Income Tax : Understand the new capital gains tax rules for Gold ETFs & MFs effective April 2025. Learn about holding periods, tax rates, and e...
Income Tax : Mumbai ITAT rules co-ownership doesn’t imply tax liability. Sale proceeds taxed only for the beneficial owner, not co-owner in V...
Income Tax : Learn key tax rulings on Section 54/54F exemptions for property sales, including land size, appurtenant land, property use, and ag...
Income Tax : Capital gain is considered as the gain/profit on sale of property which is arrived at by deducting the Purchase Price from its Sal...
Income Tax : Telangana HC clarified that capital gains tax applies only when ownership or possession is transferred along with consideration....
Income Tax : Govt rationalizes long-term capital gains tax, reducing rates to 12.5% and simplifying holding periods. Relief provided for pre-Ju...
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 : Kerala High Court rules that the assessee must prove land is agricultural for capital gains tax exemption. Tribunal's factual find...
Income Tax : ITAT Delhi's ruling in Mahavir Prasad Gupta vs. JCIT (AY 1997-98) addresses Section 54F exemption, long-term capital gains, and in...
Income Tax : ITAT Chandigarh held that treating capital gains earned on sale of shares as bogus merely on the basis of warning letter of SEBI w...
Income Tax : ITAT Surat rules that for capital gains tax on agricultural land, municipal limits are determined by notification in force at the...
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...
In the case of Patel Ambalal Haridas – HUF Vs ITO, ITAT Ahmedabad orders re-evaluation of land value under section 50C, pointing to a failure to consider the Jantri value and Valuation Report. The case impacts how land value is assessed for capital gains tax purposes.
Detailed analysis of recent ITAT Mumbai case, Narayan Devarajan Iyengar Vs ITO, where question of taxability of rent for alternative accommodation and hardship allowance was deliberated.
ITAT Delhi held that post amendment by Finance Act, 2012 which is effective from 1st April 2013, the exemption u/s 54B of the Income Tax Act is also available to HUF.
ITAT Ahmedabad in Sureshbhai Ashwinbhai Patel Vs ITO clarified that complete sale consideration from such a property cannot be attributed as capital gain of a single co-owner.
A comprehensive analysis of the ITAT Delhi’s recent ruling in the case of Ballabh Prasad Aggarwal Vs ACIT, involving income tax addition on supposed long-term capital gains from jewellery sale.
ITAT Jaipur reinforces section 54F’s applicability, highlighting the distinction between actual sale consideration and stamp duty value for capital gains exemption, affirming the principle of real consideration over deemed value for investment in new assets.
Capital gains tax is an essential aspect of taxation in India, applicable when you sell certain assets and make a profit. However, there are several legitimate strategies you can employ to save on capital gains tax
Learn how to report Long Term Capital Gain (LTCG) on the sale of land and buildings in ITR 2. Follow the step-by-step procedure, complete with illustrations and screenshots, for a hassle-free filing experience. Understand the new ITR forms, filing dates, and more.
Explore the possibility of claiming deductions under Sections 54 and 54F of the Income Tax Act simultaneously for a single residential house property. Learn about the recent case law involving M/s. Sudhakar Traders, which sheds light on the importance of Proper Officer’s authorization in issuing notices under Section 61 read with Rule 99 of the CGST Act. Stay informed about the conditions and implications of claiming these exemptions concurrently.
JCIT vs Amandeep Singh Bhatia: ITAT Indore dismisses revenue’s appeal, affirming CIT(A)’s deletion of Rs. 2,48,02,084/- addition as income from other sources. Detailed analysis provided.
