Who Will Be Taxed in Case Demat Account is in Three Persons Name?

We have a demat account, My mother (X) is first holder, My wife (Y) second holder & My self (Z) third holder. All the investments source of funds is from my mothers account (Money is mothers) all gains (short time or long term) is chargeable to whom????
Rajesh , Banglore

Since the money is all of your [...]

Ways to Save Tax on Capital Gains on Sale of Agricultural Land Within Municipal Limit?

My mother has a agriculture land within municipal limit of the city and about to sell it for 6cr. The agriculture land came to her via a will which was done by my grandmother in 1979. After grandmother died the land was transferred to my mothers name in 1999. She has been the owner for [...]

How to Minimise Tax on Gains on Sale of HUDA Land ?

I bought a Residential Plot from HUDA in Ambala in the yr 1998 and got the Conveyance Deed done in 2004. Now i am planning to sell it off as soon as I find a buyer. I am also planning to reinvest the sale proceeds into another Residential Property at the earliest. Please advise me [...]

Is Redeeming Value on ULIP Tax Free?

I invested in ULIP single premium of Bajaj Allienz (1.04.2005) on 1 Lac and got the sum assured Rs 5 Lac. Subsequently invested in Top up Rs 5 lac on that. All sum was invested in Equity oriented fund . After three years now the fund value is Rs Rs 8 lac ( on 15.12.2009). [...]

Basics Of Mutual Fund Taxation !

I want to know the tax calculation of mutual fund. How the tax calculated and what is capital gain. Sunil Prajapati
The mutual fund transaction by any one can bring two kinds of income

1. Capital Gains or loss if you are showing bought units as investment
2. Trading gains if you are actually doing regular buy [...]

Can You Deduct STT As Expense From Share Sale Income ?

The income from share transaction can occur in following forms
1. Share trading
2. Speculative trade
3. F & O transactions
4. Capital Gains
Allowance of STT for First three types (1, 2 & 3)
From Assessment Year Asst Year 2009-10 (FY 2008-09 ) , Securities Transaction Tax (STT) is defined as an expense u/s 36(xv) of the [...]

How To Find Registered Valuer in Your Area?

My Grandfather purchased a SHOP at 1975. After death of my grandfather , my father became the owner of that SHOP at 1992. My father has died on 11/5/2009. I have sold that SHOP in AUG- 2009. Cost in 1975 Rs 20000.00 Sale in 2009 Rs 428000.00 [...]

Is Exemption u/s Sec. 54 Allowed Even if New House is Purchased from Borrowed Funds ?

Section 54 provides relief to a tax payer who gets gains on account of sale of residential house. The provision u/s 54 provides that tax will not be imposed on long term gains on sale of residential house up to the extent gains  same is utilised for buying house within two years from the date [...]

Can Buying Agriculture Land Get You Tax Exemption on LTCG?

I am planning to buy a agricultural land ( in rural area), My question is may I get tax rebate on long term capital gain if I use this capital gain in purchasing agricultural land.Prashant Sangale , Pune
Answer to your question is Yes and No.
No, because the tax exemption or rebate is not allowed [...]

Indira Vikas Patra Is Not A Capital Asset!

In decision delivered dated 3 April 2009 ,Kerala High Court in case of Dr R. V.Patel vs CIT  decided that Indira Vikas Patra is not a capital asset , therefore, maturity proceeds paid by post office is not consideration for transfer of capital asset.As such there can not be capital gains . Read the [...]

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