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I advance consistently in alternate funds. I had acceptable added than Rs 10 lakh as allotment from MFs in the aftermost banking year. Do I charge to pay tax on allotment beyond Rs 10 lakh? — Sanju R Mankani Allotment accustomed from the companies in balance of Rs 10 lakh, is accountable to tax at 10% beneath Section 115BBDA. This accouterment is applicative to assets broadcast by the companies and is not applicative to the assets administration by the alternate fund. As you accept acceptable assets added than Rs 10 lakh by way of administration of assets by the alternate armamentarium you will not be accountable to pay any tax beneath Section 115BBDA.

I retired from account on September 30, 2017. In the deathwatch of the access in tax-free alms absolute to Rs 20 lakh by the labour ministry, will I be able to affirmation acquittance of tax deducted on my alms as per old absolute of Rs 10 lakh? — P Yashwant As per Section 10(10)(ii) of the Assets Tax Act 1961, alms accustomed beneath the Payment of Alms Act, 1972 is absolved in the easily of advisers to the admeasurement of the absolute prescribed. The best absolute bulk of alms beneath the Payment of Alms Act, 1972 has been added from Rs 10 lakh to Rs 20 lakh vide notification anachronous March 29, 2018. It has been antiseptic that added beam of alms has been implemented from -to-be date alone i.e. March 29, 2018. It agency accouterment apropos added absolute will be able for advisers acceptable acceptable on or afterwards this date. I accept that you accept accustomed alms beneath the Payment of Alms Act 1972 and will be acceptable for absolution beneath Section 10(10)(ii). However, back you accept retired on September 30, 2017, you shall not be acceptable for added absolute of Rs 20 lakh and absolution absolute will be belted to old absolute of Rs 10 lakh.

If the bazaar amount of a acreage is Rs 35 lakh, is it accessible to appearance a appraisal of Rs 30 lakh in the auction deed? Will I accept to pay allowance tax on Rs 5 lakh? — Zaman Hussain Allowance tax in India is aished back October 1, 1988, appropriately you will not be appropriate to pay any allowance tax. However, as per Section 50C of the Assets Tax Act, 1961, in case the acceding amount is lower than the brand assignment valuation, the law presumes that the agent has accustomed the auction application according to the brand assignment appraisal and the basic assets is computed accordingly. As per the adapted accoutrement of Section 50C the allowance of 5% is acceptable amid the auction application as per the acceding and the brand assignment valuation. In your case the bazaar amount is affected to be brand assignment valuation. If you appearance the auction application at Rs 30 lakh and the brand assignment appraisal is Rs 35 lakh, again the assets tax administration will amusement Rs 35 lakh as the auction consideration, because the brand assignment appraisal is added than 5% of the auction application appear in the auction agreement.

Please accelerate your queries on Stocks to [email protected]; Alternate Funds to [email protected] Tax to [email protected] Insurance to [email protected] Realty to [email protected]

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