Recent content by diosys

Unfortunately since you did not file your ITR for the previous year hence that loss would not be allowed to be carried forward. assuming you income is only Rs. 7 lacs (after eligible deductions) your tax slab would be @ 20% for the FY 2010-11.

Thanks GB for the explanations... and yes i got 17 in MOIL....thank you again

HI GB, What are your expectations to the subscription figures for PSB ?? Some are stating that in retail it might get oversubscribed by 50-100 times resulting in pathetic allocations on a 2 lac application... Any guidance.

Hi GB, Why does higher qty stands a better chance in case of lottery ?? :confused:

Please take some pains and go through this thread.... Have been explained many times

such lending transaction if is a one off transaction should be shown under income from other sources otherwise if it is a regular feature then under business income.

I think you are confused between LTCG and business income difference. I would strongly suggest to read the first page of this thread in order to understand yourself once.

Dear GB, It is defined in the act that loss from any source whose income is tax free would also be capital loss. Under the provisions of IT act it is not your choice to set off or not...It is mandatory to be done. You would need to set off your long term capital loss with long term capital...

Yes, It can be set off. But it would be one's loss since short term Capital loss would have been carried forwarded for 8 years and set off against any short term capital gain tax liability of the future.

No cannot be set off And long term capital gain is exempt hence selling all together or in tranches would not have any effect. The business loss would be carried forwarded and set off from your business income from future. This can be carried forwarded for 8 yrs

No the date of holding would remain the original purchase date. Be ready with the original contract note since that is the only evidence which you would have to prove that when the shares were bought

How to calculate audit turnover has been mentioned many times. Please refer to older posts.

Yes it would be exempted if you invest the capital gains amount in another house (not in plot or paying housing loan).... Interest on bonds is taxable but the proceeds on redemption are tax free.

STT is an expense (amendment made by finance act 2009). Open position for options is NOT accounted for.... No you can offset or increase your loss also by including these expenses.

Yes you can claim in the first year itself.