Capital Gain - Page 20

Capital gain on Transfer of agriculture land

Capital gain on transfer of agriculture land shall be chargeable to tax only if such agriculture land situated in an urban area.  The land will be considered as agricultural land in an urban area if it satisfies the following conditions : ♦ Any area which is in the jurisdiction of a municipality or cantonment board […]...

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Posted Under: Income Tax |

Amount received on retirement by a partner of firm was not subject to income tax

Shri James P. D'Silva Vs DCIT (ITAT Mumbai)

Amount paid to a partner upon retirement after taking accounts and upon deduction of liabilities did not involve an element of transfer within meaning of section 2(47) and not chargeable to income tax. ...

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Capital Gains – Various Aspects about Sale of Immovable Property

Understanding Capital Gains on Transfer of Immovable Property: 1. Capital Gains —taxable in the hands of the Seller i. Profits or gains arising from the transfer of an immovable property, held as a capital asset, are taxed under the head “Capital Gains”. ii. The incidence of tax on Capital Gains depends upon the period for [...

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Posted Under: Income Tax |

Execution of power of attorney not amounts to transfer of property

Shri S.S. Manthirikumar Vs ITO (ITAT Chennai)

Mere execution of power of attorney could not be considered to be transfer of property. For transfer of property, assessee had to enter into an agreement for sale either by himself or through power of attorney agent and also hand over the physical possession of the property as contemplated under Section 53A of Transfer of Property Act....

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Transfer of a portion of land in lieu of built-up area on retained land vid JDA was transfer u/s 2(47)(v)

Udai Hospitals Private Ltd Vs ITO (ITAT Hyderabad)

By virtue of JDA, assessee was parting with a portion of its land and in consideration thereof, was receiving built-up area on the land retained by it which was a transfer within the meaning of section 2(47)(v) however, AO was directed to re-compute the capital gain again by considering only elements which were necessary for the construc...

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Deduction for Removal of Encumbrance U/s 48(1) of Income Tax Act

Introduction: Computation of Capital gain has always been a complex provision under the Income-tax Act. New controversies are created dime a dozen merely because the amounts involved are usually large in case of capital gain assessments.  A controversy arises where the purchaser of the land makes payment to seller for the land and furthe...

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Posted Under: Income Tax |

Payment For Removal of Encumbrances Deductible U/s 48(1)

Shri Dinar Umeshkumar More Vs ITO (ITAT Pune)

Payment for removal of encumbrances is deductible u/s 48 (1) as expenses incurred wholly and exclusively in connection with transfer. Accordingly, value of flat allotted to Shri Uday should be accordingly reduced from the full value of consideration u/s 48....

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Private Placement – of Shares or Unaccounted Money ???

Recent Judgement of Hon’ble Supreme Court in case of NRA Iron and Steel Pvt Ltd.- After this judgement, the authorities would get right to question the integrity of every issue or reissue of share capital, especially those by company in which public are not substantially interested because these companies generally issue shares on priva...

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Posted Under: Income Tax |

How are Mutual Funds taxed ?

A mutual fund distributes the returns to the investors in the form of periodic dividends and appreciation in the value of the units. The tax liability will depend upon the type of mutual fund scheme, the type of investor and the period of holding. Rules – 1. If a mutual fund scheme invests more than […]...

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Posted Under: Income Tax |

LTCG can’t be treated as bogus for mere astronomical rise in share price

Mukta Gupta Vs ITO (ITAT Delhi)

Mukta Gupta Vs ITO (ITAT Delhi) Conclusion: Long-term capital gains on sale of shares could not be treated as bogus on the reason that the price of these shares had risen manifolds and the reason for astronomical rise was not related to any fundamentals of market. Once the transactions were duly proved by trading from […]...

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August 2020