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

[kuriako]

Performance and help is not counted by the reputation earned in a forum!!!

But how can diosys have a low reputation???

diosys
Member Join Date: Sep 2006
Posts: 292
Thanks: 10
Thanked 26 Times in 22 Posts
Reputation: 69


People getting help from diosys, please appreciate his help as a noble policy!!!

Traderji is asking me to spread some rep before giving to diosys!!!

 

[GMISHRA]

I have opened a share trading & demat account with a reputed share trading company and transferred some money in my trading account from my bank account for purchase of shares.
I wanted to invest it for long however without my knowledge the branch manager is trading on my behalf. I have no control on my account except funds transfer even i am not receiving my account details what is being purchased and sold on my behalf.

how should i control my own account ? I want to purchase some shares and dematise them for next 3 /4 years .

 

[solacefanatic1]

Sold an ancestral property in sepember 2008.

In this month posession of the property was given to the purchasor.
Also, purchasor took the power of attorney and sold the same property to another by executing the registry in his favour.

My father passed away in the year 2003.

My CA's assistant says I shall get indexation benefit from year 2003 and not from 1981.
So cost= (1981 valuation * 2008 index)/2003 index

Is he right?
this shall result in heavy capital gain.

waiting for your answer

regards
raja

 

[diosys]

Hello Sir,
Please help me!!, I opened a trading account in the year 2005. From 2006 till this month I did not do any buy/sell. In the meantime I have started working abroad I work on oil rigs I am away from India for more that half the year. I want to know is it ok for me to invest through this account or should any changes be made. Can a demat account be changed to NRI status? if need be? I work 4 weeks out of the country and then get 4 weeks leave I do not actually live abroad just work there (on the rig out at sea)
due to travel time to and fro and also sometimes I have to go for training I spend more that half the year out of India. I want to know what I should do about this account of mine should I open a new trading account? whenever I deposit money into this account I do it with a NRI cheque.
Please help,
Thanks & Regards,
Preston.

Dear,

Yes, as per income tax you are a NRI but that does not make you an NRI under Indian constitution....Please ask your broker as to how and should the status be changed or not....

 

[diosys]

I have opened a share trading & demat account with a reputed share trading company and transferred some money in my trading account from my bank account for purchase of shares.
I wanted to invest it for long however without my knowledge the branch manager is trading on my behalf. I have no control on my account except funds transfer even i am not receiving my account details what is being purchased and sold on my behalf.

how should i control my own account ? I want to purchase some shares and dematise them for next 3 /4 years .

Dear Gmishra,

PLEASE STRICTLY REFRAIN THE BRANCH MANAGER FROM OPERATING YOUR ACCOUNT BLINDLY (unless you had given him the authority to do so....Seek regular statements from them and inform the higher authorities is still problem persists.

Since this is a operational query hence i would not be able to answer you much...

 

[diosys]

Sold an ancestral property in sepember 2008.

In this month posession of the property was given to the purchasor.
Also, purchasor took the power of attorney and sold the same property to another by executing the registry in his favour.

My father passed away in the year 2003.

My CA's assistant says I shall get indexation benefit from year 2003 and not from 1981.
So cost= (1981 valuation * 2008 index)/2003 index

Is he right?
this shall result in heavy capital gain.

waiting for your answer

regards
raja

Dear,

The CA's assistant is correct. Its is to be taken from the year you held the property....

 

[solacefanatic1]

Dear,

The CA's assistant is correct. Its is to be taken from the year you held the property....

Please excuse my emotion.

Is it not ironical that -IT dept is considering valuation of 1981 but giving indexation benefit from 2003?They should consider the valuation of 2003 too.

i first thought cost shall be the cost to first owner or that of 1981.

thank a lot for the confirmation.

regards
raja

 

[diosys]

Please excuse my emotion.

Is it not ironical that -IT dept is considering valuation of 1981 but giving indexation benefit from 2003?They should consider the valuation of 2003 too.

i first thought cost shall be the cost to first owner or that of 1981.

thank a lot for the confirmation.

regards
raja

Dear,

There are many many many more things in the Income tax act which are IRONIC !!!

 

[avinashtiwari22]

Hi Diosys,

I have a query.please help to clarify it.

1) For eg , if i had made a loss of RS X in Mutual fund and shares delivery based n this finnacial year.
2) and i f i had made profit Rs Y in day trading/or positional trading in F&O market in the same finnacial year.

So, can i show my net profit Z = Y- x, and pay income tax/business income tax on amount z. or otherwise please help to explain.

 

[prestonmyers2]

Dear,

Yes, as per income tax you are a NRI but that does not make you an NRI under Indian constitution....Please ask your broker as to how and should the status be changed or not....

Thank you Sir. I will do that.
Regards,
Preston.