Forms Of Memorandum Of Lease: Fill & Download for Free

The question posed by you involves tax planning and to do justice with it, full details of rent received from properties, your current tax status, composition of your family and their tax status is required. From the available details the following comments are given in general which should not be taken as legal advice and therefore no responsibility is accepted.Formation of a company with the main object of leasing properties and earning rent income may have its rental income taxed under the head of `business income’ instead of income from house property in which case you will loose the claim for standard deduction of 30% from income from house property without spending any amount towards its maintenance but you will be able to claim deduction for actual expenses incurred for business purpose. Meticulas care will have to be taken to draft object clause of Memorandum of association of the company. Maintaining a corporate status has a cost element. Further, transferring property to a company will also attract stamp duty and capital gains tax. A comparison of cost-benefit ration will have to be made whether it is beneficial to go for a company or not for which full details as mentioned in para one is desirable to come to a conclusion.A Release Deed is a legal document that removes a previous claim or lien on an asset. By release deed you cannot transfer a property in the name of your wife. You will have to execute either a gift deed or a sale deed. In the former case the rental income from property will still be assessable in your hands (S. 64 of the I.T.Act) because it has been transferred without consideration to your wife and in the later case capital gains liability will arise and since the parties are closely related to each other therefore you will have to prove that the transaction is at arms length price.If complete details are available, some way could be suggested to reduce the incidence to tax on your rental income.

Well , there are many reasons for the army not to accept either F-16 or F-18 Aircraft and instead going for French Rafale fighter . I will list few of them for the readers .Both F-16 and f-18 are based on much older technology , conceptualized in 1960’s and 70’s . Although they have seen many upgrades and newer variants of the planes over the years but there is a limit to upgrades as the basic platform and hence its flight characteristics can not be upgraded beyond a point .French Rafale on the other hand much later design , at least by two decades , and incorporates many newer design features , sensors , C3I and better machine - User interface .Indian Air force is already using Mirage-2000 and is much happier with them than any other plane in Indian inventory except perhaps SU-30 . french planes also have better fleet availability than Russian and other planes by at least 15–20 percent points , and that make a lot of difference in war times . More availability of planes directly results in more missions against enemy forces . No one likes expensive planes sitting in hangars waiting for spares or servicing .Indians have always been suspicious of USA , especially after 1971 war when it sent its 7th fleet against India , in support of Pakistan , despite Pakistani army neck deep in genocide of Bengalis . That left a deep impact on Indian psyche and Indians will think ten times before buying any strategic weapon system from them .F-18 is primarily a naval fighter . India has already gone with Mig-29 K and perhaps Naval Tejas if and when it comes up . As Indian navy already using Russian Aircraft carrier , modifying it specifically for US planes made no practical sense . Especially so when India’s adversaries had nothing against Indian carrier borne fighters , and Mig-29 K is still a potent aircraft and proven against F-16 in Kargil war .MiGs over Kargil: How the Fulcrum buzzed the FalconsPakistan Air force is operating F-16’s since 80’s and know it inside out . What India will gain by buying an aircraft over its adversary which already have the same system , While India has to devote at least few years to train its pilots to exploit the machine to its limit . And still it won’t make any sense .India is operating SU-30 , which are almost a generation ahead of F-16s , offering much better return on investment . Air exercises with Singapore and Israel had already gave india an idea about the capability of F-16s and how to best employ SU-30 and Mirage-2000 against it .MMRCA competition had already shown Rafale and Eurofighter much advanced planes than F-16 , F-18 , Mig-35 and Gripen . Rafale emerged winner being L1 contender , having lower price than Eurofighter .Buying US hardware require the government to sign End user certificate , CISMOA (Communication and Information Security Memorandum of Agreement ) and God knows what else . In practical terms its kind of taking it on lease and not buying it and require US official checking it every year to make sure its still with the buying country and that its not sold to some other country . Few years ago India sold some surveillance planes to Myanmar which were bought by India in 80s from UK and were at the last legs of their useful life . UK govt. made protest to India under US pressure even though the original sale had no end user agreement .Although Indo-US military cooperation is on the upswing in the recent years , most of the equipment bought by India are not of offensive nature , rather of supporting nature to the war effort . Landing craft , fire locating Radars , cargo planes , helicopters etc . Even the artillery system being bought (M-777) offers nothing in range except being it lightweight due to its been built using Titanium instead of steel . India is still vary of going whole hog with US due to its propensity to leave its allies in lurch at eleventh hour .The level of technology that F-16 or Gripen offers is available in house . Tejas / LCA meets if not exceeds them , with the option of continuous development and upgrades over the years rather than buying from other countries as a mid life upgrades .Hope that helps .

CHECKLIST FOR FORMATION OF SECTION 8 COMPANYIntroductionIn India, there are following 3 legal forms exist for an NGO or Non-ProfitOrganizations:1. Trusts2. Societies3. Section 8 CompaniesIndian Trusts have no central law; Indian Societies have different legal andinstitutional frameworks from state to state while Section 8 companies have oneuniform law across the country – Companies Act, 2013. It is this robust Act thatregulates the formation, management and accountability of a Section 8 Company,thus making it more closely regulated and monitored than trusts and societies, andrecognized all over the world.A Non-profit Company or Section 8 Company is a Company which:• Has in its objects the promotion of commerce, art, science, sports, education,research, social welfare, religion, charity, protection of environment or any suchother object;• Intends to apply its profits, if any, or other income in promoting its objects; and• Intends to prohibit the payment of any dividend to its members.Procedure Procedure for Incorporation of Section 8 Company underCompanies Act, 20131. Application for name availability in form RUNApplication for name availability must be made in “Reserve Unique Name” facility. The name of Section 8 Company shall include the words Foundation, Forum, Association, Federation, Chambers, Confederation, Council, Electoral Trust, and the like etc.You can propose maximum 2 names at a time and 1 resubmission is allowed in RUN facility. Fees for RUN is Rs. 1000/-. It is advisable to attach the object clause of the proposed company.2. Preparation of Memorandum of Association and Articles of Association Memorandum of association is the charter of the company and defines the scope of its activities. An article of association of the company is a document which regulates the internal management of the company. Memorandum of Association of Section 8 Company must be in form INC-13 while there is no format prescribed for Articles of Association for Section 8 Company. One can adopt table F provisions. Memorandum and articles of association of the company shall be signed by each subscriber to the memorandum who shall mention his name, address, description and occupation, if any, in the presence of at least one witness who shall attest the signature and shall likewise sign and add his name, address, description and occupation.3. Application in Form INC-12After approval of name by CRC, one can make an application in Form INC-12 to the Registrar for a license under sub-section (1) of section 8. Fees for INC-12 is Rs.2,000/-Attachment of INC-121. Memorandum of Association in Form INC-13;2. Articles of Association; (No Specified format)3. Declaration in Form INC-14 by CS/CA/CWA in practice, that the draft memorandum and articles of association have been drawn up in conformity with the provisions of section 8 and rules made thereunder and that all the requirements of the Act and the rules made thereunder relating to registration of the company under section 8 and matters incidental or supplemental thereto have been complied with;4. Declaration by each of the persons making the application in Form INC-15;5. An estimate of the future annual income and expenditure of the company for next three years, specifying the sources of the income and the objects of the expenditure;6. Name Approval Letter received from CRC; These are compulsory attachment of form INC-12. It is advisable to attach note on work proposed to be undertaken by the Company after incorporation and Grounds of application for issue of license under section 8. Once the form INC-12 will be approved, License under section 8 will be issued in Form INC-16 which required to be attached in form SPICe.4. Filing of SPICe 32 FormAfter receiving Central Government approval i.e approval of form INC-12, one may go ahead with filing of form SPICe 32.Attachment of SPICe 32:1. Memorandum of Association in Form INC-13;2. Articles of Association; (No Specified format)3. Consent and Declaration by first Directors in form DIR-2;4. Affidavit by first subscriber in form INC-9;5. PAN card of first directors and subscribers;6. Aaadhar card of first directors and subscribers;7. Proof of Registered office like Sale Deed/Lease Deed/Rent Agreement etc;8. Latest Utility Bill of Registered office like Electricity Bill;9. NOC of owner/director if registered office is taken on rent/lease;10. License issued in form INC-16;Benefits of Section 8 Company Registration:• Exemption from Stamp Duty.• Tax deductions to the donors of the Company u/s. 80G of the Income Tax Act.• Section 8 Companies can be formed with or without share capital, in case theyare formed without capital, the necessary funds for carrying the business arebrought in form of donations, subscriptions from members and general public.• Section 8 Companies are not required to add the suffix Limited or PrivateLimited at the end of their name.• A Section 8 Company has more credibility as compared to any other Non-profitorganization structure like Trust or Society.