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Capital Gain

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Section 54 Capital Gain Tax exemption on Residential House Property Transfer

Income Tax : Discover eligibility, conditions, exemptions, and examples under Section 54 for capital gains on the transfer of residential house...

May 20, 2024 933 Views 0 comment Print

Unlisted Shares: Capital Gain Tax and Its Reporting in ITR 2

Income Tax : Explore the intricacies of capital gain tax on unlisted shares, from computation to reporting in ITR 2. Learn about deductions, se...

May 14, 2024 8304 Views 0 comment Print

Strategic Shift: Unpacking Slump Sale Phenomenon

Income Tax : Explore the strategic advantages, tax implications, and legal insights into slump sales, a key method of business transfer. Unders...

May 10, 2024 525 Views 0 comment Print

Fourth Head of Income under Income Tax Act, 1961: Capital Gains

Income Tax : Learn about Capital Gains under the Income Tax Act, 1961. Understand what constitutes capital assets, types of transfers, computat...

May 2, 2024 1647 Views 0 comment Print

Income Tax Implications of Converting Partnership/Proprietorship to Pvt. Ltd

Income Tax : Article explains Income Tax Implication of conversion of Partnership Firm / Proprietorship Firm in to Private Limited Company...

May 2, 2024 2550 Views 0 comment Print

Latest News

Key Features & Benefits of Taxation Laws (Amendment) Bill, 2021

Income Tax : Taxation Laws (Amendment) Bill, 2021 Key Features of Taxation Laws (Amendment) Bill, 2021 1. Provides that no tax demand shall be ...

August 13, 2021 1413 Views 0 comment Print

Analysis of The Taxation Laws (Amendment) Bill, 2021 by ICAI CMA

Income Tax : The government introduced the Taxation Laws (Amendment) Bill, 2021, which seeks to withdraw tax demands made under the Finance Act...

August 11, 2021 1356 Views 0 comment Print

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 Exemp...

December 11, 2019 5856 Views 0 comment Print

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Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...

April 24, 2018 12756 Views 0 comment Print

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 prov...

December 28, 2017 4869 Views 0 comment Print

Latest Judiciary

ITAT Grants Section 54 Deduction for New Residential Property in Wife’s Name

Income Tax : In the case of Gopalkrishna Pandu Shetty Vs ACIT (ITAT Mumbai), deduction under Section 54 of the Income Tax Act is allowed for a ...

May 10, 2024 19998 Views 0 comment Print

ITAT Mumbai taxed LTCG from Penny Stock ‘Essar (India) Ltd’

Income Tax : Shanno Mohammed Yusuf Warsi Vs ITO (ITAT Mumbai) The case of Shanno Mohammed Yusuf Warsi Vs Income Tax Officer (ITO) at the Income...

May 6, 2024 597 Views 0 comment Print

Section 54 does not mandate utilization of sale consideration from original asset

Income Tax : Section 54F nowhere envisages that sale consideration obtained by assessee from original capital asset is mandatorily required to ...

May 6, 2024 810 Views 0 comment Print

ITAT Delhi Allows Capital Gain Deduction for Additional Land Acquisition Costs

Income Tax : Read the full text of the ITAT Delhi order in Prime Maxi Promotion Pvt. Ltd. Vs ACIT case, allowing deduction for additional compe...

April 21, 2024 453 Views 0 comment Print

Section 148 Notice cannot be issued to Partner for Transactions Among Partnership Firms

Income Tax : Explore the case of Bhagwan Laxman Rokde Vs ITO (ITAT Mumbai) regarding validity of reopening u/s.147, taxation on undisclosed inc...

April 3, 2024 507 Views 0 comment Print

Latest Notifications

NHAI discontinue Section 54EC Capital Gain Bonds issuance w.e.f. 01.04.2022

Income Tax : The Government of India in IEBR for FY 2022-23 have not mandated NHAI to raise funds from the market. Therefore. NHAI shall not is...

March 31, 2022 29697 Views 0 comment Print

Guidelines under clause (10D) section 10 of Income-tax Act, 1961

Income Tax : The Finance Act, 2021 amended clause (10D) of section 10 of the Act by inserting fourth to seventh provisos. Fourth proviso provid...

January 19, 2022 12129 Views 1 comment Print

CBDT Notification on Computation of capital gains, not exempt under Section 10(10D)

Income Tax : CBDT vide Notification No. 8/2022-Income tax notifies Rule 8AD Computation of capital gains for the purposes of sub-section (1B) o...

January 18, 2022 7644 Views 0 comment Print

Draft rules for amendments by Taxation Laws (Amendment) Act, 2021

Income Tax : No tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 20...

August 28, 2021 1095 Views 0 comment Print

Taxation Laws (Amendment) Act, 2021

Income Tax : In section 9 of the Income-tax Act, 1961, in sub-section (1), in clause (i), in Explanation 5, after the third proviso, the follow...

August 14, 2021 3654 Views 0 comment Print

Indexed cost of gifted assets has to be determined with reference to previous owner

November 6, 2009 874 Views 0 comment Print

The assessee transferred a capital asset which was received by her by way of gift on 1.2.2003. The previous owner had acquired the capital asset on 29.1.1993. In computing capital gains, the assessee claimed that the indexed cost of acquisition had to be worked out by taking the date of acquisition by the previous owner.

Availability of exemption u/s 54F on acquisition of land appurtenant to the building or on the investment on land on which building is being constructed

October 22, 2009 2235 Views 0 comment Print

There is no rider u/s 54F that no deduction would be allowed in respect of investment of capital gains made on acquisition of land appurtenant to the building or on the investment on land on which building is being constructed.

CBDT suggested abolition of MAT and continuance of tax benefit on savings in new Direct Tax Code

October 20, 2009 289 Views 0 comment Print

The Central Board of Direct Taxes (CBDT), the government’s apex tax policy and collection body, has suggested that the new direct taxes code abolish Minimum Alternate Tax (MAT) and continue to offer individuals tax exemptions on savings under the existing EEE (exempt-exempt- exempt) method.

New direct tax code for salaried persons

October 16, 2009 1141 Views 0 comment Print

In the previous chapter we studied the impact of proposed tax rates and concluded it is more in favour of the rich and not for middle income group. A similar view has also been expressed by group of Senior Income Tax Officials in which they have stated “under the garb of providing long term stability in the tax regime, the tax code in fact would widen the rich-poor gap and create more economic absurdities”[BS.21/09/09] In this chapter we propose to discuss the impact of the new code on the salaried persons who are the most efficient tax payers of this country.

New Tax Code and Corporate Taxation

October 16, 2009 597 Views 0 comment Print

The new code attempts to change the methodology of taxation of business profits from the existing model where the taxable income is equal to business profits with specified adjustments even though this model does not provide for items of receipts which form part of business profit and deduction to be made there from.

Losses could not be ignored in determining the applicability of exception clause of Explanation to section 73

October 8, 2009 426 Views 0 comment Print

Section 254 of the Income-tax Act, 1961 – Appellate Tribunal – Powers of – Assessment year 1996-97 -Whether though Tribunal is not akin to a Court but functions discharged by it are similar to a Court, and, hence, in addition to its expressed statutory powers it has got inherent power to pass such orders as may be necessary for ends of justice – Held, yes –

Loan waived by lender is not taxable in the hand of borrower

September 25, 2009 1018 Views 0 comment Print

As the facts indicate the holding company has advanced funds to the assessee company in 1998 which was received as share application money, later on transferred to unsecured loan. The amounts were utilised in investments and the incomes thereon were offered under the head ‘capital gains’ and not as ‘business income’.

Cashless ESOP benefits are not taxable

September 14, 2009 2564 Views 0 comment Print

The assessee, an employee of Johnson & Johnson (“J&J”) India, received from J&J, USA, on 12.7.1989 a “cashless” option to buy 2500 shares at the then prevailing market price of $ 57.88 per share. The options were exercisable in installments over 10 years starting 11.7.1991. On 13.8.1992 (AY 1993-94), the assessee ‘sold’ the options and made a gain of Rs. 5,44,925

Assessee can not claim Indexation benefit on Indira Vikas Patra (IVP) on receipt of payment of the same

September 14, 2009 1597 Views 0 comment Print

Question Nos. 2 to 6 pertain to one and the same issue, that is, whether IVP is a capital asset or not. It is seat from the orders of the Tribunal that investment in IVP is assessed in the case of the assessee as unexplained investment only to the extent of fresh investment made in the respective year and reinvestment after encashment of earlier deposits was in tact allowed.

Management in India not sufficient ground to deny exemption from tax to a company based outside India

September 8, 2009 289 Views 0 comment Print

Having an effective management in India is not a sufficient ground to deny exemption from capital gains tax to a company that is based in Mauritius, ruled a Delhi bench of the Income-Tax Appellate Tribunal (ITAT). The ITAT held that under the India-Mauritius double taxation avoidance agreement

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May 2024