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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 963 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 8307 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Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...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

Understanding the Capital Gain Account Scheme

March 23, 2024 2559 Views 0 comment Print

Understand the Capital Gain Account Scheme (CGAS) introduced by the Indian Government to defer tax liability on capital gains until reinvestment. Learn eligibility, types of accounts, opening process, fund utilization, interest rates, and withdrawal rules.

Deemed Short-Term Capital Gains from Depreciable Asset Sale Eligible for Setoff Against Long-Term Capital Loss

March 21, 2024 420 Views 0 comment Print

Explore how DCIT vs. Claris Lifesciences Limited case sets precedent for setting off deemed short-term capital gain on sale of depreciable against long-term capital loss.

Kolkata ITAT Deletes AO’s Capital Gains Addition Based on DVO’s Property Value

March 20, 2024 624 Views 0 comment Print

Arijit Chakraborty vs ITO: Kolkata ITAT deletes addition made by AO upon capital gains by adopting value of property as per DVO’s report.

Comprehensive Guide to Sale of Inherited Property by Non-Resident Indians

March 18, 2024 786 Views 0 comment Print

Learn essential steps and tax provisions for Non-Resident Indians (NRIs) selling inherited property. Understand laws, remittance limits, and taxation implications effortlessly.

ITAT direct to Allow LTCG Exemption after verifying status of STT Payment 

March 9, 2024 594 Views 0 comment Print

Explore the ITAT Delhi order on Oriental Insurance Co. Ltd. vs DCIT, addressing additions, exemptions, and disallowances. Get insights into income tax assessments.

No Income Tax on Compulsory Acquisition of Rural Land

February 29, 2024 1437 Views 1 comment Print

Explore how land acquisition for development projects like road widening impacts taxation for rural landowners under the Income Tax Act and RFCTLARR Act.

Taxation In Case of Stock Market Transactions

February 20, 2024 3567 Views 3 comments Print

Unlock the intricacies of income tax implications for stock market transactions in India, covering capital gains, F&O trading, and tax audit requirements.

Leveraging DTAA to Minimize Capital Gain Taxes for NRIs

February 19, 2024 2253 Views 1 comment Print

Learn how Non-Resident Indians (NRIs) in Germany, Singapore, UAE, Netherlands, and more can reduce capital gain taxes in India using Double Tax Avoidance Agreements (DTAA).

Delhi ITAT on Section 54F Deduction & Section 263 Revisional Powers

February 18, 2024 741 Views 0 comment Print

Delhi ITAT addresses Pr.CIT’s revisional order on Section 54F deduction misuse for AY 2017-18 in Anju Ahuja vs PCIT, clarifying legal interpretations.

Understanding Short Term Capital Gain Tax: Rules & Benefits

February 15, 2024 6558 Views 0 comment Print

Learn about short term capital gains tax under Section 111A: rates, exemptions, rebates, and conditions for applicability. Maximize tax benefits on equity investments.

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May 2024