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

[diosys]

Hi Diosys,

Thanks a ton for the quick response. :clapping:

Please clarify for all tax calculation purposes the value what ever mentioned in the "Sale Deed" is what is taken.

Since both the values I mentioned 75,000/- (Cost of Acquiring) as well as 2,40,000/- (Cost of Sale) are values mentioned in the Sale Deed.

Whereas the actual cost of acquiring as well as the cost of sale is different, wanted to know if this will impact our tax calculation in any way, though as per me ideally it should not, please clarify.

Thanks in anticipation.

Best Regards

I presume while replying that the cost mentioned in the deed does not contain the additional expenses which you paid.

No it is not nessevary that the additional charges such as brokerage etc be mentioned on the deed....You should have sufficent proof that the charges were actually paid.

 

[diosys]

Hi Diosys,

Also happen to read in your post #758 of this thread lazytrader has mentioned CG Tax not applicable for Land purchased outside 8Km City limit. Which govt authority will be able to clearly state this? since the land in question is 20+ kms from the Blr City station.

Can you please elaborate on this further??

Thanks

Its not from the any station or any other thing. It should be 8 km outside of Muncipality limits.... There cannot be any thumb rule...

Though personally i belive 20km from Blr City station would be well within the city limits....20km is nothing for Blr.

 

[diosys]

Hi everyone,

I will be out of town for the next 5 days.... Hence post your queries and i would revert once i return....

See you.

 

[hangman]

Hi,

I am a new investor in the stocks hence request your advice regarding the queries below

1. Can cost of buying a TV,cable connection,new computer be used to avail discount on the capital gains/tax, Will any proof/receipts be required to be submitted for these claims.
2. If i buy 100 shares of a company for Rs1000 and the stock rises 20% ie Rs1200, now i withdraw my initial capital of Rs1000 in short term and retain Rs200 worth of shares for long term. what is the best way to calculate tax in such a scenario.
3. Are dividends from stocks taxable and are dividends from MIP mutual funds are non taxable.

Thanks in advance,Please help me on these queries.

 

[mahesh agrawal]

1. Is auditing compulsary if ur trading volume in a year exceeds certain limits.
if so--
a. what is the limit?
b.calender year or financial year?
2. Under which head income from options trading taxed?bussiness/capital gain.

 

[diosys]

Hi,

I am a new investor in the stocks hence request your advice regarding the queries below

1. Can cost of buying a TV,cable connection,new computer be used to avail discount on the capital gains/tax, Will any proof/receipts be required to be submitted for these claims.
2. If i buy 100 shares of a company for Rs1000 and the stock rises 20% ie Rs1200, now i withdraw my initial capital of Rs1000 in short term and retain Rs200 worth of shares for long term. what is the best way to calculate tax in such a scenario.
3. Are dividends from stocks taxable and are dividends from MIP mutual funds are non taxable.

Thanks in advance,Please help me on these queries.

1.) These deductions are not allowed in case of income from capital gains.
2.) gain of 20% is also embeded in that Rs, 1000 pull out. Hence on that 20% the tax of 15% would be applicable.
3.) Dividends from stocks is non taxable though from MIP might be if the dividend distribution tax has not been paid on them.

 

[diosys]

1. Is auditing compulsary if ur trading volume in a year exceeds certain limits.
if so--
a. what is the limit?
b.calender year or financial year?
2. Under which head income from options trading taxed?bussiness/capital gain.

It is compulsory if your turnover exceeds 40 Lacs in a financial year.

Options is taxable under business income

 

[diosys]

Sorry i was tellin regarding payin taxes 3 months so tell me at the end of year suppose i have
20k loss on eq purely intraday....
15k loss on options
3k gain on futures
how will my tax liablity calculated

pls tell me calculations in short
pls thanks tC
bye

It would be nil since you fall below the basic exemption limit...

Though just for calculation's sake.

20 K loss from equity intraday would be speculative loss and carried forwarded for 4 years

15K loss on options would be 12K (15-3) and carried forwarded for 8 years.

 

[vssoma]

Dear diosys,
i am presently living and working in K.S.A., i am investing online in Indian market with my local accounts.( saving bank acc., d mat and trading all are as local Indian but not as NRI )
but the money i am using for investing is transferred from my NRI account/K.S.A. to my local bank account.
so...please...tell me what could be my strategy in this situation...is it necessary to submit IT returns or not. till now i didn't submit any returns, i think it is not necessary for me to submit returns as a NRI.

thank you,

 

[yashodhan]

Dear Sir,

I used to file returns till last year. Now, I am a retired person and made some losses trading both intra day and delivery based trading. My other income which is mostly from dividends and interests is less than 1.5 lakhs. My trading turnover is abt 1 crore.

I have following querries :

1. Is it necessary for me to file returns? ( As I have no taxable income.)
2. My volume will require tax audit but if I am not reqd to file returns, does it matter?

With regards,