"14 January 2018" Archive

Section 50C: Option for adopting stamp duty value on date of agreement- ICAI Suggestion

In relation to computing capital gains tax liability on transfer of land or building, amendment made via the Finance Act, 2016 gives an option for considering the stamp duty value as on date of agreement instead of stamp duty value on date of registration...

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Posted Under: Income Tax |

Raise Section 54EC Capital gains exemption limit to Rs. 1 Crore: ICAI

In furtherance of the existing proviso to section 54EC, a new proviso has been inserted to clarify that the investment made by an assessee in the long-term specified asset, from capital gains arising from transfer of one or more original assets,...

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Posted Under: Income Tax |

Clarify Section 54 and 54F – Capital gains exemption in case of investment in ONE residential house property in INDIA: ICAI

Section 54(1) has been amended by the Finance (No.2) Act, 2014 by substituting constructed, a residential house, with constructed, one residential house in India. Similar amendment is made in section 54F(1)....

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Posted Under: Income Tax |

ICAI suggests Certification of deductions claimed U/s. 54, 54F, 54EC etc

At present deductions u/s 54, 54F, 54EC etc. are not subject to any audit or certification. The possibility that the assessee claims inaccurate amount of deduction under such provisions cannot be ruled out....

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Posted Under: Income Tax |

Section 50CA – Valuation of shares of a company in distress- Suggestion by ICAI

In case, where the shares of a company are transferred in distressed condition, the rule 11UA/11UAA prescribing the method to determine the FMV would not provide the correct FMV of shares....

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Posted Under: Income Tax |

E-Way Bill To Be Rolled Out Next Month For Easier Movement Of Goods

The E-way Bill will be rolled out across the country from 1st February after which there will not be any need for separate transit pass from each state through which the vehicle is to pass as the E-way Bill or GST Bill will be valid throughout India for movement of goods, the GSTN informed today. […]...

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Section 56(2)(ix): Taxability of forfeited advance for transfer of a capital asset: Budget Suggestions

Clause (ix) is inserted in section 56(2) by Finance (No. 2) Act, 2014 to provide for taxability of any sum received as an advance or otherwise in the course of negotiations for transfer of capital asset. ...

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Posted Under: Income Tax |

ICAI suggests inclusion of Relatives of HUF in Definition of term relative U/s. 56(2)(vii)

Under the existing provisions of section 56(2)(vii), any sum or property received by an individual or HUF for inadequate consideration or without consideration is deemed as income and is taxed under the head Income from other sources. ...

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Posted Under: Income Tax |

Reference to Valuation Officer U/s. 55A – ICAI suggests reasonable tolerance limit to reduce litigation

This section empowers the assessing officer to refer the matter to the valuation officer for the purposes of ascertaining the fair market value of the capital asset....

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Posted Under: Income Tax |

Capital gain on transfer of residential property -Section 54GB- ICAI Suggestions

The Finance Act, 2012 had inserted a new section 54GB to exemptlong-term capital gains on transfer of a residential property, being a house or a plot of land, owned by an individual or HUF, if the net consideration on sale of property...

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Posted Under: Income Tax |

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