Fire your tax related queries and i would get it solved!!!

[diosys]

The above information is very valuable for me. Again my petty questions.

Do I necessarily name my sole proprietorship business or just do as now I'm doing?

If I name it like some XYZ and still the above said things by you(http://www.traderji.com/taxation-ma...uieries-i-would-get-solved-71.html#post341309) are valid.

TFL.

yeah.....any name which you wish....
even RELIANCE TFL !!!

 

[gsri]

Dear Diosys.

In your reply regarding maintaining derivatives transactions in Tally, I was unable to understand whether I need to enter Total buy , sell transaction value under some head in Tally, because there seems to be some spelling error in your reply . Could you please reclarify .

Regards
gsri

 

[diosys]

Dear Diosys.

In your reply regarding maintaining derivatives transactions in Tally, I was unable to understand whether I need to enter Total buy , sell transaction value under some head in Tally, because there seems to be some spelling error in your reply . Could you please reclarify .

Regards
gsri

for intraday buy and sell figures are not required...one simple entry would suffice...

for carry over positions also buy and sell figures are not required...only mark to market rentries everyday would be required....

 

[raja1344]

hi diosys
i'm new in this forum.i have a question to u.if i take rs. 1 lakh from my father as loan via cheque and invest in trading and earn rs. 1.8 lakhs. at the same i repay the loan amount via cheque . what will be my profit figure rs.1.8 lakhs or 1.8-1= .80lakhs. for the year.is it profitable to take loan rather than gift from relatives.pls. reply soon.
thanks
raja

 

[VJAY]

Dear diosys,

Thanks for your answers in this thread.Can you please explain how to make our books in tally(with simple steps) to manage our accounts.Eg.Intraday in equity,short term in equity,Long term in equity and also derivatives,balance in broker account...etc

 

[bangerabs]

hi all....

I thought a lot of our traderji members would be having taxing issues...hence i am launching this thread for people who wish to seek some advice on issues pertaining to income tax or service tax....

I would try to solve them to the best of my ability and knowledge....

See ya all....

hi,

i sold a flat; after holding for over 3 years; in dec 2007 and capital gain was around 21lakhs. To save capital gain, i re-invested about 27 lakhs, in new flat in jan 2008. However, since we are planning to settle some where else, now i am in need of money and would like to sell this flat in jan 2010. But the prevailing rate is lower than the purchase price and am likely to sell at lower rate which means, more or less in loss and re-invest the same in another flat. Hence will i be liable to pay tax on the capital gain of dec 2007 transactions?.

 

[diosys]

hi diosys
i'm new in this forum.i have a question to u.if i take rs. 1 lakh from my father as loan via cheque and invest in trading and earn rs. 1.8 lakhs. at the same i repay the loan amount via cheque . what will be my profit figure rs.1.8 lakhs or 1.8-1= .80lakhs. for the year.is it profitable to take loan rather than gift from relatives.pls. reply soon.
thanks
raja

your income would be .80 Lacs...

Taking a gift is better as it increses your capital....

 

[diosys]

Dear diosys,

Thanks for your answers in this thread.Can you please explain how to make our books in tally(with simple steps) to manage our accounts.Eg.Intraday in equity,short term in equity,Long term in equity and also derivatives,balance in broker account...etc

Dear,

It would not be possible for me to guide you people ot teach accounting here on the forum...

Go onto you tube and search for videos...you would find many where they teach tally....

 

[diosys]

hi,

i sold a flat; after holding for over 3 years; in dec 2007 and capital gain was around 21lakhs. To save capital gain, i re-invested about 27 lakhs, in new flat in jan 2008. However, since we are planning to settle some where else, now i am in need of money and would like to sell this flat in jan 2010. But the prevailing rate is lower than the purchase price and am likely to sell at lower rate which means, more or less in loss and re-invest the same in another flat. Hence will i be liable to pay tax on the capital gain of dec 2007 transactions?.

Yes you are liable for tax for that house....Since the second house should have been held for 3 years

 

[raja1344]

your income would be .80 Lacs...

Taking a gift is better as it increses your capital....

Diosys
thanks for your reply.but it is not clear to me.if i take rs.100000 as gift and profit 180000rs. then i have to pay tax on rs.30000 but if i take loan and repay the loan from my profit then my income will be .80lacks and have not to pay any tax.so how gift is better pls. explain.
thanks
raja