Income Tax : The Income-tax Act, 2025 replaces the dividend-based taxation of buy-backs with capital gains taxation for ordinary shareholders, ...
Income Tax : Explore the latest exemptions, deductions and allowances available under the Income-tax Act for AY 2026-27. The guide covers salar...
Income Tax : ITAT held that Section 54 exemption must be examined separately for each residential house sold. Aggregating gains from multiple t...
Income Tax : The document provides a detailed summary of the special tax provisions applicable to different securities and classes of taxpayers...
Income Tax : Learn the exemptions available under Sections 54 to 54GB of the Income-tax Act, including eligible investments, timelines, exempti...
Income Tax : India and France have signed a protocol granting full taxing rights on capital gains from share sales to the country of company re...
Income Tax : Govt rationalizes long-term capital gains tax, reducing rates to 12.5% and simplifying holding periods. Relief provided for pre-Ju...
Income Tax : Finance Bill 2024 amends Section 55 to include fair market value for unlisted shares in IPOs. Changes apply retroactively from Apr...
Income Tax : The Finance Bill 2024 proposes a streamlined and rationalized taxation system for capital gains, with changes including reduced ho...
Income Tax : From April 1, 2025, Section 47 will exclude transfers of capital assets under gifts or wills from capital gains tax, with specific...
Income Tax : ITAT held ₹33 crore settled rights over the entire land, allowing full indexed acquisition cost and rejecting proportionate rest...
Income Tax : The ITAT held that Section 54 exemption must be examined separately for each residential house sold. The benefit cannot be restric...
Income Tax : ITAT held that Section 54F deduction cannot be denied where capital gains are invested in a residential house within the prescribe...
Income Tax : ITAT held that agricultural land within the prescribed municipal distance is a capital asset and restricted the on-money addition ...
Income Tax : The ITAT held that a penalty under Section 271AAB cannot survive where the show cause notice fails to specify the exact statutory ...
Income Tax : The government has authorised all non-rural branches of 19 banks to operate Capital Gains Account Scheme accounts, enhancing taxpa...
Income Tax : The amendment introduces electronic payment modes for capital gains deposits and clarifies the effective date of deposit. It enhan...
Income Tax : Ministry of Finance notifies IREDA bonds issued post-July 9, 2025, as long-term specified assets under Section 54EC for income tax...
Income Tax : Ministry of Finance announces amendment to Section 48 of the Income-tax Act, 1961, introducing a new cost inflation index effectiv...
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...
How many house you can own and what are the tax implications of owning more than one house? People frequently ask me as to how many house one can buy and own at a time in own name. The answer is as many as you want and can afford. So there are no restrictions under […]
Smt. D. Zeenath Vs ITO (Madras High Court) Conclusion: Assessee created mortgage after acquiring the property and clearing off of the mortgage debt prior to transfer of the property would not entitle her to claim deduction under section 48 as there was only a mere application by the owners themselves of the profits realized on […]
ITO Vs M/s Smart Sensors & Transducers Ltd. (ITAT Mumbai) As regards to set off of business loss against gain on sale of depreciable asset of factory building by the assessee, we find that the co-ordinate Bench of the Tribunal in the case of M/s. Raj Shree Roadlines vs ITO (ITA No.1627/Mum/2012) for A.Y . […]
One of the most lucrative investments in India is to invest in properties. People constantly buy, sell, renovate and even demolish properties as per their convenience. All of these transactions have income tax implications. Whenever there is a transaction of profit that falls in an appropriate income tax slab, the profit amount becomes taxable. Today […]
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 […]
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 was paid by assessee.
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.
Appasaheb Lonkar case: Dispute arises over transfer of property, ITAT Pune rules no capital gains due to incomplete sale transaction.
Savitri Kadur Vs DCIT (ITAT Bangalore) Conclusion: When the partnership firm paid lump-sum amount to retiring partner, it was paid in consideration of her retirement in the partnership and assignment of her interest to other partners, the transaction would amount to transfer u/s 2(47) and liable to tax excess amount over partner’s capital account under […]
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. […]
