Capital Gain - Page 4

Budget 2019: Suggestions on capital gains & Section 87A provisions

As per the existing provisions an Individual  tax payer who is resident under the tax laws is entitled to a rebate of upto Rs. 12,500/- provided his total taxable income does not exceed Rs. 5 lakhs for the year after all the available deductions and exemptions....

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Posted Under: Income Tax | ,

Extinguishment of rights in capital asset is transfer of capital asset

ACIT Vs Ashwin S. Bhalekar (ITAT Mumbai)

ACIT Vs Ashwin S. Bhalekar Beamon Chambers (ITAT Mumbai) Claim of the assessee that extinguishment of rights in the capital asset is a transfer of capital asset and  capital gains and consequent allowance of claim of deduction under section 54 of the Act. The facts clearly show that the extinguishment of assessee’s right in Flat [&hell...

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Tax on LTCG on listed Shares / Securities wef 01.04.2018 | section 10(38)|

New Regime of Taxation of Long Term Capital Gains on sale of equity share, unit of equity oriented funds and unit of the business trust u/s 112A of the Income Tax Act, 1961 with effect from 01.04.2018 The Finance Act, 2018 has withdrawn the exemption under section 10(38) of the Income-tax Act, 1961 and has […]...

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Posted Under: Income Tax |

Which is better- Slump Sale or Asset Purchase ?

SLUMP SALE Slump sale is a sale of an undertaking as a going concern. As per section 2(42C) of Income-tax Act 1961, ‘slump sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such […]...

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Posted Under: Income Tax |

Sec. 54 allowable on gain invested up to due date of filing revised ITR

Rajendra Pal Verma Vs ACIT (ITAT Mumbai)

In the case before us was entitled to claim exemption u/s. 54 to the extent he had invested towards the purchase of the new residential property under consideration upto the date of filing of his revised return of income under Sec. 139(5) i. e. on 15. 11. 2014....

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Exemption U/s. 54F available on capital gain on sale of depreciable assets

Income Tax Officer Vs Smt. Jaya Deepak Bhavnani (ITAT Mumbai)

ITO Vs Smt. Jaya Deepak Bhavnani (ITAT Mumbai) Legal fiction created in Section 50 is to deem capital gain as short term capital gain and not to deem an asset as short term capital asset and therefore it cannot be said that Section 50 converts long term capital asset into short term capital asset and […]...

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How many house you can own and tax implications of owning more than one house?

How many house you can own and what are the tax implications of owning more than one house? People frequently ask me as to how many house one can buy and own at a time in own name. The answer is as many as you want and can afford.  So there are no restrictions under […]...

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Posted Under: Income Tax | ,

Period of holding to count from the date of provisional allotment letter

DCIT Vs Smt. Jennifer Chakraborty (ITAT Kolkata)

The word held used in section 2(14) implies right over a capital asset. In the instant case, right over the property was held by assessee for the period of 36 months, by paying first installment and builder issued a provisional letter of allotment and from that period, assessee had been enjoying legal right over the said property. ...

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No deduction u/s 48 for clearing off mortgage created by assessee prior to transfer of land

Smt. D. Zeenath Vs ITO (Madras High Court)

Smt. D. Zeenath Vs ITO (Madras High Court) Conclusion: Assessee created mortgage after acquiring the property and clearing off of the mortgage debt prior to transfer of the property would not entitle her to claim deduction under section 48 as there was only a mere application by the owners themselves of the profits realized on […]...

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Brought forward long-term capital loss and brought forward business loss can be set off against STCG computed U/s. 50

ITO Vs M/s Smart Sensors & Transducers Ltd. (ITAT Mumbai)

ITO Vs M/s Smart Sensors & Transducers Ltd. (ITAT Mumbai) As regards to set off of business loss against gain on sale of depreciable asset of factory building by the assessee, we find that the co-ordinate Bench of the Tribunal in the case of M/s. Raj Shree Roadlines vs ITO (ITA No.1627/Mum/2012) for A.Y . […]...

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