Answers to queries on legal issues

If you have a query relating to any legal issue, you can use the form to ask it. We will request our eminent panel of Advocates and Chartered Accountants to provide an answer as soon as possible. This service is for a limited period. So, please avail of it soon

What is the new procedure for Registration of charitable Trust ?
Subject: What is the new procedure for Registration of charitable Trust ?
Category: 
Asked by: swapnil
Answered by:
Tags: ,
Date: May 3, 2021
Excerpt of answer:
The new provision of section 12AB of the Act, was introduced vide Finance Act, 2020. The same was made applicable from April 01, 2021. However, on account of the pandemic, the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 was enacted which further postponed the due date several times. Finally, the… (read more)
Wether Transfer of immoveable property by family arrangement does it attract stamp duty ?
Subject: Wether Transfer of immoveable property by family arrangement does it attract stamp duty ?
Category: 
Asked by: anil
Answered by:
Tags: ,
Date: May 3, 2021
Excerpt of answer:
– Stamp Duty on Release Deed is covered by Article 52 of the Maharashtra Stamp Act, 1958. The same is reproduced as under : 52. Release, that is to say, any instrument (not being an instrument as is provided by section 24) whereby a person renounces a claim upon other person or against any specified… (read more)
Can prosecution proceedings be launched before completion of assessment proceedings or pendency of appeal ?
Subject: Can prosecution proceedings be launched before completion of assessment proceedings or pendency of appeal ?
Category: 
Asked by: swapnil
Answered by:
Tags: ,
Date: May 1, 2021
Excerpt of answer:
The Prosecution proceedings are separate and distinct from assessment proceedings. There is no requirement in the Act that assessment proceedings should be completed before launching of prosecution. Prosecution being the most potent weapon in the fight against the tax evasion, it is required that prosecution should be filed at the earliest. In the case of… (read more)
How many years the books of account and other documents shall be kept and maintained by the persons carrying on certain profession u/s 44A(3) of the Act ?
Subject: How many years the books of account and other documents shall be kept and maintained by the persons carrying on certain profession u/s 44A(3) of the Act ?
Category: 
Asked by: anil
Answered by:
Tags:
Date: May 1, 2021
Excerpt of answer:
As per Rule 6F of Income Tax Rules, 1962, the Books of account and other documents to be kept and maintained under section 44AA(3) by persons carrying on certain professions such as every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or authorised… (read more)
whether sale of furniture is liable to capital gains tax ?
Subject: whether sale of furniture is liable to capital gains tax ?
Category: 
Asked by: jagdish
Answered by:
Tags:
Date: May 1, 2021
Excerpt of answer:
We presume that the stamp Authorities have accepted the value of House property at Rs 95 lakhs shown in the agreement . Furniture is a personal effects as per the definitions u/s Section 2(14)(ii) of the Income -tax Act , 1961 . If the assessee is able to demonstrate that the furniture sold was used… (read more)
If I deal in shares, will my gains on shares held for investment purposes become business profits?
Subject: If I deal in shares, will my gains on shares held for investment purposes become business profits?
Category: 
Asked by: Modi
Answered by:
Tags: , , ,
Date: April 21, 2021
Excerpt of answer:
Provisions of the Income-tax Act: Long-term capital gains on shares are exempt from tax u/s 10 (38). To constitute a 'long-term capital asset' and a 'long-term capital gain', the shares must be held for a period of more than 12 months u/s 2 (29A) & 2 (42A). The term "capital asset" is defined in s.… (read more)
Am I entitled to demand the assessment records of third parties under RTI?
Subject: Am I entitled to demand the assessment records of third parties under RTI?
Category: 
Asked by: James Bond
Answered by:
Tags: , ,
Date: April 21, 2021
Excerpt of answer:
Provisions of the RTI Act: U/s 3 of the RTI Act information as defined u/s 2(f) which is not exempt from disclosure u/s 8(1) or 9 and is held by a public authority has to be disclosed. There are exceptions built into section 8 of the RTI Act. S. 8(1) (b) exempts the disclosure of… (read more)
If we introduce stock-in-trade as capital contribution into a firm, are we taxable?
Subject: If we introduce stock-in-trade as capital contribution into a firm, are we taxable?
Category: 
Asked by: Biden
Answered by:
Tags: , ,
Date: April 21, 2021
Excerpt of answer:
In Hind Construction 83 ITR 211, the Supreme Court held that when a partner introduces his asset into a firm as capital contribution such introduction did not constitute a "sale". In Sunil Siddharthbhai 156 ITR 509 (SC), it was held that when a partner introduces his asset into a firm as capital contribution, there is… (read more)
One of our factories is shut for more than 2 years with no operations. Can we still claim depreciation?
Subject: One of our factories is shut for more than 2 years with no operations. Can we still claim depreciation?
Category: 
Asked by: Trump
Answered by:
Tags: ,
Date: April 21, 2021
Excerpt of answer:
The concept of "block of assets" was introduced with effect from 01.04.1988. To understand the concept, lets look at the statutory provisions. Provisions of the Income-tax Act: Section 32 (1) reads as follows: "32. (1) In respect of depreciation of - (i) building, machinery, plant or furniture, being tangible assets; (ii) know-how, patents, copyrights, trade… (read more)
QA Test 1
Subject: QA Test 1
Category: 
Asked by: QA Test 1
Answered by:
Tags: ,
Date: April 21, 2021
Excerpt of answer:
The concept of "block of assets" was introduced with effect from 01.04.1988. To understand the concept, lets look at the statutory provisions. Provisions of the Income-tax Act: Section 32 (1) reads as follows: "32. (1) In respect of depreciation of - (i) building, machinery, plant or furniture, being tangible assets; (ii) know-how, patents, copyrights, trade… (read more)