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Santosh Karma

Latest Posts by Santosh Karma

Short Notes on Section 56(2)(x) of Income tax act

May 18, 2021 462030 Views 14 comments Print

1. Tax on sum/property received without consideration Section 56(2)(x) provides that following receipts shall be taxed in hands of any person where received from any person or persons on or after 01.04.2017 during any previous year. (a) Any sum of money exceeding Rs. 50000 in aggregate without consideration. (b) Any immovable property received without consideration, […]

Short Notes on Section 45(1) of Income Tax Act 1961

May 7, 2021 27531 Views 0 comment Print

1. Ingredients of Section 45(1). Section 45(1) of the Income tax Act.1961 provides than any profit and gains arising from the transfer of a capital assets effected in previous year shall be chargeable to tax under the head of capital gain and shall be deemed to be the income of the previous year in which […]

Section 55 | Income Tax Act, 1961 | Acquisition & Improvement Cost

May 5, 2021 62232 Views 5 comments Print

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 […]

Section 50C of Income Tax Act, 1961

April 27, 2021 209088 Views 7 comments Print

Understanding Section 50C of the Income Tax Act, 1961: Learn about the determination of full value of consideration for transfer of capital assets.

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