Capital Gain - Page 21

S. 50C Addition without reference to Valuation Officer not justified

Jayashree Kothari Vs ITO (ITAT Hyderabad)

Jayashree Kothari Vs ITO (ITAT Hyderabad) Sec. 50C(2) enables the Assessing Officer to make a reference to the Valuation Officer. Whenever a reference is made by the AO to the Valuation Officer, such reference has to be construed as a reference made under sec. 16A(1) of the Wealth-tax Act. We have also carefully gone through […]...

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Section 54EC Count Six month from additional stamp duty payment date: ITAT

Shri Anil Kumar Dulichand Vs ACIT-17 (ITAT Mumbai)

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....

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No Penalty for mere rejection of Sec 54F claim against tenancy right Sale

PCIT Vs Rasiklal M. Parikh (Bombay High Court)

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. ...

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Transfer cannot be considered merely on the basis of registered agreement

Appasaheb Baburao Lonkar Vs ITO (ITAT Pune)

Appasaheb Baburao Lonkar Vs ITO (ITAT Pune) Wherein the initial contract was between the parties on the ground that the assessee would get permission of other co-owners numbering about 13 so as to transfer immovable asset to the purchasers. This was the basic condition of the said agreement between the parties. Admittedly, the said permis...

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Invest in 2 Houses And Claim Capital Gain Exemption

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. […]...

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Posted Under: Income Tax |

How to easily calculate tax on Shares and Mutual Funds

In order to incentivize the equity markets Government has given various sops to this sector. Under Section 10(38) of Income Tax Act, exemption to long term capital gains arising from sale of equity shares in a company or unit of an equity oriented fund has been provided. Equity oriented fund is the one where the […]...

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Posted Under: Income Tax |

Stock-in-trade transfers in the year in which sale deed gets executed

Shri Challa Ramakrishna Vs ACIT (ITAT Hyderabad)

ITAT held that Stock- in-trade can be considered as transferred only in the year in which the assessee has executed the sale deed transferring the stock-in-trade and not when the assessee has given stock-in-trade for joint development to the builder. As already held in the above cases, the provisions of section 2(47)(v) would apply only t...

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A relook at Income Tax changes applicable for A.Y. 2018-19- Part 1

Scrutiny Selection date is fast approaching for cases to be selected for the A.Y.2018-19 by 30th September, 2019.  The Finance Act, 2017 has made a slew of changes in various heads of income.  Though adequate care has been taken while filing return of income but the need arises to have a relook at the changes made […]...

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Posted Under: Income Tax |

LTCG tax payable on Transfer of client relationship & goodwill by CA firm

M/s. J.C. Bhalla & Co. Vs Addl. CIT (ITAT Delhi)

M/s. J.C. Bhalla & Co. Vs Addl. CIT (ITAT Delhi) Conclusion: Assessee-firm was entitled to claim deduction claim under Section 54EC as assessee had made an investment in the specified bonds and capital gain had arisen to the assessee from transfer of client relationship and goodwill which was long-term capital asset under section 2(14...

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No tax on Retirement compensation from Partnership firm based on revaluation of Assets

M/s. D.S. Corporation Vs ITO (ITAT Mumbai)

Retiring partners did not acquire any right in the revalued property and what they got on retirement was only money equivalent to enhanced portion of the assets re-valued which did not constitute capital asset under section 2(14) and payment of the said money by assessee-firm to retiring partners could not give rise to capital gain under ...

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September 2020