Income Tax : Learn how to calculate period of holding and indexed cost of acquisition for property acquired through allotment letters or sale a...
Income Tax : CBDT has notified Cost Inflation Index (CII) from 1981-82 to 2023-24. Find out the Meaning & Index of CII and its use for computin...
Income Tax : Explore the complexities of Capital Gain Tax on the sale of properties. Learn about Long Term Capital Gain (LTCG), Short Term Capi...
Income Tax : Short Notes on Section 55 of Income tax act 1961. (Opting for benefit of Section 55 ) 1. Cost of acquisition of capital assets bec...
Finance : Index Mutual Funds invests in stocks resembling underlying indexes. For example, a Nifty 50 index fund invests in stocks in the sa...
Income Tax : Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the...
Income Tax : According to a recent decision of the Mumbai bench of the Income Tax Apellate Tribunal, non-resident companies and individuals are...
Income Tax : Foreign companies cannot be discriminated vis-a-vis Indian firms so far as capital gains tax on securities transaction is concerne...
Finance : Markets have stopped trading for the day as the benchmarks hit another upper circuit Monday as soon as the trade resumed after 2 ...
Finance : The merger of Reliance Pertroleum (RPL) with Reliance Industries (RIL) is the latest in a long string of amalgamations and mergers...
Income Tax : ITAT Chennai dismisses the revenue's appeal in Easwari Sukanya Krishnan Vs. ITO, upholding the indexation benefit as per the juris...
Income Tax : Mumbai ITAT holds that while computing capital gains arising on transfer of a capital asset received by the Assessee under a will,...
Income Tax : Rohan Developers Pvt. Ltd. Vs ITO (Bombay High Court) According to petitioner, under Section 49(1)(ii) of the Act, cost of acquisi...
Income Tax : Global Health Private Limited Vs DCIT (ITAT Delhi) A plain reading of section 45(2) makes it amply clear that it is the prerogativ...
Income Tax : Peerless General Finance & Investment Company Limited Vs DCIT (ITAT Kolkata) It is observed that the issue relating to the ass...
Income Tax : CBDT notifies Income Tax Cost Inflation Index for Financial Year 2020-21 or Assessment Year 2021-22 vide Notification No. 32/202...
Income Tax : CBDT notifies Cost Inflation Index for Financial Year 2019-20 vide Notification No. 63/2019 dated 12th September, 2019. Cost Infla...
Income Tax : CBDT has vice Notification No. 44/2017 notified Cost Inflation indexes with Base Year as 2001-02 for the Financial Year 2001-02 to...
Income Tax : CBDT has notified Cost Inflation Index for Financial Year 2016-17 / Assessment Year 2017-18 at 1125 . Cost Inflation Index for Fin...
Income Tax : Notification No. 60/2015 - Income Tax S.O. (E) – In exercise of the powers conferred by clause(v) of the Explanation to secti...
Learn how to calculate period of holding and indexed cost of acquisition for property acquired through allotment letters or sale agreements under Section 48 of Income Tax Act.
ITAT Chennai dismisses the revenue’s appeal in Easwari Sukanya Krishnan Vs. ITO, upholding the indexation benefit as per the jurisdictional High Court’s binding judicial precedent.
Mumbai ITAT holds that while computing capital gains arising on transfer of a capital asset received by the Assessee under a will, the indexed cost of acquisition has to be computed with respect to the year in which the first owner held the asset
CBDT has notified Cost Inflation Index (CII) from 1981-82 to 2023-24. Find out the Meaning & Index of CII and its use for computing LTCG.
Explore the complexities of Capital Gain Tax on the sale of properties. Learn about Long Term Capital Gain (LTCG), Short Term Capital Gain (STCG), and exemptions under Income Tax Act, 1961. Understand the significance of indexation, Cost Inflation Index (CII), and conditions for claiming exemptions like Section 54. Discover how tax implications can be reduced through proper planning and adherence to statutory requirements.
Rohan Developers Pvt. Ltd. Vs ITO (Bombay High Court) According to petitioner, under Section 49(1)(ii) of the Act, cost of acquisition of the said property in the hands of seller is deemed to be the cost for which the said property was acquired by late Mrs. Dolly Jehangir Gazdar. It is also petitioner’s case that […]
Global Health Private Limited Vs DCIT (ITAT Delhi) A plain reading of section 45(2) makes it amply clear that it is the prerogative of the assessee to covert the capital asset to stock. Further, the term ‘Business carried on by him’ necessarily means that the capital asset so converted must form part of stockin-trade of […]
Short Notes on Section 55 of Income tax act 1961. (Opting for benefit of Section 55 ) 1. Cost of acquisition of capital assets becoming property of the assessee before 01.04.1981/01.04.2001. Where the capital assets has become property of the assessee before 01.04.1981, then the cost of acquisition of such an asset will be the […]
Peerless General Finance & Investment Company Limited Vs DCIT (ITAT Kolkata) It is observed that the issue relating to the assessee’s claim for Long-Term Capital Loss arising from the sale of Government Securities by applying the Cost Inflation Index was disallowed by the Assessing Officer in the assessment completed under section 143(3). However, the set […]
Index Mutual Funds invests in stocks resembling underlying indexes. For example, a Nifty 50 index fund invests in stocks in the same proportion of its underlying index. Here one may conclude that returns of all index funds underlying the same index should be the same.
