21 February 2012
GIFT RECEIVED FROM HUF IS NOT TAXABLE BY : CA A. K. JAIN Rajkot Bench of ITAT in the case of Vineetkumar Raghavjibhai Bhalodia v. Income tax Officer, Rajkot has discussed the controversial issue of taxability of gifts from HUF to its members. The issues taken up were 1. Whether a gift received from 'relative', irrespective of whether it is from an individual relative or from a group of relatives is exempt from tax under provisions of section 56(2)(vi)? Answer: Held, yes. 2. Whether HUF is a grou...
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17 February 2012
By Warren Buffett In an adaptation from his upcoming shareholder letter, the Oracle of Omaha explains why equities almost always beat the alternatives over time. FORTUNE -- Investing is often described as the process of laying out money now in the expectation of receiving more money in the future. At Berkshire Hathaway (BRKA) we take a more demanding approach, defining investing as the transfer to others of purchasing power now with the reasoned expectation of receiving more purchasing power --...
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10 February 2012
New Page 1 EXPECTATIONS FROM FINANCE BUDGET, 2012 The Finance Minister may consider following amendments to be incorporated in his budget presentations on 16th March, 2012. Direct Taxes - 1) Threshold limit should be raised from Rs. 180,000/- to Rs. 3,00,000/- for all assesses. 2) Agricultural income over Rs. 5,00,000/- should be taxed at flat rate of 15%. 3) Bank, Post Office interest should be exempted upto Rs. 50,000/-. 4) Saving limit should be raised from Rs. 1,00,000/- to Rs. 2,00,000/-. 5...
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