Capital Gain - Page 21

Tax on long term capital gains U/s 112A w.e.f. AY 2019-20 Decoded with examples

Article explains with examples Tax on long term capital gains on Sale of Listed equity share in a company or on unit of an equity oriented fund in view of recent amendment proposed vide union budget 2018 by proposing amendment in Section 112A of the Income Tax Act, 1961....

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Posted Under: Income Tax |

Re-introduction of Capital Gains Tax on Long Term Equity Investment

The Indian stock markets have flourished in the past decade with investors earning huge tax-free profits - thanks to the prevailing long term capital gains exemption on Indian listed equity shares. ...

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Posted Under: Income Tax |

Long term capital gain Tax on share – Understanding with illustrations

The new budget which was introduced by Mr Jaitley saw the reintroduction of tax on Long term capital gain @10% with certain restrictions. The pivotal part of this restriction can be entirely put into one word i.e GRANDFATHERING as on 31st January 2018 , which certainly is inspired by tweets of Mr Shashi tharoor considering the usage of su...

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Posted Under: Income Tax | ,

Tax on long-term capital gains on sale of listed equity shares or equity oriented fund or a unit of business trust

A new section 112A in the Act to provide that long term capital gains arising from transfer of a long term capital asset being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust shall be taxed at 10 per cent. of such capital gains exceeding one lakh rupees ....

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Posted Under: Income Tax |

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 |

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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