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56(2)(x) Immovable Property Query
Direct Taxation
answered on 03-Oct-20 16:11
Please see attached fileâ?¦ Illustration 5, treatment in the hands of the buyer, Rajesh In Sec. 56(2)(x), in case of immovable property, if date of agreement is not equal to date of registration SDV on DoA to be taken if whole/part consideration is paid on/before DoA (non-cash mode) In the said question DoR is not mentioned specifically but they have considered Date of Sale as DoR If we consider Date of Sale as DoR and as there is difference between DoA and DoR, SDV on DoA will be considered which is 140 lakhs, but they have taken 150 lakhsâ?¦ Kindly clear this sir/madamâ?¦
latest answer
The consideration is received in crossed cheque and not account payee cheque. Hence first proviso will not apply. Provided further that the provisions of the first proviso shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by way of an account payee cheque or an account payee bank draft or by use of electronic clearing system through a bank account 14[or through such other electronic mode as may be prescribed], on or before the date of agreement for transfer of such immovable property:
Deepak Gupta
CA Inter
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1
678
ICAI STUDY MATERIAL
Others
answered on 03-Oct-20 08:03
Do i get Icai study material delivered if I convert from IPCC to INTERMEDIATE
latest answer
Yes. You need to pay courier charges.
T.SWETHA kumari
CA Inter
★ 19K+
1
665
Shelf prospectus
Corporate & Other Laws
answered on 05-Oct-20 21:24
Any company can issue shelf prospectus ? Or any specified companies only can ? And Validity is 1 year so 1 year from which date ?
latest answer
Thank u sir
Chandan Subudhi
CA Final
★ 12K+
2
635
Disqualification of auditor
Auditing
answered on 17-Oct-20 21:21
Sir, if a Partnership firm proposed to be in Audit Then the Relatives ceiling limit of 1,00,000 Should apply to the whole firm or apply to separate partner relatives itself I.e. Each partner relatives in firm going to enjoy 1,00,000 limit !
latest answer
Its fir individual auditor only
M Naresh
CA Final
★ 3K+
2
656
Contract act
Corporate & Other Laws
answered on 03-Oct-20 22:03
Sir is there any remedy available for unenforceable contract?
latest answer
Thanquh sirr.
Pranshu Agarwal
CA Foundation
★ 550
3
642
Marginal costing
Costing
answered on 03-Oct-20 07:03
How's does change in sales quantity changes variable cost & change in selling price does not changes variable cost ?
latest answer
Change in sales quantity changes variable cost per unit as the denominator changes (variable cost per unit = Total variable cost / no. of units). But change in sale price has no effect on variable cost per unit
Swathi Krishna
CA Final
★ 8K+
1
679
Marginal costing
Costing
answered on 04-Oct-20 01:03
Why do we takes weights in computing multi product break even analysis? In the given example actually 4 units of J contributes rs. 40 and 3 units of K contributes r.s 20 So can't multiple it directly like 4 *40 (J) 3*20(K) ? Why can't we do like that?
latest answer
K
Swathi Krishna
CA Final
★ 8K+
3
664
Sec. 56(2)(x) Gift Query
Direct Taxation
answered on 03-Oct-20 06:54
Gift of immovable property covers land, building or both in the nature of capital asset. It does not include rural agricultural land since it is not a capital asset BUT will it include urban agricultural land?
latest answer
Yes. As long as urban agricultural land is a capital asset, it will be considered as immovable property for the purpose of Sec 56(2)(x)
Deepak Gupta
CA Inter
★ 1K+
1
665
Gst
Indirect Taxation
answered on 03-Oct-20 10:27
Is your GST classes is all after amendment..
latest answer
All amendments upto Nov-20 exams. We will include May 21 amendments in Jan/Feb
Shalini Shalu
CMA Inter
★ 300
1
713
Market failure:private and public goods
Economics
answered on 07-Oct-20 20:48
what is external cost for public goods.why there is more external cost for public goods and less for private goods:as economics mam explained that private cost and social cost for private goods is almost same.
latest answer
There is an externality, if the consumption or production activity has an indirect effect on other's consumption or production activities. As in the example of street lights, the public benefiting from it do not pay for it. Hence provide huge externalities. In private goods, the people pay to enjoy the benefits. Hence, less externalities.
sai 123
CA Inter
★ 540
1
682