Capital Gain articles

Income Tax on Short Term Capital Gain with examples

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....

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Posted Under: Income Tax |

Capital Gain Account Scheme

All about CGAS 1988 Sale of Long term capital assets will either result in loss or gain for the owner of such capital assets, if the transaction results in loss then such loss can be adjusted in current or future years with gains under the head capital gain. Whereas if the resultant figures of such […]...

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Posted Under: Income Tax |

Section 54B Exemption on Capital Gains from Transfer of Agricultural Land

The Articles discusses about Basic conditions, Exemption Under Section 54B of Income Tax Act, 1961 available to Individual and HUF against Capital Gain Arising from Transfer of Agricultural Land by investment of Capital Gain amount in another land or in Capital Gains Deposit Account Scheme....

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Section 54- Exemption from Capital Gain arising on Transfer of House

A person wanted to shift his residence due to certain reason, hence, he sold his old house and from the sale proceeds he purchased another house. In this case the objective of the seller was not to earn income by sale of old house but to acquire another suitable house....

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Tax on Long Term Capital Gain under Income Tax Act, 1961

The Article Discusses about Tax Treatment of Long Term Capital Gain arising from Transfer of Capital Assets under Income Tax Act, 1961. Articles discusses Meaning of Capital Assets, What Constitutes a Capital and what is not a capital Asset, How to Apply Indexation Provisions, Period for Computation of Long Term Capital Asset, Tax on lon...

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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 |

Allowances / Exemptions Under Income Tax Act, 1961

Taxpayers are normally aware of deduction under the Income Tax Act, 1961 for which they are eligible but it is noticed that taxpayers are found unaware of Taxability of Various Allowances and exemptions available to them under different sources of Income i.e. Salary , Business Income, House property other sources etc....

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Posted Under: Income Tax |

Tax Treatment of Capital Gain/Loss Arising on Transfer of Perpetual Bonds

1. As per the section 2(14) a Perpetual Bond is a Capital Asset as the Assessee (i.e. your client in this case) is holding property in the bond. 2. As per the proviso to section 2(42A) a security (which also includes perpetual bond) listed on a recognised stock exchange will be treated as ‘Long Term […]...

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Posted Under: Income Tax |

Concept of Capital Gains in case of Joint Development Agreement

Taxability of Capital Gains in case of Specified Agreements. {Section 45 (5A) of Income Tax Act} Taxation of Specified Agreements Pre Introduction of Sec.45 (5A): – Transfer: Includes any arrangement or transaction where any rights are handed over in execution of part performance of contract, even though the legal title has not been...

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Posted Under: Income Tax |

Set off and Carry Forward of Capital Loss

A capital asset has been defined under section 2(14) of the Income Tax Act. Any gain arising from the transfer of the capital asset is termed as capital gain it can be short term or long term. And when there is a loss on the transfer of a capital asset, the loss termed as a […]...

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Posted Under: Income Tax |

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