and risk involved before finalising the issue.
Quote"50D. Fair market value deemed to be full value of consideration in certain cases.—Where the consideration received or accruing as a result of the transfer of a capital assetby an assessee is not ascertainable or cannot be determined, then, for the purpose ofcomputing income chargeable to tax as capital gains, the fair market value of the saidasset on the date of transfer shall be deemed to be the full value of the considerationreceived or accruing as a result of such transfer."
Quote from: yameen on June 29, 2012, 07:53:30 PM .... if i pay capital gains now then my liability ceases/completed
Quote from: yameen on June 30, 2012, 11:20:23 AM sir please clarify one thing should i pay tax on entering into agreement with builder for 59% of land....i.e.., when we enter into agreement for JDA then on giving Power of Attorney should i pay tax on 59% ?