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Asked on April 7, 2020, 6:57 p.m.
Answered on April 7, 2020, 7 p.m.
Mr Hansh deals in sale and purchase of lands and buildings. He holds various lands and buildings as stock in trade.Please advise while calculating Hansh's income can we ignore the Stamp Duty Value (SDV) of the property and use the actual consideration received only?
No, you can't ignore SDV.
Asked on April 7, 2020, 6:42 p.m.
Answered on April 7, 2020, 6:43 p.m.
Ravi Limited took over the stock in trade from Shankar Limited after revaluing it at the fair market value at Rs 7 lakhs (previously held by Shankar Limited at cost Rs 6 lakhs) when Ravi Ltd and Shankar Ltd amalgamated in to Ravi Limited.If Ravi Ltd (amalgamated) sells this stock in trade for Rs 8 lakhs, the Cost of stock in trade shall be computed at Rs ___________?
Rs 6 lakhs, being the cost of the asset for Shankar Limited.
Asked on April 5, 2020, 6:08 p.m.
Answered on April 5, 2020, 6:18 p.m.
Mr Hari heard somewhere that:"An employer can claim the deduction in respect of gratuity only in the year in which the gratuity is actually paid"Would you say Mr Hari heard it correct?
Yes, Hari has rightly heard. He can claim gratuity deduction in the year he pays gratuity.
Asked on April 5, 2020, 5:59 p.m.
Answered on April 5, 2020, 6:04 p.m.
Can I claim deduction for provision I made for gratuity?
No, you can't claim deduction for provision you made for gratuity. Section 40A (7) (a) disallows.