Capital Gain

Major Change in Schedule CG (Capital Gain) for returns of AY 2020-2021

Income Tax - Major Change in Schedule CG (Capital Gain) for returns of Assessment Year (AY) 2020-2021 Long term Capital Gain on Listed Securities on which STT has been paid was exempt under section 10 (38) of Income Tax Act (Up to Assessment Year 2018-2019) W.E.F. Assessment Year 2019-2020, Long term Capital Gain on Listed Securities on which [&hellip...

Read More

How to save Income tax on sale of residential property?

Income Tax - Many taxpayers are not aware the provision of the income tax act on how to save the tax on the sale of residential property.  They earn profits on the sale of residential property and pay the taxes. They can save the tax. I have brief the methods from which the taxpayers can save the tax. […]...

Read More

Set off of long term capital loss against STCG on depreciable assets sale

Income Tax - The long term capital loss (LTCL) can be set off against the short term capital gain (STCG) arise on depreciable assets u/s 50 of income tax act, 1961 As per provisions of section 74(1)(b) loss related to a long term capital gain can be set off against the long term capital gain. Long Term Capital […]...

Read More

Taxability of Joint Development Agreement under Income Tax Act, 1961

Income Tax - Joint Development Arrangement (JDA) has always been an area of conflict between the assessee and the tax department. In real estate sector JDA i.e. Joint Development Agreement has emerged as most popular arrangement between land owner and developer. In this article I will explain taxability of JDA under Income tax law. Meaning of Joint De...

Read More

Tax on LTCG u/s 112A Vs Tax on LTCG Prior to Finance Act 2018

Income Tax - Taxation of Long Term Capital Gain (LTCG) under section 112A vis a vis Taxation of Long term Capital Gain Prior to Finance Act, 2018 We all saw an Havoc amongst taxpayers when Finance Act, 2018 was announced in the union budget speech specifically among those assessees whose major part of their total income consisted of […]...

Read More

4 Major Tax Exemptions to Startups

Income Tax - 4 Major Tax Exemptions to Startups includes Income Tax Exemption on profits under Section 80-IAC of Income Tax (IT) Act, Tax Exemption on Investments above Fair Market Value, Introduction of Section 54EE in the Income Tax Act, 1961 and Amendment in Section 54GB of the Income-tax Act....

Read More

Draft Notification on Tax on Long Term Capital Gain on Shares

Income 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 More

Amend Sec. 47(viab) related to indirect transfer of capital asset situated in India

Income 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 More

Draft rules on valuation of ‘unquoted shares’ for Sec. 56(2)(x)/50CA

Income 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 More

India and Singapore Sign a Third Protocol for Amending DTAA

Income 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 More

Capital Gains taxable in Year of Transfer of Possession of Land

DCIT Vs Shivaji Bhagwanrao Jadhav (ITAT Pune) - The issue under consideration is whether Capital Gain will be taxable in the year when consideration for sale of land received irrespective of the possession of the land?...

Read More

Section 54F deduction restricted to only one residential property

Late Susan Cherian Vs ITO (ITAT Bangalore) - The issue under consideration is whether the capital gain deduction benefit is restricted to only one residential property under section 54F of the Income Tax Act?...

Read More

Compensation paid to Earlier Buyer to Cancel Agreement is Deductible Expenses u/s 48 for Capital Gains

CIT Vs Shakuntala Kantilal (Bombay High Court) - The issue under consideration is Whether compensation paid to earlier buyer to cancel the agreement is deductible expenditure u/s 48 for calculation of Capital Gains?...

Read More

Mere Expense on Electricity & Water bills won’t convert Status of Plot of Land into Residential Property

Shri Shailesh Kumar Chaturvedi Vs ITO (ITAT Jaipur) - The issue under consideration is whether the expense on electricity and water bill will convert the status of plot of land into residential property and accordingly assessee will be eligible for deduction u/s 54?...

Read More

Unlisted shares sold before 11.07.2014 eligible for benefit of short holding period

Mrs. Neelu Analjit Singh Vs The Addl. Commissioner of Income tax (ITAT Delhi) - The issue under consideration is Unlisted shares sold after holding for 23 months considered as Long Term Capital Gains or Short Term Capital Gains?...

Read More

Cost Inflation Index for Financial Year 2020-21- CBDT Notifies

Notification No. 32/2020-Income Tax/S.O. 1879(E) - (12/06/2020) - CBDT notifies Income Tax Cost Inflation Index for Financial Year 2020-21 or Assessment Year 2021-22 vide  Notification No. 32/2020-Income Tax dated 12th June 2020 at 301. Cost Inflation Index helps taxpayer calculation his Long Term Capital Gain on sale of Long Term Capital Assets. Also Read-Cost I...

Read More

Draft notification for determination of FMV of inventory converted in Capital Assets

Clause (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 More

24 FAQs on Taxation of Long Term Capital Gain on Shares

F.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 More

TDS on interest under Capital Gains Accounts Scheme of deceased depositor

Notification 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 More

CBDT notifies Cost Inflation indexes with Base Year as 2001-02

Notification 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 More

Recent Posts in "Capital Gain"

Major Change in Schedule CG (Capital Gain) for returns of AY 2020-2021

Major Change in Schedule CG (Capital Gain) for returns of Assessment Year (AY) 2020-2021 Long term Capital Gain on Listed Securities on which STT has been paid was exempt under section 10 (38) of Income Tax Act (Up to Assessment Year 2018-2019) W.E.F. Assessment Year 2019-2020, Long term Capital Gain on Listed Securities on which [&hellip...

Read More
Posted Under: Income Tax |

How to save Income tax on sale of residential property?

Many taxpayers are not aware the provision of the income tax act on how to save the tax on the sale of residential property.  They earn profits on the sale of residential property and pay the taxes. They can save the tax. I have brief the methods from which the taxpayers can save the tax. […]...

Read More
Posted Under: Income Tax |

Capital Gains taxable in Year of Transfer of Possession of Land

DCIT Vs Shivaji Bhagwanrao Jadhav (ITAT Pune)

The issue under consideration is whether Capital Gain will be taxable in the year when consideration for sale of land received irrespective of the possession of the land?...

Read More

Set off of long term capital loss against STCG on depreciable assets sale

The long term capital loss (LTCL) can be set off against the short term capital gain (STCG) arise on depreciable assets u/s 50 of income tax act, 1961 As per provisions of section 74(1)(b) loss related to a long term capital gain can be set off against the long term capital gain. Long Term Capital […]...

Read More
Posted Under: Income Tax |

Taxability of Joint Development Agreement under Income Tax Act, 1961

Joint Development Arrangement (JDA) has always been an area of conflict between the assessee and the tax department. In real estate sector JDA i.e. Joint Development Agreement has emerged as most popular arrangement between land owner and developer. In this article I will explain taxability of JDA under Income tax law. Meaning of Joint De...

Read More
Posted Under: Income Tax |

Section 54F deduction restricted to only one residential property

Late Susan Cherian Vs ITO (ITAT Bangalore)

The issue under consideration is whether the capital gain deduction benefit is restricted to only one residential property under section 54F of the Income Tax Act?...

Read More

Tax on LTCG u/s 112A Vs Tax on LTCG Prior to Finance Act 2018

Taxation of Long Term Capital Gain (LTCG) under section 112A vis a vis Taxation of Long term Capital Gain Prior to Finance Act, 2018 We all saw an Havoc amongst taxpayers when Finance Act, 2018 was announced in the union budget speech specifically among those assessees whose major part of their total income consisted of […]...

Read More
Posted Under: Income Tax |

Compensation paid to Earlier Buyer to Cancel Agreement is Deductible Expenses u/s 48 for Capital Gains

CIT Vs Shakuntala Kantilal (Bombay High Court)

The issue under consideration is Whether compensation paid to earlier buyer to cancel the agreement is deductible expenditure u/s 48 for calculation of Capital Gains?...

Read More

Mere Expense on Electricity & Water bills won’t convert Status of Plot of Land into Residential Property

Shri Shailesh Kumar Chaturvedi Vs ITO (ITAT Jaipur)

The issue under consideration is whether the expense on electricity and water bill will convert the status of plot of land into residential property and accordingly assessee will be eligible for deduction u/s 54?...

Read More

Unlisted shares sold before 11.07.2014 eligible for benefit of short holding period

Mrs. Neelu Analjit Singh Vs The Addl. Commissioner of Income tax (ITAT Delhi)

The issue under consideration is Unlisted shares sold after holding for 23 months considered as Long Term Capital Gains or Short Term Capital Gains?...

Read More

Browse All Categories

CA, CS, CMA (4,867)
Company Law (6,341)
Custom Duty (7,854)
DGFT (4,266)
Excise Duty (4,379)
Fema / RBI (4,287)
Finance (4,528)
Income Tax (33,875)
SEBI (3,593)
Service Tax (3,577)

Search Posts by Date

August 2020
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31