Capital Gain - Page 30

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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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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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 |

Important FAQs with Case Laws under Various heads of Income

Some Important Case Laws From INCOME FROM SALARIES :- 1. Whether the amount received by the employee on cessation of employment with his Employer will be exempted from tax under section 17(3)(i) of the Income-tax Act? ...

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No capital Gain on Rollover/Extension of Fixed Maturity Plans (FMPs) in same scheme

Circular No. 6/2015-Income Tax (09/04/2015)

CIRCULAR NO. 6/2015, Dated: April 9, 2015 no capital gains will arise at the time of exercise of the option in the case of Fixed Maturity Plans (FMPs) by the investor to continue in the same scheme. The capital gains will, however, arise at the time of redemption of the units or opting of the scheme, as the case may be....

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Capital Gain – Tips to save tax on Transfer of Assets

Where the landowner and builder execute joint development agreement, if the consideration is receivable in built-up area to be constructed and handed over by the builder to the landowner, it is advisable to avoid the applicability of section 53A of the Transfer of Property Act. This can be achieved by mentioning in the agreement that lice...

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Taxability of Capital Gain Under Income tax Act, 1961

The word ‘income’ has special meaning with reference to income-tax. It inter alia includes gains derived on transfer of a capital asset. Since these are not annual accruals, these are treated on a different footing for taxation purpose. The basic concepts and provisions relating to computation of taxable capital gains are briefly exp...

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Posted Under: Income Tax |

Year of Index to compute capital gain on sale of inherited asset

CIT Vs Gautam Manubhai Amin (Gujrat High Court)

The question which is posed for consideration is whether for considering the long term capital gain Cost Inflation Index is required to be considered at the date on which the property was inherited in the name of the assessee or as per the previous cost of acquisition at which previous owner had acquired the capital asset....

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Indexation On Inherited Property

A big question arise in the mind of every professional that whether benefit of Indexation can be claimed on Inherited Property ; if yes then second half thought is whether it can be claimed from the year in which it is first held by the assessee or from the year in which it is occupied by the Previous Owner or predecessor. ...

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