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

[indi007]

i NEW Trader in all SEGMENT of market examples long term to margin to f & O HOW 2 CALCUTALE MY TAX ?

 

[lazytrader]

This is one of the oldest active threads on traderji - 3yrs 3 months. Kudos to diosys for keeping it alive with all the solutions.

diosys might be busy with stuff so in the mean time go though this page for some of the answers you guys might useful: http://www.traderji.com/taxation-ma...uieries-i-would-get-solved-77.html#post344609

 

[rahuld2976]

Recently found this thread.

Wanted to know how to file returns on our own (without CA ) & where ?

Any help appreciated

Thanks.

 

[raghavv]

Please answer my following query :
Suppose I hold 100 shares of a company, acquired many years ago, in a Demat account ( Joint) of which I am the first holder. If I transfer these shares to another Demat account in which I am the sole holder, by off market transaction, will it change the date of acquisition of the shares? If I sell these shares after 2 months of such transfer, will the period of holding be considered long-term from income tax point of view? Please reply.

 

[DWeeP]

Suppose I trade in derivatives market with a volume of say 10 Lakhs in Fin Year.
I am a salaried individual.
How would i have to fill in forms?

I understand that all trading income is business. Will I have to get it audited?
is there a turnover limit for mandatory audit?

I believe audit will be good if i want to get loan of higher amount or solvency cert. in future. What are your thoughts?

 

[rajeabc]

Hi,
Could you please help me to understand taxes on my residential plot. Details are as below
Bought a plot for 10 lakhs in 2003-2004 . (Indexed cost in 2010-2011= 14.5 lakhs ). Recently I sold the same plot for ~50 lakhs. So my capital gain is =35.5 Lakhs.
Please let me know the ways I can save tax ( I am already paing more than enough to government).

 

[goodbrother]

Hi,
Could you please help me to understand taxes on my residential plot. Details are as below
Bought a plot for 10 lakhs in 2003-2004 . (Indexed cost in 2010-2011= 14.5 lakhs ). Recently I sold the same plot for ~50 lakhs. So my capital gain is =35.5 Lakhs.
Please let me know the ways I can save tax ( I am already paing more than enough to government).

Long Term Capital Gain Tax on property sale is 20%

you can buy 54 EC capitalgain Bonds for 35.5 lacs(Maximum Limit during a year 50 lacs), say of Rural Electrification Corporation each bond of 10000/ , presently paying 6.25% interest on yearly basis ,
have lock in period for three years .
Interest paid ECS credit every year 30th June
principle amount on matuarity will be credited to your bank a/c by ECS automaticaly without surrendring Bonds.

 

[rajeabc]

Long Term Capital Gain Tax on property sale is 20%

you can buy 54 EC capitalgain Bonds for 35.5 lacs(Maximum Limit during a year 50 lacs), say of Rural Electrification Corporation each bond of 10000/ , presently paying 6.25% interest on yearly basis ,
have lock in period for three years .
Interest paid ECS credit every year 30th June
principle amount on matuarity will be credited to your bank a/c by ECS automaticaly without surrendring Bonds.

Thanks for your reply.
IS capital gain tax exempted if I buy a flat , house , plot or pay housing loan in my name .
Whether Interest on bond you mentioned are taxable and whether I need to pay any tax on capital I get after 3 years ?

Thanks

 

[diosys]

Thanks for your reply.
IS capital gain tax exempted if I buy a flat , house , plot or pay housing loan in my name .
Whether Interest on bond you mentioned are taxable and whether I need to pay any tax on capital I get after 3 years ?

Thanks

Yes it would be exempted if you invest the capital gains amount in another house (not in plot or paying housing loan)....

Interest on bonds is taxable but the proceeds on redemption are tax free.

 

[diosys]

Suppose I trade in derivatives market with a volume of say 10 Lakhs in Fin Year.
I am a salaried individual.
How would i have to fill in forms?

I understand that all trading income is business. Will I have to get it audited?
is there a turnover limit for mandatory audit?

I believe audit will be good if i want to get loan of higher amount or solvency cert. in future. What are your thoughts?

How to calculate audit turnover has been mentioned many times. Please refer to older posts.