Capital Gain - Page 22

विरासत में मिली संपत्ति को बेचने पर कितना लगता है टैक्स?

घर की बिक्री से मिली रकम पर कैपिटल गेंस टैक्स चुकाना पड़ता है. किशन और उनके तीन भाइयों ने हाल ही में अपना पैतृक घर बेचा है. वे इसके का...

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Posted Under: Income Tax |

Capital Gain from Penny Stocks: ITAT remanded case back to CIT(A)

Shamim Imtiaz Hingora Vs ITO (ITAT Pune)

Shamim Imtiaz Hingora Vs ITO (ITAT Pune) It is an undisputed fact that the shares involved are Penny Stocks and the Assessing Officer did not find any mistake in the documentation furnished by the assessee. The Assessing Officer alleges that the documentation is self-serving. After considering both sides ITAT held that there is need for [...

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Source of utilization of fund irrelevant for deduction U/s. 54/ 54F

Yatin Prakash Telang Vs ITO (ITAT Mumbai)

Where assessee had purchased new residential house utilizing own funds lying in his saving bank account, deduction under section 54F could not be denied on the allegation that assessee did not utilize capital gains for investment purpose because source of utilization of fund is irrelevant for claiming benefit of deduction under section 54...

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Joint Development Agreements (JDAs): Income Tax Perspective

Joint Development Agreement (JDA) means an agreement or arrangement between the landowner and the developer wherein the land owner contributes the land to the project and the developer undertakes the construction/development of the said land into a developed estate, at mutually agreeable terms and conditions. ...

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Posted Under: Income Tax |

Income from shares transaction is capital income and not depends on frequency, magnitude of transaction

Shri Ashokkumar Khimraj Vs ITO (ITAT Ahmedabad)

Income from purchase and sale of shares was liable to be taxed under the capital gain instead of income under the head business and profession as the frequency, magnitude of transaction in a systematic manner could not be the criteria to hold that assessee was engaged in the business activity of shares....

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Taxation of Sale of Immovable Property by Non Residents

Non residents are liable to pay income tax on capital gains on sale of immovable property (land/ building / land or building both). If the period of holding of the capital asset is more than twenty four months, it will be taxed as long term capital gains and otherwise, it will be taxed as short […]...

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Posted Under: Income Tax |

No exemption U/s 54 on purchase of houseboats for residence

Kiranbhai Jamnadas Sheth (HUF) Vs ACIT (ITAT Rajkot)

Assessee was not entitled to capital gain exemption under section 54 for purchase of houseboat as the same could not be equated with the residential house which was immovable property....

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No addition on mere frequent withdrawal and deposit of own money

DCIT Vs Smt. Veena Awasthi (ITAT Lucknow)

Addition made by AO merely on the ground that assessee made frequent withdrawal and deposit of his own money was not justified as the same was not prohibited under any law....

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Analysis of Recent Development under Income Tax Act 1961

At the outset, it is very important to address a common interpretation mistake made by most of us regarding the increase in slab rate of income tax. In the speech the finance minister have clearly mentioned that there is no change in the Slab rate of Income tax but still 100% tax rebate is granted upto income of Rs. 5 Lac. Thus, it means ...

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Posted Under: Income Tax |

LTCG or STCG to be assessed when income accrued to assessee

Raju Shantaram Mandavkar Vs ITO (ITAT Mumbai)

It was held after the accrual of consideration, the capital gain was liable to be assessed in the hands of assessee and income from short term capital gain/long term capital gain was only liable to tax when it accrued to assessee...

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August 2020