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Capital Gain

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Capital Gains – Profit-Loss, Taxability and Exemptions

CA, CS, CMA : Learn about capital gains tax, how profit-loss is calculated, and available exemptions. Understand the tax implications for differ...

June 18, 2024 3123 Views 0 comment Print

Taxation of Surplus from Zero-Coupon NCDs: Interest or Capital Gains?

Income Tax : Understand the tax implications of surplus on redemption of zero-coupon NCDs: Is it interest income or capital gains? Learn from r...

June 15, 2024 1230 Views 0 comment Print

Cost Inflation Index (CII): Meaning, Index from 1981-82 to 2024-25 & Benefits

Income Tax : CBDT has provided CII for financial years 1981-82 to 2024-25. This index is crucial for calculating indexed cost of acquisition, w...

June 6, 2024 3741 Views 0 comment Print

How to minimize/reduce income taxes when selling shares?

Income Tax : Learn effective and legal strategies to minimize income taxes when selling shares, including real-time profit and loss management ...

June 5, 2024 2337 Views 0 comment Print

Redevelopment of society – Tax implications

Income Tax : Understanding the tax implications of society redevelopment under the Indian Income Tax Act, covering aspects like capital gains, ...

May 29, 2024 2055 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 1431 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 1374 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 5895 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Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...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 12771 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 4926 Views 0 comment Print

Latest Judiciary

ITAT quahses Section 270A Penalty Despite Non-Filing of Return for Capital Gains on Property

Income Tax : Understand the implications of the Parulben Vijaykumar Patel vs ITO case from ITAT Ahmedabad. Detailed analysis and conclusion pro...

June 15, 2024 777 Views 0 comment Print

Bonus Shares Have Nil Acquisition Cost for Capital Gains Calculation: ITAT Bangalore

Income Tax : ITAT Bangalore dismisses valuation of bonus shares under Income Tax Act sec. 55(2)(aa)B. Detailed analysis of Zash Traders vs ACIT...

June 13, 2024 366 Views 0 comment Print

Violation of Section 269SS: Section 271D penalty Applies, Not Section 68 addition

Income Tax : Section 54F amendment restricting exemption to one residential house was prospective, applying only from April 1, 2015 and Violat...

May 26, 2024 2520 Views 0 comment Print

HC allows Section 54F exemption for all five flats received as part of development agreement

Income Tax : Discover how the Madras High Court ruled on treating multiple flats as a single residential unit under Section 54F. Detailed analy...

May 26, 2024 11889 Views 0 comment Print

House’ Refers to Single Residential Unit for Section 54 Deduction: ITAT Chennai

Income Tax : Detailed analysis of ITAT Chennai order on Shri Srikanth appeal against the disallowance of Section 54 deductions in the computati...

May 24, 2024 1704 Views 0 comment Print

Latest Notifications

CBDT notifies Cost Inflation Index for Financial Year 2024-25

Income Tax : The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2...

May 24, 2024 48990 Views 0 comment Print

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 29793 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 12420 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 7749 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 1122 Views 0 comment Print

Applicability of section 50C of IT Act in case consideration declared by assessee is accepted by Stamp Valuation Authority

February 18, 2009 3396 Views 0 comment Print

“50C Special provision for full value of consideration in certain cases – (1) Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed by any authority of a State Government (hereinafter in this section referred to as the `Stamp Valuation authority’ for the purpose of payment of stamp duty in respect of such transfer

Ramalinga Raju under lens for capital gains tax fraud

January 27, 2009 363 Views 0 comment Print

The tax authorities are taking a hard look at how the disgraced promoter of Satyam Computer Services, B Ramalinga Raju, used money raised through pledging of shares. The move will enable the income-tax department to trace some of the undisclosed income of Mr Raju, his family members and their investment firms—an exercise that is distinctly […]

Supreme Court dismissed USD two billion Vodafone capital gains tax case

January 24, 2009 435 Views 0 comment Print

THE Supreme Court today simply dismissed the much-hyped USD two billion Vodafone capital gains tax case at the admission stage itself. Before rejecting the SLP, the Bench asked the assesee – why did they not furnish the copy of their original agreement to the Court and also to the Revenue? In reply the assessee spoke about their delayed offer and promised to make the same available any time.

The option to or not to avail the benefit of indexation for the computation of capital gains on the transfer of each of the long term capital asset is with the assessee

November 22, 2008 5478 Views 0 comment Print

Mohanlal N. Shah HUF v ACIT – The option to or not to avail the benefit of indexation for the computation of capital gains on the transfer of each of the long term capital asset is with the assessee as provided in section 48; it is only after computing the capital gains as per section 48, can it be aggregated by setting off the loss under section 70 and it is then that the rate of tax as provided under section 112 is applied.

Larger SC Bench Reverses Law on Penalty & Circulars

October 24, 2008 594 Views 0 comment Print

In a crucial judgment on the scope of penalty provisions in tax and other civil liability laws, the Supreme Court has significantly broadened their scope (Union of India v. Dharmendra Textile Processors, CA Nos. 10289 – 10303 of 2003, decided on September 29, 2008, per Pasayat J.). The judgment of the three-judge Bench on a reference from a Division Bench overrules the important decision in Dilip Shroff v. JCIT. The following is an argument that it has done so unsatisfactorily.

Half-Yearly Audit Rule Puts Small Broking Companies in a Spot

September 12, 2008 531 Views 0 comment Print

The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are already burdened with low-trading turnover, dipping revenues and increased policy levies. According to a section of brokers, half-yearly internal audits will not only be difficult to implement, but also make a dent in their earnings kitty.

A transaction fully supported by documentary evidences cannot be brushed aside on suspicion & surmises

August 26, 2008 1362 Views 0 comment Print

Unlock the Calcutta High Court’s perspective on Section 68 and Bogus Capital Gains from Penny Stocks in the case of CIT Vs. M/s. Alpine Investments. Dive into the court’s thorough examination of the matter, emphasizing the significance of documented evidence such as contract notes and bills in supporting share transactions. Despite initial suspicions, the Tribunal dismissed the appeal (ITA No.620 of 2008), asserting that transactions backed by strong documentary evidence cannot be dismissed on mere suspicion. Explore the detailed order/judgment to understand the court’s reasoning, background of the case, the search and seizure operation, and subsequent assessment proceedings. Gain valuable insights into how the court weighed conflicting statements, including the deposition of Mr. Kamlesh A. Rupani, and upheld the authenticity of share transactions. Stay informed about the court’s dismissal of any substantial question of law in this matter.

Cos with Rs 50 lakh fresh capital induction may come under tax lens

August 7, 2008 664 Views 0 comment Print

Your company could face a tax scrutiny if it had introduced fresh capital exceeding Rs 50 lakh last fiscal, or, as in the tax lingo, during the previous year relevant to the assessment year 2008-09. This is according to the new scrutiny norms by Central Board of Direct Taxes (CBDT).

Amendments in STT that don’t measure up

April 7, 2008 754 Views 0 comment Print

The Securities Transaction Tax (STT) was introduced into the income-tax code by the Finance (No. 2) Act, 2004, taking effect from April 1, 2005. It was expected to give a major boost to both the income-tax department in terms of revenue and the equity market. When STT was paid on share transactions, no liability for long-term capital gains tax arose. Short-term capital gains were taxed at 10 per cent if STT was paid. This was the position till March 31, 2008.

Condition precedent for claiming exemption under section 54 of IT Act: ITAT, Hyderabad

April 4, 2008 2309 Views 0 comment Print

9. We have carefully considered the rival submissions and perused the record. Marginal heading of section 54 of the Act, which is relevant in this context, refers to “profit on sale of property used for residence”. Main section speaks of transfer of a capital asset- being building or lands appurtenant thereto and being a residential house – the income of which is chargeable under the head income from house property

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June 2024