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 : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
Income Tax : Budget 2025 proposes amending Section 2(14) to redefine capital assets, classifying securities held by specific funds and non-exem...
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 : 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 : ITAT Bangalore ruled on the taxability of Transferable Development Rights (TDR) in the case of Smt. Sowmya Sathyan vs. ITO, clarif...
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...
ITAT held that acquisition of new house in wife’s name would not jeopardise Section 54 exemption claim of assessee as sale proceeds is utlised for construction of house property
Unravel the intricacies of Capital Gains Exemptions under Sections 54, 54F, and 54EC in India. Learn the criteria, timelines, and distinctions for optimal tax planning.
Cost Inflation Index (CII) is an index used in India to measure the rate of inflation in the economy. It is used to adjust the purchase price of an asset, such as property or gold, for inflation when calculating capital gains tax.
ITAT Chennai held that even though assessee has not invested sale proceeds in Capital Gain Account Scheme, but complied with the conditions u/s. 54F(1) of the Act by purchasing an independent house. Deduction u/s 54F allowed as provisions of section 54F are beneficial provisions and are to be considered liberally.
Section 54F(4) attracts only to a case where sale consideration is not utilized for purchase/ consideration of a house. It has no application to a case where assessee invests sale consideration derived from transfer in purchasing/ constructing residential house within 2 years/ 3 years of date of transfer.
Mukkamala Srihari Rao Vs ACIT (ITAT Ranchi) Whether the sale consideration received by a person from sale of capital asset if applied in the name of his wife or son for purchasing/constructing residential house whether the assessee can claim deduction u/s. 54F or 54 of the Act?. From going through the decision(s) relied on by […]
Explore Chapter IV-E of Income Tax Act, 1961, covering Capital Gains. Learn about short-term and long-term capital gains, tax rates, computations, exemptions, deductions, and seller’s tax obligations.
If equity shares listed on a stock exchange are held and sold after 12 months of purchase, the seller may make a long-term capital gain (LTCG) or incur a Long-term capital loss (LTCL).
Understand TDS on RSU vesting and Capital Gains Tax on the sale of vested RSU. Explore the critique and supplement, delving into legal aspects, challenges, and implications for high-end salaried employees. Learn about the intricacies of RSU taxation and potential rectification steps for aggrieved individuals.
ITAT Cochin held that as per condition mentioned in section 54F deduction is not available if the assessee owns more than one residential house, other than the new asset. The same should be interpreted to mean ownership of residential houses in India. Accordingly, deduction u/s. 54F not deniable if assessee owns two residential houses in USA
