Home > Business & Investment > Persons Liable For Tax Audit Must Get Returns Digitally Signed

Persons Liable For Tax Audit Must Get Returns Digitally Signed

Monday, April 30, 2012

Anand Tibrewala is a CA and Senior Partner at the leading Chartered Accountancy firm, AD & Company

We are two brothers. We stay along with our mother. Our house is in our mother’s name. Can we sell this house and buy two new houses in our name? Also please let us know the tax implications.
—Dilip Pawar, Bandra

Yes you can definitely buy the two new houses. For tax implications purpose, if your mother has only this house she can sell it and invest the amount received in two houses u/s 54F. In case she transfers the house in your name, you would be liable to pay stamp duty and such other expenses for transfer. Rather you should have your name as a nominee. Hence in future after your mother, the house would be in your name and you would not be liable to pay any additional sum of money.

My salary income is more than Rs. 15,00,000/- p.a. Would I be liable to get my returns digitally signed?
—Vibha Patil, Chinchpokli

All persons liable for tax audit are required to get the returns digital signed. Salaried persons are exempt from this category. Hence you would not be liable to get return digitally signed.

What is the maximum number of years for which I need to retain my books of accounts for tax purpose?
—Beena Goshalkar, Dadar

There are different period for retention of books of accounts for different laws. For tax purpose records of books of accounts should be retained at least for 6 years. Also, as per budget 2013-14 if you have any assets outside India, then you should maintain the records of such assets for at least 16 years.

If you have any Tax Query email it to us at [email protected] and we will find you a solution.

Facebook   Delicious   Delicious   submit to reddit reddit
No Comments Posted
City news
More so than the opposition Shiv Sena-BJP, the ...
State BJP vice president and head of Education ...
1,100 primary students education and the jobs of ...
I am 24 years old. I live in Mumbai. I have obser
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Select Sun sign:
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)Sudden changes in plans could leave your feeling perplexed. Unexpected cash is also likely to arrive. Stick to the point in a discussion. With tempers rising one could easily forget what the issue was all about. This is the time to find solutions and not deviate. There could be some anxiety regarding a loved one.
Tarot for Love
Select Sun sign:
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)What the cards say: Nothing will be gained by fretting Path: Understand and control your emotions. Don’t be reckless. Don’t take high risks Ally: Libra will listen… Avoid critical Virgo who will find faults Card for the week: Tarot key no. II The High Priestess. Look and turn inwards and understand your real needs and connect with them. Living on the surface may not give you the satisfaction that you seek
- Advertising -
Sentiments on the real estate sector yo-yo from n
The past few weeks have been unnerving for the ma
American writer Jim Bishop once famously quoted,
Read More