Capital gain under sec 54 exemption

answered 1 day ago

My qt is, 1.Mr A sold one residential unit and purchased one farm land including saplings ,now Mr A constructing one residential unit in that land. Now , Should i consider saplings cost in cost of acquisition of land (In purchase deed land and saplings cost mentioned separately) 2.Wt if saplings are destroyed to construct residential unit.

latest answer

It is not considered. Saplings cost is not considered.

VV shetty

CA Inter

★ 5K+

1

47

4th point??

answered on 03-Jun-24 15:10

Sir please explain 4th point in business combinations.I'm not able to understand properly

latest answer

Ok sir

Surya Prakash

CA Final

★ 14K+

2

55

Income Tax under Old Regime

answered on 03-Jun-24 16:37

Rohit earns monthly salary of ₹1,75,000. What is his tax liability if he has not opted for section 115 BAC for the assessment year 2024-25? (A) ₹4,44,600 B) ₹4,60,200 (C) ₹3,82,200 (D) ₹3,66,600

latest answer

Thank You Sir

Nikita Lakhotia

CA Final

★ 0

13

101

spot after 10 days

answered on 03-Jun-24 05:19

Hi sir, since the Forward premium will be even for over a period of time, can we take the spot on 10th day as 55+ premium for 10 days? That will be 55+(56-55)*10/90

latest answer

Yes in real life it is done like that have explained broken dates rates concept

B. Dinesh

CA Final

★ 3K+

1

46

Recognition of an expense

answered on 02-Jun-24 22:41

Sir, It has been said that Items acquired in the business combination and cannot be recognized as an Intangible asset can be capitalized by forming part of amount recognised as goodwill But why it should be capitalized if it is not recognisable , as in the earlier classes it has been said that if does not meet recognition criteria it should be expensed Please clarify

latest answer

You will learn in Ind AS 103. Similar to concept of Goodwill as per AS 14

Gunda Sharan

CA Final

★ 0

1

34

MD remuneration

answered on 03-Jun-24 16:05

MD remuneration is based on net profit of the company. Assuming that Mr X is appointed as a MD on the month of April 2024 how much profit will company earn I can calculate after closing my book on 31st March 2025 . So how can I fix MD remuneration on April 2024. Kindly help me in understanding the concept

latest answer

There is some part which is fixed and remaining is paid as variable. The overall remuneration should not exceed the limit specified under the companies act.

swaminathan sundaram

CA Final

★ 110

1

44

Debentures

answered on 03-Jun-24 16:05

Debentures can be issue and redeem in India at discount? Also point out relevant legal section on this.

latest answer

The Companies Act, 2013, does not explicitly prohibit the issuance of debentures at a discount. However, it is essential to follow specific provisions and guidelines: Section 53: Prohibits the issuance of shares at a discount, but it does not directly apply to debentures. Section 71: Governs the issuance and redemption of debentures but does not explicitly address the issuance of debentures at a discount.

Shubham .shubham

CA Inter

★ 885

1

48

IND AS 12

answered on 03-Jun-24 16:54

Sir can you please explain the part marked under red brackets in the enclosed photo? Not able to understand the language properly. Also would be helpful if any reference to understand the same is there.

latest answer

If account receivable outstanding is Rs. 100. When you recover that Rs. 100, there is no tax consequence. So tax base = carrying amount. For depreciable asset, tax base is the amount that would be deductible in future against income . So continuing Suresh's example, 92 will be cumulatively deducted in future. That would be the tax base.

Priyanka Udeshi

CA Final

★ 14K+

3

63

Portfolio Beta

answered on 01-Jun-24 15:17

Proportion of NIFTY Futures In calculation of Portfolio Beta

latest answer

In denominator The value of portfolio should be 160 only. But in numerator beta should be considered including. Yea of derivative contract

Seetha Jakka

CA Final

★ 3K+

4

57

Borrowings

answered on 31-May-24 20:40

Hi Sir, By borrowing at the beginning of the period we are paying more interest than we are earning, because of the interest rate difference in CAD and DM. So instead of borrowing CAD at the beginning, if we borrow at the end of the 3 months and convert @ 0.668( Ideal forward rate). We can get profit of 2.994 CAD.

latest answer

Do you know for sure that after 3 months the rate will be 0.668? When fwd rate can be mispriced will spot on that day be correctly priced? When you see a gap today, you take advantage now by locking in rates

B. Dinesh

CA Final

★ 3K+

1

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