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	<title>TaxGuru &#187; long term capital gains</title>
	<atom:link href="http://taxguru.in/tag/long-term-capital-gains/feed/" rel="self" type="application/rss+xml" />
	<link>http://taxguru.in</link>
	<description>Complete Tax Solution</description>
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		<title>Useful tips to save Income Tax for the Financial Year (FY) 2011-112</title>
		<link>http://taxguru.in/income-tax/useful-tips-to-save-income-tax-for-the-financial-year-fy-2010-11.html</link>
		<comments>http://taxguru.in/income-tax/useful-tips-to-save-income-tax-for-the-financial-year-fy-2010-11.html#comments</comments>
		<pubDate>Sat, 03 Mar 2012 01:15:15 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[House Rent Allowance]]></category>
		<category><![CDATA[Income from House Property]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[LTA]]></category>
		<category><![CDATA[short term capital gain]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=31801</guid>
		<description><![CDATA[Income from Salary:-Section 17 of the Income Tax (IT) Act is all about taxation under the head 'salary'. In most of the cases, it is impossible for a salaried person to avoid tax on his income, except by way of deduction under chapter VI A of the IT Act.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/useful-tips-to-save-income-tax-for-the-financial-year-fy-2010-11.html/feed/</wfw:commentRss>
		<slash:comments>8</slash:comments>
		</item>
		<item>
		<title>Direct tax Code:  Capital Gain taxation</title>
		<link>http://taxguru.in/income-tax/direct-tax-code-capital-gain-taxation.html</link>
		<comments>http://taxguru.in/income-tax/direct-tax-code-capital-gain-taxation.html#comments</comments>
		<pubDate>Mon, 20 Sep 2010 02:14:15 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[Direct Tax Code]]></category>
		<category><![CDATA[dtc]]></category>
		<category><![CDATA[long term capital gains]]></category>

		<guid isPermaLink="false">http://taxguru.in/direct-tax-code-capital-gain-taxation-167.html</guid>
		<description><![CDATA[Indian-listed shares:-Long-term capital gains on transfer of the above securities (where securities transaction tax is payable) would continue to be eligible for a 100% deduction, and remain exempt from tax. The DTC has reduced the tax burden substantially for short-term small investors. Short-term capital gains on such securities (taxable at 15.45%) would be eligible for 50% deduction and thereafter taxed as per the normal slab rates applicable. Effectively, the tax under DTC would range between 5% and 15%, depending on the tax bracket in which an individual falls. Small investors (with an income between Rs 2 lakh and Rs 5 lakh) would pay only 5% capital gains tax.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Existing taxation provision of Long term capital gains may continue in DTC</title>
		<link>http://taxguru.in/income-tax/existing-taxation-provision-of-long-term-capital-gains-may-continue-in-dtc.html</link>
		<comments>http://taxguru.in/income-tax/existing-taxation-provision-of-long-term-capital-gains-may-continue-in-dtc.html#comments</comments>
		<pubDate>Thu, 11 Mar 2010 03:24:21 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Direct Tax Code]]></category>
		<category><![CDATA[dtc]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[STT]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=23325</guid>
		<description><![CDATA[The government is likely to maintain the distinction between short term and long-term capital gains to encourage long-term savings, as it deliberates the draft direct taxes code. The finance minister said in his Budget speech that the new direct taxes law could be rolled out from April 1, 2011. The government is veering around to the view that the existing regime with regard to taxation of capital gains should be continued, a finance ministry official privy to discussions told.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/existing-taxation-provision-of-long-term-capital-gains-may-continue-in-dtc.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Right to set-off loss is a “vested right” which is available despite amendment in year of set-off</title>
		<link>http://taxguru.in/income-tax-case-laws/right-to-set-off-loss-is-a-vested-right-which-is-available-despite-amendment-in-year-of-set-off.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/right-to-set-off-loss-is-a-vested-right-which-is-available-despite-amendment-in-year-of-set-off.html#comments</comments>
		<pubDate>Tue, 19 Jan 2010 16:53:07 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[short term capital gain]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=19675</guid>
		<description><![CDATA[In AY 2002-03, the assessee suffered a long-term capital loss. U/s 74(1) as it then stood, such loss could be carried forward and set off against all capital gains including short-term capital gains. S. 74 was amended in AY 2003-04 to provide that long-term capital loss could only be set-off against long-term capital gains and not against short-term-capital gain. When the assessee claimed a set-off in AY 2004-05 the question arose whether the amended law should apply or the un-amended law. HELD deciding in favour of the assessee:]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/right-to-set-off-loss-is-a-vested-right-which-is-available-despite-amendment-in-year-of-set-off.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Bonus stripping under the Income tax lens</title>
		<link>http://taxguru.in/income-tax/bonus-stripping-under-the-income-tax-lens.html</link>
		<comments>http://taxguru.in/income-tax/bonus-stripping-under-the-income-tax-lens.html#comments</comments>
		<pubDate>Wed, 13 Jan 2010 02:22:18 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[indian income tax]]></category>
		<category><![CDATA[indian income tax act]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[Scrutiny]]></category>
		<category><![CDATA[tax avoidance]]></category>
		<category><![CDATA[Tax Exemption]]></category>
		<category><![CDATA[tax net]]></category>
		<category><![CDATA[tax purposes]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=19234</guid>
		<description><![CDATA[After taxing investors for dividend stripping, the Income Tax (I-T) Department is gearing up to tax bonus stripping. Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax.]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Set off of long term capital loss with indexation against long term capital gains without indexation is allowable</title>
		<link>http://taxguru.in/income-tax-case-laws/set-off-of-long-term-capital-loss-with-indexation-against-long-term-capital-gains-without-indexation-is-allowable.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/set-off-of-long-term-capital-loss-with-indexation-against-long-term-capital-gains-without-indexation-is-allowable.html#comments</comments>
		<pubDate>Sun, 03 Jan 2010 14:16:55 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[hindu undivided family]]></category>
		<category><![CDATA[long term capital gains]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=16605</guid>
		<description><![CDATA[Section 70(3) of the Act postulates that for any assessment year where there is a loss in respect of long term capital asset, the asscssee shall be entitled to have the amount of such loss set off against the income, if any fas arrived at under a similar computation) made for the assessment year in respect of any other long term capital asset. Section 112 of the Act provides for tax on long term capital gains. Section 112 of the Act provides that where the total income of the assessee includes any income arising from the transfer of a long term capital asset, assessable under the head 'income from capital gains',]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/set-off-of-long-term-capital-loss-with-indexation-against-long-term-capital-gains-without-indexation-is-allowable.html/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>IT department investigating tax evasion by showing bogus investment losses, May take action against chartered accountants</title>
		<link>http://taxguru.in/income-tax/it-department-investigating-tax-evasion-by-showing-bogus-investment-losses-may-take-action-against-chartered-accountants.html</link>
		<comments>http://taxguru.in/income-tax/it-department-investigating-tax-evasion-by-showing-bogus-investment-losses-may-take-action-against-chartered-accountants.html#comments</comments>
		<pubDate>Sat, 02 Jan 2010 01:27:58 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[chartered accountants]]></category>
		<category><![CDATA[Income Tax raids]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[tax evaders]]></category>
		<category><![CDATA[Tax Evasion]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=18438</guid>
		<description><![CDATA[Income tax department in the past has stumbled up on many strange things, but nothing as strange as a company exclusively providing bogus stock contract notes to evade taxes, a trail that may lead to it knocking on the doors of many auditors.  The Mumbai I-T department estimates that around Rs 1,000 crore of taxes may have been evaded by producing these bogus investment losses, and it now knows the beneficiaries too, a senior department official in the know of things said.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/it-department-investigating-tax-evasion-by-showing-bogus-investment-losses-may-take-action-against-chartered-accountants.html/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>In case of gifted Assets, indexation benefit is available from the year of acquisition of the previous owner</title>
		<link>http://taxguru.in/income-tax-case-laws/in-case-of-gifted-assets-indexation-benefit-is-available-from-the-year-of-acquisition-of-the-previous-owner.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/in-case-of-gifted-assets-indexation-benefit-is-available-from-the-year-of-acquisition-of-the-previous-owner.html#comments</comments>
		<pubDate>Wed, 30 Dec 2009 02:27:05 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[indexation]]></category>
		<category><![CDATA[inflation index]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[long term capital gains]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=18301</guid>
		<description><![CDATA[This article summarizes a recent ruling of the Special Bench (SB) of the Mumbai Income Tax Appellate Tribunal (ITAT) [ITA No. 7315/Mum/2007] in the case of DCIT vs. Manjula Shah (Taxpayer) which held that, in the case of gifted capital asset, indexation benefit is available to a donee from the year of its acquisition by the previous owner. The SB adopted a purposive construction of the definition of 'Indexed Cost of Acquisition' (ICOA) by looking at the scheme of the Indian Tax Law (ITL), which seeks to grant the benefit of cost and holding period of the previous owner to the donee.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/in-case-of-gifted-assets-indexation-benefit-is-available-from-the-year-of-acquisition-of-the-previous-owner.html/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Taxability of the income from the sale of shares in the hands of resident in Mauritius</title>
		<link>http://taxguru.in/income-tax-case-laws/taxability-of-the-income-from-the-sale-of-shares-in-the-hands-of-resident-in-mauritius.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/taxability-of-the-income-from-the-sale-of-shares-in-the-hands-of-resident-in-mauritius.html#comments</comments>
		<pubDate>Tue, 22 Dec 2009 03:51:55 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[CBDT]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[long term capital gains]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=17845</guid>
		<description><![CDATA[Recently, the Delhi bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of DDIT v. M/s Saraswati Holding Corpn. Inc. (2009-TIOL-529-ITAT-DEL)  ruled on the taxability of the income from the sale of shares in the hands of resident in Mauritius. The Tribunal held that the taxpayer holding tax residence certificate of Mauritius, was entitled to the exemption provided under Article 13(4) of the India-Mauritius tax treaty (the tax treaty). The Tribunal relied on the decision of the Supreme Court in the case of UOI v. Azadi Bachao Andolan [2003] 236 ITR 706 (SC).]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/taxability-of-the-income-from-the-sale-of-shares-in-the-hands-of-resident-in-mauritius.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Consideration for permission to use TDR / FSI not chargeable to tax: ITAT Mumbai</title>
		<link>http://taxguru.in/income-tax-case-laws/consideration-for-permission-to-use-tdr-fsi-not-chargeable-to-tax-itat-mumbai.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/consideration-for-permission-to-use-tdr-fsi-not-chargeable-to-tax-itat-mumbai.html#comments</comments>
		<pubDate>Sat, 19 Dec 2009 03:57:27 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[long term capital gains]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=17650</guid>
		<description><![CDATA[ The assessee co-op housing society gave permission to a developer to construct 2 floors and 8 flats on the building belonging to the society by using the TDR / FSI available to the developer. In consideration, the developer paid Rs. 26 lakhs to the assessee and Rs. 66 lakhs to its members aggregating Rs. 92 lakhs. The AO took the view that the assessee had relinquished its right “to load TDR and construct additional floors” and as there was no cost of acquisition, the entire consideration of Rs. 26 L was assessable as long-term capital gains. On appeal, the CIT (A) took the view that even the amounts received by the Members were assessable in the assessee’s hands.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Even exempt capital gains are includible in “book profits”</title>
		<link>http://taxguru.in/income-tax-case-laws/even-exempt-capital-gains-are-includible-in-book-profits.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/even-exempt-capital-gains-are-includible-in-book-profits.html#comments</comments>
		<pubDate>Wed, 16 Dec 2009 16:26:37 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[Book Profit]]></category>
		<category><![CDATA[long term capital gains]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=17419</guid>
		<description><![CDATA[The assessee earned long-term capital gains of Rs. 40.57 L which was not chargeable to tax u/s 54EC. As the said gains were credited to the P&#038;L A/c, the assessee excluded the gains whilst computing “book profits” u/s 115JB in view of the Special Bench judgement in Sutlej Cotton Mills 45 ITD 22 (Cal) (SB) where it had been held that non-taxable capital receipts had to be excluded from book profits. The AO and the CIT (A) rejected the claim. On appeal by the assessee HELD dismissing the appeal:]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Gains on sale of shares allotted under cashless ESOP plan not taxable as capital gains</title>
		<link>http://taxguru.in/income-tax-case-laws/gains-on-sale-of-shares-allotted-under-cashless-esop-plan-not-taxable-as-capital-gains.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/gains-on-sale-of-shares-allotted-under-cashless-esop-plan-not-taxable-as-capital-gains.html#comments</comments>
		<pubDate>Wed, 16 Dec 2009 02:46:10 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[reserve bank of india]]></category>
		<category><![CDATA[short term capital gain]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=17390</guid>
		<description><![CDATA[The Income-Tax Appellate Tribunal, Mumbai in the case of Mr. Bomi S. Billimoria vs. A.C Cir 23(1), Mumbai (ITA No.2120/Mum/1998) held that in case no payment has been made for acquiring shares under Employee Stock Option Plan, the gain on sale of said shares should not be liable to capital gains tax. As the date of exercise of options and date of sale is same and further, there is no difference between the sale price and the deemed cost of acquisition, in any case, it is not short term capital gains.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/gains-on-sale-of-shares-allotted-under-cashless-esop-plan-not-taxable-as-capital-gains.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Government will review EET regime, MAT at 2% on Gross Asset value and proposal to tax charitable organisations</title>
		<link>http://taxguru.in/income-tax/government-will-review-eet-regime-mat-at-2-on-gross-asset-value-and-proposal-to-tax-charitable-organisations.html</link>
		<comments>http://taxguru.in/income-tax/government-will-review-eet-regime-mat-at-2-on-gross-asset-value-and-proposal-to-tax-charitable-organisations.html#comments</comments>
		<pubDate>Mon, 14 Dec 2009 12:30:34 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Direct Tax Code]]></category>
		<category><![CDATA[dtc]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[retirement savings]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=17281</guid>
		<description><![CDATA[A senior revenue department official told , There are three issues on which a political call is required. These are: the exempt-exempt- tax regime for retirement savings, the 2 per cent minimum alternate tax on gross tax assets of companies and the proposal to tax charitable organisations at 15 per cent. Hectic lobbying by interest groups is still on for dilution or an altogether elimination of these proposals from the final draft.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/government-will-review-eet-regime-mat-at-2-on-gross-asset-value-and-proposal-to-tax-charitable-organisations.html/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Foreign Foreign companies or individuals, including FII can enjoy lower capital gain tax</title>
		<link>http://taxguru.in/income-tax/foreign-foreign-companies-or-individuals-including-fii-can-enjoy-lower-capital-gain-tax.html</link>
		<comments>http://taxguru.in/income-tax/foreign-foreign-companies-or-individuals-including-fii-can-enjoy-lower-capital-gain-tax.html#comments</comments>
		<pubDate>Mon, 16 Nov 2009 17:04:28 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Advance Ruling]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[indexation]]></category>
		<category><![CDATA[Inflation]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[tax liability]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=14704</guid>
		<description><![CDATA[According to a recent decision of the Mumbai bench of the Income Tax Apellate Tribunal, non-resident companies and individuals are entitled to a beneficial rate of tax of 10% on long-term capital gains arising from the sale of shares of listed entities. Earlier, non-resident assessees were taxed at the rate of 20%.]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Reopening under section 147 by the AO on the same set of facts, without there being any additional information, can only be considered as change of opinion</title>
		<link>http://taxguru.in/income-tax-case-laws/reopening-under-section-147-by-the-ao-on-the-same-set-of-facts-without-there-being-any-additional-information-can-only-be-considered-as-change-of-opinion.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/reopening-under-section-147-by-the-ao-on-the-same-set-of-facts-without-there-being-any-additional-information-can-only-be-considered-as-change-of-opinion.html#comments</comments>
		<pubDate>Sun, 01 Nov 2009 09:23:47 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[section 43]]></category>
		<category><![CDATA[section 48]]></category>
		<category><![CDATA[short term capital gain]]></category>
		<category><![CDATA[taxation]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=12299</guid>
		<description><![CDATA[As can be seen from the above the adjustment made by the assessee is according to the provisions of the Act. Since both the industrial galas fall within the block the WDV is increased by the actual cost of the asset falling within the block and reduced by the amount payable in respect of the asset sold. Accordingly we do not find any mistake in assessee's working of the block of assets which is according to the provisions of section 43(6)(c). The A.O.'s action in denying the inclusion of asset within the block is on the condition that the asset was not put to use.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/reopening-under-section-147-by-the-ao-on-the-same-set-of-facts-without-there-being-any-additional-information-can-only-be-considered-as-change-of-opinion.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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		<item>
		<title>Section 54F exemption cannot be availed if there is a house in existence on the date of transfer</title>
		<link>http://taxguru.in/income-tax-case-laws/section-54f-exemption-cannot-be-availed-if-there-is-a-house-in-existence-on-the-date-of-transfer.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/section-54f-exemption-cannot-be-availed-if-there-is-a-house-in-existence-on-the-date-of-transfer.html#comments</comments>
		<pubDate>Sun, 18 Oct 2009 20:09:43 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[long term capital gains]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=12287</guid>
		<description><![CDATA[I have heard the rival submissions in the light of material placed before me and the precedents relied upon. The assessee got share in the house property, as per the WILL of his father He became the joint owner of the property along with his brother. After becoming the joint owner of the said property the assessee sold shares for the purpose of construction of an additional floor in the house for him and the cost to the construction was claimed as exempted under sec 54F.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Major changes proposed in Direct Tax Code related to Capital Gain tax</title>
		<link>http://taxguru.in/income-tax/major-changes-proposed-in-direct-tax-code-related-to-capital-gain-tax.html</link>
		<comments>http://taxguru.in/income-tax/major-changes-proposed-in-direct-tax-code-related-to-capital-gain-tax.html#comments</comments>
		<pubDate>Wed, 19 Aug 2009 03:01:02 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[Direct Tax Code]]></category>
		<category><![CDATA[dtc]]></category>
		<category><![CDATA[indexation]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[tax rates]]></category>
		<category><![CDATA[transaction tax]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=11380</guid>
		<description><![CDATA[The new draft Direct Taxes Code proposes to tax capital gains as regular income at normal tax rates, thereby removing the benefits of lower rates for long-term capital gains on sale of shares. It is proposed that the Securities Transaction Tax be abolished and the exemption or relief granted to long-term and short-term gains on [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Direct Tax code will make People earning between 5-10 lakh end up pay more</title>
		<link>http://taxguru.in/income-tax/direct-tax-code-will-make-people-earning-between-5-10-lakh-end-up-pay-more.html</link>
		<comments>http://taxguru.in/income-tax/direct-tax-code-will-make-people-earning-between-5-10-lakh-end-up-pay-more.html#comments</comments>
		<pubDate>Sat, 15 Aug 2009 09:26:31 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Direct Tax Code]]></category>
		<category><![CDATA[dtc]]></category>
		<category><![CDATA[Home Loan]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[salary income]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=11262</guid>
		<description><![CDATA[If you think the new direct tax code unveiled by finance minister Pranab Mukherjee on Wednesday will save you tax, think again. For taxpayers in the lower brackets, taxes may actually go up, depending on various assumptions. People who make substantial income from buying and selling shares may also lose out. As can be seen [...]]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Direct Tax code will benefit more to people in higher income group</title>
		<link>http://taxguru.in/income-tax/direct-tax-code-will-benefit-more-to-people-in-higher-income-group.html</link>
		<comments>http://taxguru.in/income-tax/direct-tax-code-will-benefit-more-to-people-in-higher-income-group.html#comments</comments>
		<pubDate>Fri, 14 Aug 2009 02:38:28 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Housing Loan]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[pranab mukherjee]]></category>
		<category><![CDATA[Provident Fund]]></category>
		<category><![CDATA[senior citizens]]></category>
		<category><![CDATA[tax regime]]></category>
		<category><![CDATA[transaction tax]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=11213</guid>
		<description><![CDATA[From April 1, 2011, finance minister Pranab Mukherjee has proposed to simplify the income-tax regime by reducing the tax rates on incomes above Rs1.6 lakh per annum (Rs1.9 lakh for women, and Rs2.4 lakh for senior citizens), but the reduced rates will come with few of the current exemptions.Tax rates will be 10% for incomes [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Foreign companies can also claim benefit of lower Rate of Tax on Capital Gain from securities transaction</title>
		<link>http://taxguru.in/income-tax/foreign-companies-can-also-claim-benefit-of-lower-rate-of-tax-on-capital-gain-from-securities-transaction.html</link>
		<comments>http://taxguru.in/income-tax/foreign-companies-can-also-claim-benefit-of-lower-rate-of-tax-on-capital-gain-from-securities-transaction.html#comments</comments>
		<pubDate>Wed, 12 Aug 2009 04:24:19 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Advance Ruling]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[indexation]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[STT]]></category>
		<category><![CDATA[tax deduction]]></category>
		<category><![CDATA[tax rates]]></category>
		<category><![CDATA[transaction tax]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=11152</guid>
		<description><![CDATA[Foreign companies cannot be discriminated vis-a-vis Indian firms so far as capital gains tax on securities transaction is concerned, according to an order by the Authority for Advance Rulings (AAR). Giving its ruling in a case related to UK-based Fujitsu Services, AAR said the company should also be given an option of paying tax at [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Statutory date for FMV of a property cannot be substituted with a subsequent conversion date by issuing notification</title>
		<link>http://taxguru.in/income-tax-case-laws/statutory-date-for-fmv-of-a-property-cannot-be-substituted-with-a-subsequent-conversion-date-by-issuing-notification.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/statutory-date-for-fmv-of-a-property-cannot-be-substituted-with-a-subsequent-conversion-date-by-issuing-notification.html#comments</comments>
		<pubDate>Fri, 17 Jul 2009 01:20:50 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[long term capital gains]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=9746</guid>
		<description><![CDATA[SUMMARY OF CASE LAW It is not possible to ignore the statutory date embedded in the Act and adopt the conversion date as the bench mark date for finding out the FMV. CASE LAW DETAILS Decided by: ITAT, COCHIN BENCH, COCHIN, In The case of: Arun Sunny v.DCIT, Appeal No.:ITA NO. 117/COCH/2009, Decided on: APRIL 28, 2009 RELEVENT [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Merger of RIL &amp; RPL will be tax neutral for RPL Shareholders</title>
		<link>http://taxguru.in/finance/merger-of-ril-rpl-will-be-tax-neutral-for-rpl-shareholders.html</link>
		<comments>http://taxguru.in/finance/merger-of-ril-rpl-will-be-tax-neutral-for-rpl-shareholders.html#comments</comments>
		<pubDate>Fri, 06 Mar 2009 01:29:19 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[indexation]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[Share]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=3079</guid>
		<description><![CDATA[The merger of Reliance Pertroleum (RPL) with Reliance Industries (RIL) is the latest in a long string of amalgamations and mergers that have taken place over time in the Reliance group. As per the arrangement announced by RIL, RPL shareholders of RPL will get one share of RIL for every 16 RPL shares held by [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>No business profit on conversion of stock into asset &#8211; ITAT</title>
		<link>http://taxguru.in/income-tax-case-laws/no-business-profit-on-conversion-of-stock-into-asset-itat.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/no-business-profit-on-conversion-of-stock-into-asset-itat.html#comments</comments>
		<pubDate>Sat, 13 Sep 2008 18:24:00 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[Assessment]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[indexation]]></category>
		<category><![CDATA[long term capital gains]]></category>

		<guid isPermaLink="false">http://kanoisandeep.wordpress.com/2008/09/13/no-business-profit-on-conversion-of-stock-into-asset-itat/</guid>
		<description><![CDATA[ACIT vs. Bright Star Investment (ITAT Mumbai) - Where the assessee had converted stock-in-trade into investments at their book value and later sold them and offered to tax the difference between the indexed book value and the sale proceeds as capital gains and the AO took the view that the difference between the book value and the FMV on the date of conversion had to be assessed as business income, Held: ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Long-term capital gains tax exemption on Investment U/s. 54EC</title>
		<link>http://taxguru.in/income-tax/long-term-capital-gains-tax-exemption-on-investment-us-54ec.html</link>
		<comments>http://taxguru.in/income-tax/long-term-capital-gains-tax-exemption-on-investment-us-54ec.html#comments</comments>
		<pubDate>Mon, 09 Jun 2008 12:58:00 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[tax]]></category>

		<guid isPermaLink="false">http://kanoisandeep.wordpress.com/2008/06/09/long-term-capital-gains-tax-exemption-on-investment-us-54ec/</guid>
		<description><![CDATA[Section 54EC of the Income Tax Act, 1961 provides exemption from long-term capital gains tax provided an assessee invests within six months after the sale of his property in long-term specified assets. The Finance Act 2007 limited such exemption to Rs 50 lakh in any financial year. Some overzealous tax assessing officers seem to interpret this as a one-time exemption up to Rs 50 lakh only. Such an interpretation will prevent anyone taking advantage of a property sale, for example, in January 2008, facilitating an immediate Rs 50 lakh investment in January 2008 in specified assets, and another Rs 50 lakh investment before the expiry of six months after sale in specified assets.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Amendments in STT that don’t measure up</title>
		<link>http://taxguru.in/income-tax/amendments-in-stt-that-dont-measure-up.html</link>
		<comments>http://taxguru.in/income-tax/amendments-in-stt-that-dont-measure-up.html#comments</comments>
		<pubDate>Mon, 07 Apr 2008 06:59:00 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[Securities Transaction Tax]]></category>
		<category><![CDATA[short term capital gain]]></category>

		<guid isPermaLink="false">http://kanoisandeep.wordpress.com/2008/04/07/amendments-in-stt-that-don%e2%80%99t-measure-up-by-shri-t-c-aramanujam/</guid>
		<description><![CDATA[The Securities Transaction Tax (STT) was introduced into the income-tax code by the Finance (No. 2) Act, 2004, taking effect from April 1, 2005. It was expected to give a major boost to both the income-tax department in terms of revenue and the equity market. When STT was paid on share transactions, no liability for long-term capital gains tax arose. Short-term capital gains were taxed at 10 per cent if STT was paid. This was the position till March 31, 2008. ]]></description>
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		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>Govt vets new tax regime to tighten grip on individuals</title>
		<link>http://taxguru.in/income-tax/govt-vets-new-tax-regime-to-tighten-grip-on-individuals.html</link>
		<comments>http://taxguru.in/income-tax/govt-vets-new-tax-regime-to-tighten-grip-on-individuals.html#comments</comments>
		<pubDate>Wed, 16 Jan 2008 11:14:00 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Assessment]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[Scrutiny]]></category>
		<category><![CDATA[tax returns]]></category>

		<guid isPermaLink="false">http://kanoisandeep.wordpress.com/2008/01/16/govt-vets-new-tax-regime-to-tighten-grip-on-individuals/</guid>
		<description><![CDATA[Individuals will have to start reporting their income from all sources in due course, including tax-free income.The government is vetting a proposal to shift from an exemption to a deduction-based regime for reporting income, a government official said. This means while computing the tax outgo, an individual has to include income from all sources and then claim a deduction on tax-free income. The objective of the proposal, set to feature in the new income-tax code, is to establish an audit trail.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Residential property and capital gains</title>
		<link>http://taxguru.in/income-tax/residential-property-and-capital-gains.html</link>
		<comments>http://taxguru.in/income-tax/residential-property-and-capital-gains.html#comments</comments>
		<pubDate>Tue, 30 Oct 2007 12:29:00 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[indexation]]></category>
		<category><![CDATA[inflation index]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[long term investment]]></category>
		<category><![CDATA[NRI]]></category>
		<category><![CDATA[short term capital gain]]></category>

		<guid isPermaLink="false">http://kanoisandeep.wordpress.com/2007/10/30/residential-property-and-capital-gains/</guid>
		<description><![CDATA[When investors make profits on sale of assets like land, shares and mutual fund units, it is termed as capital gains. The investor has to pay tax on the resulting gains that is commonly referred to as capital gains tax. The amount of money outflow from your pocket depends on how long you held the property. If a residential property is held by the seller for more than 36 months, it is considered a long-term investment. For investments over the short term, the short-term capital gain is added to your total income. You will be taxed depending on the tax bracket you fall in. When computing long-term capital gain, a bit more complexity is involved. Indexation is the process by which inflation is taken into account and the purchase price is proportionately increased. Consequently, the amount you end up paying as tax is reduced.]]></description>
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		<slash:comments>7</slash:comments>
		</item>
	</channel>
</rss>

