Income Tax : Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, a...
Income Tax : Discover the real implications of Section 50C and significant court rulings affecting real income taxation. Explore crucial tax de...
Income Tax : ITAT ruled that exemption under Section 54F cannot be denied solely due to missing bills or vouchers, emphasizing the principle of...
Income Tax : Learn about the restoration of indexation benefits for Long-Term Capital Gains (LTCG) in India, including its impact on taxes for ...
Income Tax : Budget 2024 removes indexation benefits for long-term capital gains on immovable properties, reducing tax rate but increasing the ...
Income Tax : Finance Bill 2024 amends Section 55 to include fair market value for unlisted shares in IPOs. Changes apply retroactively from Apr...
Income Tax : The Finance Bill 2024 proposes a streamlined and rationalized taxation system for capital gains, with changes including reduced ho...
Income Tax : From April 1, 2025, Section 47 will exclude transfers of capital assets under gifts or wills from capital gains tax, with specific...
Corporate Law : Finance Ministry's new capital gains tax: Short-term gains at 20%, long-term at 12.5%. Exemption limit raised to ₹1.25 lakh for ...
Income Tax : Taxation Laws (Amendment) Bill, 2021 Key Features of Taxation Laws (Amendment) Bill, 2021 1. Provides that no tax demand shall be ...
Income Tax : Summary of ITAT Raipur decision in Satish Agrawal vs. ITO. The case concerns denied exemption under Section 54F of the Income Tax ...
Income Tax : Notice under section 148 was issued upon assessee by AO for reassessing the cash deposit as undisclosed income, following approval...
Income Tax : Assessee, a resident of USA, filed his return claiming refund of Rs.58,57,820/-. During assessment year, assessee had sold two pro...
Income Tax : ITAT Mumbai states holding period for capital gains should be computed from the allotment letter date, not the sale agreement regi...
Income Tax : ITAT Delhi held that long term capital gain on sale of shares in case of the assessee company, being resident of Mauritius, is not...
Income Tax : The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2...
Income Tax : The Government of India in IEBR for FY 2022-23 have not mandated NHAI to raise funds from the market. Therefore. NHAI shall not is...
Income Tax : The Finance Act, 2021 amended clause (10D) of section 10 of the Act by inserting fourth to seventh provisos. Fourth proviso provid...
Income Tax : CBDT vide Notification No. 8/2022-Income tax notifies Rule 8AD Computation of capital gains for the purposes of sub-section (1B) o...
Income Tax : No tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 20...
Learn the intricacies of capital gains tax on the sale of agricultural land, including conditions for exemptions and vital action points to ensure compliance and minimize tax liabilities.
ITAT Bangalore held that prior to amendment in section 139(1) of the Income Tax Act effective from 01.04.2020, exemption under section 54, 54B, 54D, 54EC, 54F, 54G, 54GA or 54GB can be claimed even without filing income tax return.
Learn about the major amendments in Budget 2023 related to Capital Gains, including changes affecting Residential House Property, Gold, and Market Linked Debentures.
PCIT Vs Durgapur Projects Limited (Calcutta High Court) Whether provisions of Section 50C can be applied when the immovable property is compulsorily acquired by the Government? Whether the definition of transfer u/s 2(47) can be considered for applying Section 50C or only when the transfer involves payment of stamp duty that the provisions of Section […]
Finance Act 2023 redefines capital gains Introduces amendments in Sec 54, 54F, and 45(5A), caps exemptions, and modifies MLD taxation. Embracing clarity and fairness in capital gain taxation.
Taxability of STCG on Non-Resident Individuals Equity Shares/Units of Equity Oriented Mutual Funds. Basic exemption limit applies to dividend/interest income @ 15%. Income Tax Act, Sec. 111A
ITAT held that deduction under Section 54B/54F of Act is available in cases where investments are made in property purchased in name of wife.
Allotment letter by builder is date of acquisition of property as period of holding for determining whether capital asset is a long-term or a short-term
Delhi High Court held that capital gain earned on sale of shares by non-resident is not taxable in terms of Article 13(4) of India and Singapore (DTAA) based on Tax Residency Certificate. Also held that revenue has to accept Tax Residency Certificate and cannot go behind it.
ITAT Mumbai held that capital gain is to be taxed in the hands of legal owner of the property who has transferred the property by registering sale deed. Merely because interest of housing loan is claimed by the son of the assessee, it doesn’t make him the owner of the property.