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Income Tax - Profit or gain arising on transfer of shares (considered as an investment not a business by assessee) is chargeable to tax under the head ‘Capital Gains’. Capital gains on shares are divided into two types : – ♣ Short Term Capital Gains ♣ Long Term Capital Gains CAPITAL ASSETS SHORT TERM CAPITAL ASSETS LONG TERM […]...
Read MoreIncome Tax - Sale of a residential house is taxable under the Income Tax Act. When you sell a house, you are required to pay capital gain tax on the profit received from the sale. The Income Tax Act,1961 provides relief from tax payment in such a case under Section 54 , subject to fulfilment of certain conditions. […]...
Read MoreIncome Tax - In order to incentivize the equity markets Government has given various sops to this sector. Under Section 10(38) of Income Tax Act, exemption to long term capital gains arising from sale of equity shares in a company or unit of an equity oriented fund has been provided. Equity oriented fund is the one where the […]...
Read MoreIncome Tax - Gain arising on transfer of capital asset is charged to tax under the head Capital Gains. Income from capital gains is classified as Short Term Capital Gains and Long Term Capital Gains. In this part you can gain knowledge about the provisions relating to tax on Short Term Capital Gains....
Read MoreIncome Tax - Scrutiny Selection date is fast approaching for cases to be selected for the A.Y.2018-19 by 30th September, 2019. The Finance Act, 2017 has made a slew of changes in various heads of income. Though adequate care has been taken while filing return of income but the need arises to have a relook at the changes made […]...
Read MoreIncome Tax - Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new section 112A in the Act, to provide that long term capital gains arising from transfer of a long-term capital asset being an equity share in a company or a unit of an equity oriented fund or a unit o...
Read MoreIncome Tax - The Finance Act, 2015 has amended provisions dealing with indirect transfer of capital asset situated in India. The amendment provides clarity on certain contentious aspects with regards to taxation of income arising or accruing from such indirect transfers....
Read MoreIncome Tax - CBDT has released the draft rules prescribing ‘unquoted shares’ valuation for purposes of Sec. 56(2)(x)/50CA (an important development impacting corporate restructuring) inviting comments from public....
Read MoreIncome Tax - Third Protocol amends DTAA with effect from 1st April, 2017 to provide for source based taxation of capital gains arising on transfer of shares in a company....
Read MoreIncome Tax - CBDT, vide order dated 2nd May, 2016 has given direction to field formation, with a view to avoid disputes/Litigation and to maintain uniform approach that the income arising from transfer of unlisted shares, irrespective of period of holding, would be taxable under the head ‘Capital Gain’ except in certain circumstances where the Ass...
Read MoreJayashree Kothari Vs ITO (ITAT Hyderabad) - Jayashree Kothari Vs ITO (ITAT Hyderabad) Sec. 50C(2) enables the Assessing Officer to make a reference to the Valuation Officer. Whenever a reference is made by the AO to the Valuation Officer, such reference has to be construed as a reference made under sec. 16A(1) of the Wealth-tax Act. We have a...
Read MoreShri Anil Kumar Dulichand Vs ACIT-17 (ITAT Mumbai) - Date of transfer of property to compute the six-months period for the purpose of claiming deduction under section 54EC could not be taken from the date when the purchase agreement was registered because the transfer would complete after additional stamp duty to complete the process of registration w...
Read MorePCIT Vs Rasiklal M. Parikh (Bombay High Court) - The dispute between the Assessee and the Revenue was with reference to actual payment for purchase of the flat and whether when the Assessee had purchased one more flat, though contagious, could the Assessee claim exemption under Section 54F of the Act. ...
Read MoreAppasaheb Baburao Lonkar Vs ITO (ITAT Pune) - Appasaheb Baburao Lonkar Vs ITO (ITAT Pune) Wherein the initial contract was between the parties on the ground that the assessee would get permission of other co-owners numbering about 13 so as to transfer immovable asset to the purchasers. This was the basic condition of the said agreement between ...
Read MoreShri Challa Ramakrishna Vs ACIT (ITAT Hyderabad) - ITAT held that Stock- in-trade can be considered as transferred only in the year in which the assessee has executed the sale deed transferring the stock-in-trade and not when the assessee has given stock-in-trade for joint development to the builder. As already held in the above cases, the provision...
Read MoreClause (via) in section 28 is inserted by Finance Act, 2018, w.e.f. Financial year 2018-19 and it provides taxation of Inventory in the year in which it is converted in capital Assets. CBDT issued Draft of notification to be issued for amending Income-tax Rules, 1962 for prescribing the manner of d...
Read MoreF.No. 370149/20/2018-TPL - (04/02/2018) - Since the introduction of the Finance Bill, 2018 on 1st February, 2018, several queries have been raised in different fora on various issues relating to the proposed new tax regime for taxation of long-term capital gains. The responses to these queries are provided below....
Read MoreNotification No. 08/2017- Income Tax - (13/09/2017) - It has been brought to the notice of CBDT that in cases of deceased depositor who has made deposits under the Capital Gains Accounts Scheme, 1988; the banks are deducting TDS on the interest earned on such deposits in the hand of the deceased depositor and issuing TDS certificates in the name of th...
Read MoreNotification No. 44/2017-Income Tax [S.O. 1790(E)] - (05/06/2017) - CBDT has vice Notification No. 44/2017 notified Cost Inflation indexes with Base Year as 2001-02 for the Financial Year 2001-02 to 2017-18 and same are applicable from Financial Year 2017-18....
Read MoreLetter F.No.225/12/2016/ITA.II - (02/05/2016) - For determining the tax-treatment of income arising from transfer of unlisted shares for which no formal market exists for trading, a need has been felt to have a consistent view in assessments pertaining to such income. It has, accordingly, been decided that the income arising from transfer of unli...
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Jayashree Kothari Vs ITO (ITAT Hyderabad) -
Shri Anil Kumar Dulichand Vs ACIT-17 (ITAT Mumbai) -
PCIT Vs Rasiklal M. Parikh (Bombay High Court) -
Appasaheb Baburao Lonkar Vs ITO (ITAT Pune) -
Shri Challa Ramakrishna Vs ACIT (ITAT Hyderabad) -
