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Capital Gain

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Section 54 Capital Gain Tax exemption on Residential House Property Transfer

Income Tax : Discover eligibility, conditions, exemptions, and examples under Section 54 for capital gains on the transfer of residential house...

May 20, 2024 987 Views 0 comment Print

Unlisted Shares: Capital Gain Tax and Its Reporting in ITR 2

Income Tax : Explore the intricacies of capital gain tax on unlisted shares, from computation to reporting in ITR 2. Learn about deductions, se...

May 14, 2024 8310 Views 0 comment Print

Strategic Shift: Unpacking Slump Sale Phenomenon

Income Tax : Explore the strategic advantages, tax implications, and legal insights into slump sales, a key method of business transfer. Unders...

May 10, 2024 525 Views 0 comment Print

Fourth Head of Income under Income Tax Act, 1961: Capital Gains

Income Tax : Learn about Capital Gains under the Income Tax Act, 1961. Understand what constitutes capital assets, types of transfers, computat...

May 2, 2024 1647 Views 0 comment Print

Income Tax Implications of Converting Partnership/Proprietorship to Pvt. Ltd

Income Tax : Article explains Income Tax Implication of conversion of Partnership Firm / Proprietorship Firm in to Private Limited Company...

May 2, 2024 2550 Views 0 comment Print

Latest News

Key Features & Benefits of Taxation Laws (Amendment) Bill, 2021

Income Tax : Taxation Laws (Amendment) Bill, 2021 Key Features of Taxation Laws (Amendment) Bill, 2021 1. Provides that no tax demand shall be ...

August 13, 2021 1413 Views 0 comment Print

Analysis of The Taxation Laws (Amendment) Bill, 2021 by ICAI CMA

Income Tax : The government introduced the Taxation Laws (Amendment) Bill, 2021, which seeks to withdraw tax demands made under the Finance Act...

August 11, 2021 1356 Views 0 comment Print

4 Major Tax Exemptions to Startups

Income Tax : 4 Major Tax Exemptions to Startups includes Income Tax Exemption on profits under Section 80-IAC of Income Tax (IT) Act, Tax Exemp...

December 11, 2019 5856 Views 0 comment Print

Draft Notification on Tax on Long Term Capital Gain on Shares

Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...

April 24, 2018 12756 Views 0 comment Print

Amend Sec. 47(viab) related to indirect transfer of capital asset situated in India

Income Tax : The Finance Act, 2015 has amended provisions dealing with indirect transfer of capital asset situated in India. The amendment prov...

December 28, 2017 4869 Views 0 comment Print

Latest Judiciary

ITAT Grants Section 54 Deduction for New Residential Property in Wife’s Name

Income Tax : In the case of Gopalkrishna Pandu Shetty Vs ACIT (ITAT Mumbai), deduction under Section 54 of the Income Tax Act is allowed for a ...

May 10, 2024 20001 Views 0 comment Print

ITAT Mumbai taxed LTCG from Penny Stock ‘Essar (India) Ltd’

Income Tax : Shanno Mohammed Yusuf Warsi Vs ITO (ITAT Mumbai) The case of Shanno Mohammed Yusuf Warsi Vs Income Tax Officer (ITO) at the Income...

May 6, 2024 597 Views 0 comment Print

Section 54 does not mandate utilization of sale consideration from original asset

Income Tax : Section 54F nowhere envisages that sale consideration obtained by assessee from original capital asset is mandatorily required to ...

May 6, 2024 810 Views 0 comment Print

ITAT Delhi Allows Capital Gain Deduction for Additional Land Acquisition Costs

Income Tax : Read the full text of the ITAT Delhi order in Prime Maxi Promotion Pvt. Ltd. Vs ACIT case, allowing deduction for additional compe...

April 21, 2024 453 Views 0 comment Print

Section 148 Notice cannot be issued to Partner for Transactions Among Partnership Firms

Income Tax : Explore the case of Bhagwan Laxman Rokde Vs ITO (ITAT Mumbai) regarding validity of reopening u/s.147, taxation on undisclosed inc...

April 3, 2024 507 Views 0 comment Print

Latest Notifications

NHAI discontinue Section 54EC Capital Gain Bonds issuance w.e.f. 01.04.2022

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...

March 31, 2022 29697 Views 0 comment Print

Guidelines under clause (10D) section 10 of Income-tax Act, 1961

Income Tax : The Finance Act, 2021 amended clause (10D) of section 10 of the Act by inserting fourth to seventh provisos. Fourth proviso provid...

January 19, 2022 12129 Views 1 comment Print

CBDT Notification on Computation of capital gains, not exempt under Section 10(10D)

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...

January 18, 2022 7644 Views 0 comment Print

Draft rules for amendments by Taxation Laws (Amendment) Act, 2021

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...

August 28, 2021 1095 Views 0 comment Print

Taxation Laws (Amendment) Act, 2021

Income Tax : In section 9 of the Income-tax Act, 1961, in sub-section (1), in clause (i), in Explanation 5, after the third proviso, the follow...

August 14, 2021 3654 Views 0 comment Print

Taxability of Capital Gain on Transfer of Agricultural Land

June 27, 2022 35580 Views 1 comment Print

As you are aware that Capital Gain Tax is charged on transfer of Capital Assets under provisions of Section 45 to 55A of the Income Tax Act, 1961. The main ingredients of Capital Gain Tax are ; 1. There should be a Capital Assets means property of any kind held by an assessee whether or […]

Penny Stocks Bogus Capital Gain – Calcutta HC upheld Additions

June 15, 2022 26313 Views 0 comment Print

Calcutta High Court order on Penny stock in which  Department’s appeal in penny stock case has been allowed. The Orders of AO and CIT(A) have been restored. Reversed the order of ITAT. The Court Held that : 1. The assessees cannot take shelter under the opinion given by the experts as it is not the […]

Income Tax Implications where Contract (JDA) is not Registered

June 10, 2022 41535 Views 0 comment Print

Understanding Income Tax implications in unregistered Joint Development Agreements (JDA). Explore the tax challenges pre-Finance Act 2017 and the impact of Section 45(5A) introduced to ease hardships for landowners. Stay informed on taxation aspects in property development.

Income Tax on Short Term Capital Gain with examples

June 10, 2022 253442 Views 25 comments Print

Gain arising on transfer of capital asset is charged to tax under the head Capital Gains. Income from capital gains is classified as Short Term Capital Gains and Long Term Capital Gains. In this part you can gain knowledge about the provisions relating to tax on Short Term Capital Gains.

Canadian taxation – Capital gains or losses

June 7, 2022 2217 Views 0 comment Print

Explore Canadian taxation on capital gains and losses with insights from Canada Revenue Agency. Learn the basics, such as calculating proceeds of disposition and adjusted cost base. Discover how to claim capital gains deductions and navigate Schedule 3 for reporting. Dive into real-life case studies and find out about the lifetime capital gains exemption limit. Uncover details about foreign currency transactions and corporation tax implications.

Tax on Long Term Capital Gain under Income Tax Act, 1961

June 4, 2022 453690 Views 68 comments Print

The Article Discusses about Tax Treatment of Long Term Capital Gain arising from Transfer of Capital Assets under Income Tax Act, 1961. Articles discusses Meaning of Capital Assets, What Constitutes a Capital and what is not a capital Asset, How to Apply Indexation Provisions, Period for Computation of Long Term Capital Asset, Tax on long-term capital gain @ 10% in certain special cases, Adjustment of LTCG against the basic exemption limit and Deductions under sections 80C to 80U and LTCG.

Section 54- Exemption from Capital Gain arising on Transfer of House

June 4, 2022 464320 Views 65 comments Print

A person wanted to shift his residence due to certain reason, hence, he sold his old house and from the sale proceeds he purchased another house. In this case the objective of the seller was not to earn income by sale of old house but to acquire another suitable house.

Section 54B Exemption on Capital Gains from Transfer of Agricultural Land

June 4, 2022 362841 Views 17 comments Print

The Articles discusses about Basic conditions, Exemption Under Section 54B of Income Tax Act, 1961 available to Individual and HUF against Capital Gain Arising from Transfer of Agricultural Land by investment of Capital Gain amount in another land or in Capital Gains Deposit Account Scheme.

Section 50C not applies to Business Transactions

June 4, 2022 2796 Views 0 comment Print

ITO Vs Kanubhai M. Patel (ITAT Ahmedabad) Pune Tribunal in the case of Dilip Battu Karanjule v. ITO [2016] 74 12 (Pune – Trib.) held that where assessee identified land on behalf of existing and known persons and entire money towards purchase of land had been financed by such persons to whom land was ultimately […]

How to save tax on Capital Gains from sale of Shares or Mutual Funds?

May 25, 2022 48117 Views 2 comments Print

Discover effective techniques to save tax on Capital Gains from the sale of Shares or Mutual Funds. Maximize your investment returns with smart tax planning strategies.

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May 2024