Answers On Category: GST
  If I deal in shares, will my gains on shares held for investment purposes become business profits?
I am holding some shares for investment purposes and other shares for trading. I have made gains from the investment shares. Is the AO correct in treating the gains as business income?


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  If we introduce stock-in-trade as capital contribution into a firm, are we taxable?
We are carrying on real estate business and hold land at stock-in-trade. The land cost us Rs. 50 lakhs. It is worth Rs. 2 crores today. We propose to revalue the land at its market value in the books of account and credit Rs. 1.50 crores to the P & L A/c. We shall introduce the land as our capital contribution in a firm in which we will become partners. The firm will credit our capital account by Rs. 2 crores. Are we taxable on the difference between Rs. 50 lakhs and Rs. 2 crores?


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  Can a co-op housing society compel members to pay donation?
A flat owner in a co-operative housing society has decided to sell the flat to a third party. As per the bye-laws No. 38 and section 38(e)(ix)of the Cooperative Housing Society, i.e., Notice of transfer of shares and interest in the capital/property of the Society, the Society cannot demand any transfer fees more than Rs.25,000. There is also Circular issued on 9th August, 2001 by the Government in respect of transfer fee by which the transfer fee of the immovable property within the Corporation limit is fixed as Rs.25,000. The said circular is still in force. The flat owner is…


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