Capital Gain - Page 40

Section 50 would apply only to cases where ‘assessee’ had obtained depreciation

Kali Aerated Water Works Vs. Commissioner of Income Tax (Madras High Court)

the assessee had not obtained any depreciation after the asset became an asset of the partnership firm constituted under the deed dated June 16, 1977. In this context reference may usefully be made to the decision of the Calcutta High Court in the case of CIT v. Bhupender Singh Atwal [1983] 140 ITR 928, delivered by Sabyasachi Mukharji J....

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Tax planning by conversion of stock in trade into capital asset

When a capital asset is converted into stock in trade then capital gain u/s 45(2) of Income Tax Act arises in the year of sale and not in the year of conversion. But in vice versa situation i.e conversion of stock in trade into capital asset there does not arise any capital gain. If an assessee is in the business of real estate and on clo...

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Tax treatment of Capital gain on sale of Assets by Charitable Trust/NGO

The definition of income under section 2(24) includes Capital Gains and therefore for the purposes of section 11, Capital Gains should form part of the income and consequently it should be treated at par with any other income under section 11. Section 11(1A), which deals with treatment of Capital Gains, was not there during the inception ...

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Posted Under: Income Tax | ,

S. 54F not require construction to complete within specified period

Commissioner of Income Tax Vs. Sambandam Udaykumar (Karnataka High Court)

If after making the entire payment, merely because a registered sale deed had not been executed and registered in favour of the assessee before the period stipulated, he cannot be denied the benefit of section 54F of the Act. Similarly, if he has invested the money in construction of a residential house, merely because the construction wa...

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How To Compute ‘Indexed Cost of Acquisition’ For Gifted Assets

Arun Shungloo Trust Vs. CIT (Delhi High Court)

There is no reason and justification to hold that clause (iii) of the Explanation intents to reduce or restrict the indexed cost of acquisition' to the period during which the assessee has held the property and not the period during which the property was held by the previous owner....

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Capital Gain Calculator for Shares – Long Term and Short term gain

In this calculator which is in excel format you only have to mention the Date of Purchase, Date of sales, Purchase Value, Sales Value, Number of Shares and name of the script. The calculator will calculate the Long Term and Short term Capital gain on Sale of Shares automatically and provides a total at the bottom of Total Short Term Capit...

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Income arising from sale of shares to be taxed as ‘Long term capital gain’ and not as ‘Income from other sources’

Smt. Amita Agarwal Vs. Assistant Commissioner of Income Tax (ITAT Agra)

Smt. Amita Agarwal v. ACIT (ITAT Agra) -Assessee filed her return wherein income arising from sale of shares was shown as 'Long-term Capital gain' - Assessing Officer, however, brought said amount to tax under head 'Income from other sources' - On appeal before Tribunal, Judicial Member, allowed assessee's claim in light of overwhelming e...

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Overview of Capital Gains

Profits or gains arising from the transfer of a capital asset during the previous year are taxable as Capital Gains under section 45(1) of the Income Tax Act. The taxability of capital gains is in the year of transfer of the capital asset....

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Download Calculator for Emi, ROC Fees, NSC, KVP, Post Office R.D. Interest, TDS, Income Tax, Service Tax, VAT, Custom Duty, HRA, Home Loan, TDS on Salary, Wealth Tax, 234ABC Interest etc

Download Emi Calculator, ROC Fees Calculator, NSC Interest Calculator, KVP Interest Calculator, Post Office R.D. Interest Calculator, TDS Calculator For A.Y. 2009-10 &n 2010-11 , Income Tax Calculator For A.Y. 2009-10 & 2010-11, Short Term Capital Gain Calculator, Service Tax Calculator, VAT Calculator, Custom Duty Calculator, HRA Calcula...

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Posted Under: Income Tax | ,

Cost Inflation Indexed Cost Calculator

Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the Cost Inflation (CII) Index calculator which automatically calculates Indexed cost of your asset. In the calculator You just have to fill the Year of Sale, Year of Purchase , Cost of Purchase/Acquisition/Improv...

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Posted Under: Income Tax |

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