Pankajji thanks for your reply regarding my query on LTCG. But in your answer effect of DTC which will comes to an w.e.f.01/04/2012 was not reflected. Whether in DTC there is no change in LTCG rules, if yes Plz reply. Secondly, I have made one question regarding Service tax two or three days back but I haven't received any reply from your end whether you reply on service tax or not. Thirdly, Plz avail me with one Project Report of Oxygen and Acetylene Gas plant for bank loan purpose of 60lacs Term Loan and 40 Lacs working capital if you have. Looking forward for your Reply. Yours faithfully, Rakesh Agarwal
1 Answers
Under direct tax code, for long term gain, instead of flat rate of 20% of gain after indexation benefit, new concept has been introduced. Now gain after indexation will be added to taxable income and taxed at per the tax slab. Base date for cost of acquisition has been changed to 1st April, 2000 instead of earlier 1st April, 1981. There won't be impact on tax saving rules and it would impact tax on remaining gains which is non-exempted as it would increase income tax to 30%.
We don't have expertise in issues related to service tax, so we have not answered that question. Somebody who has experience in such topics may answer it in future.
We don't have any project report on Oxygen gas plant etc.
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