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Partnership
Accountancy
answered on 24-Sep-23 11:40
X,Y and Z are partners in the ratio of 3:2:1. W is admitted with 1/6th share in future profits .Z would retains his original shares. Find out the new profits sharing ratios of the partners
latest answer
If u work out I'll get an answer of 12:8:5: 5 check it out 🙂
G.kavitha G
CMA Inter
★ 515
1
409
54EC
Direct Taxation
answered on 24-Sep-23 18:57
Here investment is to be made in said bonds within 6 months from date of transfer and what does this line mean whether such investment is made in current financial year or subsequent financial year?
latest answer
And the maximum exemption is 50 lakhs
Samridhi Sareen
CA Inter
★ 830
6
347
Exemptions under capital gain
Direct Taxation
answered on 24-Sep-23 00:47
For exemptions under capital gain sections 54,54B, 54D, 54EC is it cost of new asset / deposited amount or cost of new asset + deposited amount ?
latest answer
Actually there is no restriction under 54 , you can claim upto cg ..but in case 54 EC it's restricted to 50 lac...in the last case i.e 54Finstead of cg net consideration compared with investment
Samridhi Sareen
CA Inter
★ 830
12
353
Eligible deductions under 115 bac
Direct Taxation
answered on 24-Sep-23 18:48
Is deduction of 24b(interest on housing loan)for let out property available under 115bac?
latest answer
Yes. Since it is not allowed only in case of self occupied. It is mentioned in House property topic.
Sanat Harwadekar
CA Inter
★ 3K+
3
385
Capital gain
Direct Taxation
answered on 24-Sep-23 18:50
If property is acquired before 1-4-01 , then we take actual cost of property acquired before 1-04-01 and fmv as on 1-4-01 whichever is higher .. But in which case we take a) actual cost b)1) fmv as on 1-04-01 2) sdv as on 1-04-01 whichever is lower from 1and 2 will be taken and compared with actual cost and whichever is higher is taken .. In which case this is applicable ? For this actual cost of property must be before 1-04-01 or after 1-04-01 ?
latest answer
In simple terms, it is actual cost or FMV on 1.4.2001 whichever is higher. However, FMV on 1.4.2001 cannot exceed SDV on 1.4.2001. Concept of SDV is only in case of land and building.
Samridhi Sareen
CA Inter
★ 830
6
403
CMA INTER EXAM RELATED QUERY
Others
answered on 25-May-24 17:03
To appear for both groups of cma inter What is computer and CSS training required under New syllabus 2022..Please reply sir...
latest answer
CMA inter New syallabus MTPs and RTP insert it sir
Sadhvi
CA Inter
★ 8K+
2
340
Right shares
Direct Taxation
answered on 24-Sep-23 18:50
Indexation benefit is available for right shares , right ? And if part of those right shares are renounced , then indexation is given for the remaining as well or not
latest answer
If the share are not listed shares and not covered under Section 112A then Indexation benefit is allowed for every LTCG.
Samridhi Sareen
CA Inter
★ 830
2
410
Capital gain
Direct Taxation
answered on 24-Sep-23 18:57
What is the difference between ltcg 112A , ltcg 112 and stcg 111A ..how can we differentiate between these ?
latest answer
Example land and building
Samridhi Sareen
CA Inter
★ 830
16
451
45(1A) destruction or damage of capital asset
Direct Taxation
answered on 24-Sep-23 18:58
1)If written down value or asset is given and cost of acquisition is given , which is to be taken ? 2) Also we take written down value of asset then indexation cost of acquisition formula is is to be applied on it or it will be given only for the year of damage of capital asset ?
latest answer
For depreciable assets, CG is always deemed to be short term. So there is no question of indexation
Samridhi Sareen
CA Inter
★ 830
2
298
Enhanced compensation under capital gain
Direct Taxation
answered on 24-Sep-23 19:17
I'm having threequeries - a) if enhanced compensation is received eg in 24-25 then we just subtract litigation expenses out of it because cost of acquisition we have already subtracted from intial compensation , But what if another additional compensation is received eg in 26-27 , then also only litigation expenses i.e. amount we spent in legal expenses (eg of advocate etc to obtain that additional compensation) are subtracted from it ? b) are there any more expenses that are subtracted from it ? c) if we get long term capital loss from intial compensation that is received in py 23-24 and that long term capital loss can be set off as and when first instalment of additional compensation is received i.e. if additional compensation first instalment is received in py28-29 then also can we set off the long term capital loss arisen in py 23-24 from initial compensation ?
latest answer
Welcome 🤗
Samridhi Sareen
CA Inter
★ 830
3
489