Capital Gain - Page 20

Tax on conversion of stock-in-trade into Capital Asset

Section 45 of the Act, inter alia, provides that capital gains arising from a conversion of capital asset into stock-in-trade shall be chargeable to tax. However, in cases where the stock in trade is converted into, or treated as, capital asset, the existing law does not provide for its taxability....

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Posted Under: Income Tax |

10% Tax on LTCG on Equity Shares & EOFs with Sample Calculation

The Taxes shall arise for Gains Booked on Long Term Capital Assets being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust, made on or after the 1st day of April, 2018...

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Posted Under: Income Tax |

Transfer u/s 2(47)(v) in case of Development Agreement completes when complete control over property passed on to developer

CIT Vs. Dr. Arvind S. Phake (Bombay High Court)

Heard the learned counsel appearing for the appellant. The challenge is to the judgement and order passed by the Income Tax Appellate Tribunal, Pune Bench A at Pune (for short Appellate Tribunal) on 30th April, 2014. The substantial questions of law which are placed into service are the questions which reads thus:­...

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Amend Sec. 47(viab) related to indirect transfer of capital asset situated in India

The Finance Act, 2015 has amended provisions dealing with indirect transfer of capital asset situated in India. The amendment provides clarity on certain contentious aspects with regards to taxation of income arising or accruing from such indirect transfers....

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Posted Under: Income Tax |

Income Tax on Joint Development: Post amendment scenario

The concept of joint development agreement is common now a days because of its advantage of bringing together of both land lords and the developer. The land lord who has land with insufficient funds to develop such land can reap the benefit of current market price after the development. Always the price for developed property […]...

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Posted Under: Income Tax |

Taxability on Conversion of Private Limited Company To LLP

The LLP is one the popular mode of doing the business in India. The LLP Act has provided to convert a private limited company to LLP. The Income tax Act 1961 also has been amended by inserting the provisions related to such conversion. When there is transfer, from one person to another person, the transferor […]...

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Posted Under: Income Tax |

Even if a residential house consists of several independent units- Deduction U/s. 54 / 54F can be claimed

V.V.V. Satyanarayana Vs. Income Tax Officer (ITAT Hyderabad)

It was held that exemption under Section 54 only requires that the property should be of residential nature and the fact that the residential house consists of several independent units cannot be an impediment to grant relief under Section 54 even if such independent units were on different floors....

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Sec. 54F Allowability of investment in new residential property in the name of spouse

Kaushal Kishore Maheshwari Vs ACIT (ITAT Delhi)

1. That on the facts and circumstances of the case and in law, the learned Commissioner (Appeals), XXVIII, New Delhi [hereinafter referred to as the learned CIT(A)] has grossly erred in denying the exemption to the Appellant under section 54F of the Income Tax Act, 1961....

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ITAT Judgment on year of taxability in case of JDA

ITO & Anr. Vs Shafiq Mohammed Shah & Anr. (ITAT Chennai)

These cross appeals by the Revenue and by the assessee are directed against the order of the Commissioner (Appeals)-4,Chenaai dated 8-2-2016....

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Capital gain from penny stocks not bogus for violation of SEBI regulations by broker

ITO Vs. Arvind Kumar Jain HUF (ITAT Mumbai)

Where assessee’s broker share transaction was bone fide in all respect, merely because share broker was tainted violating SEBI regulations, would not make assessee’s share transactions bogus....

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