Short Term Capital Gain

Budget 2017: Concessional tax rate on gain from transfer of unlisted securities

Income Tax - Finance Act, 2012 with effect from 1st April, 2013 amended the provisions of section 112(1)(c) to provide concessional rate of taxation of ten per cent for long-term capital gains arising from the transfer of unlisted securities in case of non-resident. ...

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Top 4 Expectations of Common Man from Union Budget 2017

Income Tax - Since common man is directly affected by the income tax provisions every budget raises expectation levels of common man on this front. What the common man is expecting from finance minister this time? ...

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Taxation of gold and gold products

Income Tax - Profit on sale of your gold is taxable as Capital Gains unless you are a dealer in gold and jewellery in which case it becomes taxable as Business Income...

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Taxability–Compulsory Acquisition of Capital Asset

Income Tax - Compulsory acquisition is the power of government to acquireprivate rights in land without the willing consent of its owner or occupant in order to benefit society. Compensation against such acquisition is provided to the assessee by the government....

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Income from sale of shares is Business income or Capital gains

Income Tax - This article is for better understanding of Treatment of Income from Sales of shares or other securities. Here I am explaining about the possibilities one can treat the income from sale of shares and what are the benefits of it. The article also comprises the corresponding guidelines from CBDT which are self explanatory and fiercest....

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DTC: Jewellery, works of art, property to qualify as long-term investments even if held for a year

Income Tax - The Supreme Court will hear on September 10 the impleadment petition filed by the Forex Derivatives Consumers Forum along with the Special Leave Petition filed by Fixed Income Money Market and Derivatives Association of India (FIMMDA). Forex Derivatives Consumers Forum is a registered association of exporters from across the country, a ma...

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Shares Income: LTCG remains exempt and Short Term Capital Gain taxable at half the rate under DTC

Income Tax - DTC Billproposes to tax short-term capital gains arising from stocks and mutual funds at half the marginal rate.So, if your marginal tax rate is 30 per cent, you will pay a short-term capital gains tax at 15 per cent. As far as long-term capital gains tax goes, it has been kept out of the tax net, subject to the payment of securities tran...

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Taxman gears up to move apex court on its tax claims of around Rs 2,000 crore

Income Tax - Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in The Income Tax department is all set to move the Supreme Court for a final judgement on its tax claims of around Rs 2,000 crore (Rs 20 billion) in cases involving dividend stripping prior to 2002-03. The taxman had lost the […]...

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Half-Yearly Audit Rule Puts Small Broking Companies in a Spot

Income Tax - The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are already burdened with low-trading turnover, dipping revenues and increased policy levies. According to a section of brokers, half-yearly internal audits will not only be difficult to implement, but also make a dent i...

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Income from Share Trading in the nature of business cannot be treated as ‘Capital Gain’

Income-Tax Officer Vs Manusi Securities Pvt. Ltd. (ITAT Ahemdabad) - Assessee is regularly in the business of purchase-sale of equity shares, share transactions entered during the year were in large number, funds were borrowed for the purpose of trading, no separate account has been maintained for the investment portfolio and all the transactions of purchase sale rai...

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Property holding period should be computed from Allotment Letter date

Anita. D. Kanjani Vs ACIT (ITAT Mumbai) - This appeal has been filed by the assessee against the order of the Commissioner of Income-tax (Appeals)-32 [hereinafter called CIT(A)]02-0-2015 passed against the assessment order of the AO u/s 143(3) dated 23-12-2013 for A.Y. 201-12 on the following grounds...

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Letter of allottment date must be taken as date of holding asset

Anita D Kanjani Vs ACIT (ITAT Mumbai) - ITAT held that holding period should be computed from the date of issue of allotment If we do so, the holding period becomes more than 36 months and consequently, the property sold by the assessee would be long term capital asset in the hands of the assessee and the gain on sale of the same would be...

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Mere Change in Allotted flat without determining any consideration is not transfer

ITO Vs Smt. Tripta Shahani (ITAT Lucknow) - Merely change in the flat without determining any consideration for the old flat cancelled and new flat transferred, it cannot be said that the old flat was sold and new flat was purchased on the date of change....

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conversion from lease hold to free hold period to be considered for short term/long term period computation

The Commissioner Of Income Tax Vs Smt. Rama Rani Kalia (Allahabad High Court) - The difference between the 'short-term capital' asset and 'long-term capital asset' is the period over which the property has been held by the assessee and not the nature of tittle over the property. The lessee of the property has rights as owner of the property subject to covenants of the lease...

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No capital Gain on Rollover/Extension of Fixed Maturity Plans (FMPs) in same scheme

Circular No. 6/2015-Income Tax - (09/04/2015) - CIRCULAR NO. 6/2015, Dated: April 9, 2015 no capital gains will arise at the time of exercise of the option in the case of Fixed Maturity Plans (FMPs) by the investor to continue in the same scheme. The capital gains will, however, arise at the time of redemption of the units or opting of the scheme...

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Recent Posts in "Short Term Capital Gain"

Income from Share Trading in the nature of business cannot be treated as ‘Capital Gain’

Income-Tax Officer Vs Manusi Securities Pvt. Ltd. (ITAT Ahemdabad)

Assessee is regularly in the business of purchase-sale of equity shares, share transactions entered during the year were in large number, funds were borrowed for the purpose of trading, no separate account has been maintained for the investment portfolio and all the transactions of purchase sale raised are only for one scrip namely Suraj ...

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Property holding period should be computed from Allotment Letter date

Anita. D. Kanjani Vs ACIT (ITAT Mumbai)

This appeal has been filed by the assessee against the order of the Commissioner of Income-tax (Appeals)-32 [hereinafter called CIT(A)]02-0-2015 passed against the assessment order of the AO u/s 143(3) dated 23-12-2013 for A.Y. 201-12 on the following grounds...

Read More

Letter of allottment date must be taken as date of holding asset

Anita D Kanjani Vs ACIT (ITAT Mumbai)

ITAT held that holding period should be computed from the date of issue of allotment If we do so, the holding period becomes more than 36 months and consequently, the property sold by the assessee would be long term capital asset in the hands of the assessee and the gain on sale of the same would be taxable in the hands of the assessee as...

Read More

Budget 2017: Concessional tax rate on gain from transfer of unlisted securities

Finance Act, 2012 with effect from 1st April, 2013 amended the provisions of section 112(1)(c) to provide concessional rate of taxation of ten per cent for long-term capital gains arising from the transfer of unlisted securities in case of non-resident. ...

Read More
Posted Under: Income Tax |

Top 4 Expectations of Common Man from Union Budget 2017

Since common man is directly affected by the income tax provisions every budget raises expectation levels of common man on this front. What the common man is expecting from finance minister this time? ...

Read More
Posted Under: Income Tax |

Taxation of gold and gold products

Profit on sale of your gold is taxable as Capital Gains unless you are a dealer in gold and jewellery in which case it becomes taxable as Business Income...

Read More
Posted Under: Income Tax |

Taxability–Compulsory Acquisition of Capital Asset

Compulsory acquisition is the power of government to acquireprivate rights in land without the willing consent of its owner or occupant in order to benefit society. Compensation against such acquisition is provided to the assessee by the government....

Read More
Posted Under: Income Tax | ,

Income from sale of shares is Business income or Capital gains

This article is for better understanding of Treatment of Income from Sales of shares or other securities. Here I am explaining about the possibilities one can treat the income from sale of shares and what are the benefits of it. The article also comprises the corresponding guidelines from CBDT which are self explanatory and fiercest....

Read More
Posted Under: Income Tax |

Capital Gain – All you want to know

Computation of capital gain depends upon the nature of the capital asset transferred during the previous year, vis-à-vis, short-term capital asset, long-term capital asset or depreciable asset. Capital gain arising on transfer of short-term capital asset or depreciable asset is considered as short-term capital gain, whereas transfer of l...

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Posted Under: Income Tax | ,

Taxation of Capital Gain in India – FAQs

​What is the meaning of capital asset? Capital asset means property of any kind held by a taxpayer. However, the following items are excluded from the definition of"capital asset: a. Any stock-in-trade, consumable stores, or raw materials held by a person for the purpose of his business or profession....

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Posted Under: Income Tax | ,
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