Capital Gain - Page 30

Misuse of Long Term Capital gain tax exemption for money laundering

Investments are made in the secondary share markets with a view to capturing gains. In this market, out of nearly 8,000 listed companies, several scrips are not traded regularly. With the collusion of promoters, some brokers arrange for price(s) with purchase of such scrips at nominal costs, and sales at exorbitant prices, with a view t...

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Posted Under: Income Tax |

CBDT notifies Cost Inflation Index for Financial Year 2015-16

Notification No. 60/2015 - Income Tax (24/07/2015)

Notification No. 60/2015 - Income Tax S.O. (E) – In exercise of the powers conferred by clause(v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India in the...

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Expanding Scope of Income Under Income Tax

The word income has a special significance in Income-tax machinery as the income-tax is a tax upon the 'income'. Section 2 (24) of the Indian Income-tax Act, 1961 [which corresponds to section 2 (6C) of the Income-tax Act, 1922] contains the inclusive definition of income. ...

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Posted Under: Income Tax |

Capital Gains for Resident Individual & HUF – F.Y. 2014-15

I have prepared a chart on the subject matter of Capital Gain for FY 2014-15 on Shares and Mutual Funds after considering the recent amendments related to changes in taxation of shares and Mutual fund and Considering the complexity involved in the matter. I have tabulated information for quick reference and the same are self explanatory :...

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Posted Under: Income Tax |

Section 54- Even provisional letter of flat allotment is capital asset

Commissioner of Income Tax Vs Ram Gopal (Delhi High Court)

The facts in that case were that the assessee had booked a flat, and was recipient of a provisional allotment letter. The Court held importantly that even booking rights or rights to purchase the apartment or to obtain its letter was also capital asset...

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Slump Sale and Related Income Tax Provisions

In the process of integration of the Indian economy with the world economy, a number of companies are going for restructuring to gain benefits from large scale operations and focus upon its core competencies. In the restructuring exercise, certain companies sell off their unprofitable business activities and the business activity as a wh...

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Posted Under: Income Tax |

Long Term Capital Loss from Shares and Mutual Funds: Set off allowable

In India, the income from long term capital gains on transfer of Shares and Mutual Funds on which security transaction tax (STT) has been paid, is exempt from levy of income tax under section 10(38) of the Income Tax Act, 1961 (‘the Act’). This is a well known exemption amongst the tax payers and investors in India. ...

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Posted Under: Income Tax | ,

Taxation of capital gains in case of shares, securities, mutual funds units etc. for FY 2014-15

Background-: 1. This is in relation to FY 2014-15. One may be aware that, there is a change in the law relating to taxation of Capital arising out of sale of soft assets like shares. Securities, mutual funds etc. Audience-: 2. Especially for those who handle their investment portfolio and tax matters themselves and visit […]...

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Posted Under: Income Tax | ,

The concept and Tax effect of Switching in Mutual Funds

Hi, almost all of us are aware of investing in Mutual Funds and their respective Tax effects. However, some areas still remain Grey for some and one such area is Switching in Mutual Funds. What is Switching? It is withdrawal of money from one scheme of Mutual Fund and investing in the other scheme of […]...

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Posted Under: Income Tax |

Opening an account under Capital Gain Scheme 1988

You’ve had a Long Term Capital Gain under the respective Section(s) of the Income Tax Act. Now, you must be wondering as to how you will save yourself from the Tax liability arising as a result of Capital Gain. Well, in order to save tax on Capital Gains, you might be required to do the […]...

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Posted Under: Income Tax |

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