Fire your tax related queries and i would get it solved!!!

[diosys]

Thank you again and again for your immense support here.

My another doubt:
Once you said to get the money from my father as LOAN than GIFT. The approx. amount is Rs: 25 Lakh for this transaction. I heard there are some limits for the amount that can be given as loan with out a registration as non-banking firm.

Whats the fact in this?

It does not apply to an individual.

 

[TFL]

Diosys sir,

How long the income from capital given as gift(from parents) is clubbed.

 

[TFL]

Is there any difference between "Security Deposit" and "Refundable Security Deposit" specified in a lease agreement.

 

[TFL]

1.) It would form part of your balance sheet under deposits.

2.) No it would not be required as mere statement in the agreement coupled with the fact that it would be paid vide an account payee cheque would be sufficient proof.

3.) Yes, that should also suffice. Be sure if the rent is above Rs. 1,20,000 per year then the provisions of TDS would be attracted.

4.) Draw up a detailed excel sheet, take a daily print of the work done, attach the daily items bought bill to it and get it signed by the person working...

If the work done was by contract basis(All items and labor) what I need to obtain from the contractor?

 

[diosys]

Diosys sir,

How long the income from capital given as gift(from parents) is clubbed.

18 years of age

 

[diosys]

Is there any difference between "Security Deposit" and "Refundable Security Deposit" specified in a lease agreement.

A whole lot....

If a person is liable for service tax then on security deposit which is not refundable and adjustable at the end would require to pay service tax on it....for the other it would not be.

 

[diosys]

If the work done was by contract basis(All items and labor) what I need to obtain from the contractor?

A simple receipt would be sufficient....

 

[TFL]

18 years of age

You mean it will be clubbed for 18 years from the date of gift?

 

[nac]

You mean it will be clubbed for 18 years from the data of gift?

Hey! He said 18yrs of age.

Don't get confused by just seeing the numbers. He was very clear in his statement.

 

[RJAIN]

Yes, people who have a turnover of more than 60 lacs in current year. Turnover will include the total value of shares bought in FNO. In case of options it shall be (strike price*quantity+ premium) and for future it shall be (strike price*quantity).

RJAIN