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Capital Gain

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Cost Inflation Index (CII): Meaning, Index from 1981-82 to 2024-25 & Benefits

Income Tax : CBDT has provided CII for financial years 1981-82 to 2024-25. This index is crucial for calculating indexed cost of acquisition, w...

June 6, 2024 2721 Views 0 comment Print

How to minimize/reduce income taxes when selling shares?

Income Tax : Learn effective and legal strategies to minimize income taxes when selling shares, including real-time profit and loss management ...

June 5, 2024 2187 Views 0 comment Print

Redevelopment of society – Tax implications

Income Tax : Understanding the tax implications of society redevelopment under the Indian Income Tax Act, covering aspects like capital gains, ...

May 29, 2024 1476 Views 0 comment Print

Deliberation on issue whether gain on sale of shares and securities taxable as Capital Gain or Business Income

Finance : Deliberating if gains from share sales should be taxed as Capital Gains or Business Income. Factors include investment intent, tra...

May 28, 2024 4464 Views 0 comment Print

Cost Inflation Index – Meaning & Index from 1981-82 to 2024-25

Income Tax : CBDT has notified Cost Inflation Index (CII) from 1981-82 to 2023-24. Find out the Meaning & Index of CII and its use for computin...

May 26, 2024 2300951 Views 319 comments Print

Latest News

Key Features & Benefits of Taxation Laws (Amendment) Bill, 2021

Income Tax : Taxation Laws (Amendment) Bill, 2021 Key Features of Taxation Laws (Amendment) Bill, 2021 1. Provides that no tax demand shall be ...

August 13, 2021 1425 Views 0 comment Print

Analysis of The Taxation Laws (Amendment) Bill, 2021 by ICAI CMA

Income Tax : The government introduced the Taxation Laws (Amendment) Bill, 2021, which seeks to withdraw tax demands made under the Finance Act...

August 11, 2021 1371 Views 0 comment Print

4 Major Tax Exemptions to Startups

Income Tax : 4 Major Tax Exemptions to Startups includes Income Tax Exemption on profits under Section 80-IAC of Income Tax (IT) Act, Tax Exemp...

December 11, 2019 5883 Views 0 comment Print

Draft Notification on Tax on Long Term Capital Gain on Shares

Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...

April 24, 2018 12771 Views 0 comment Print

Amend Sec. 47(viab) related to indirect transfer of capital asset situated in India

Income Tax : The Finance Act, 2015 has amended provisions dealing with indirect transfer of capital asset situated in India. The amendment prov...

December 28, 2017 4911 Views 0 comment Print

Latest Judiciary

Bonus Shares Have Nil Acquisition Cost for Capital Gains Calculation: ITAT Bangalore

Income Tax : ITAT Bangalore dismisses valuation of bonus shares under Income Tax Act sec. 55(2)(aa)B. Detailed analysis of Zash Traders vs ACIT...

June 13, 2024 228 Views 0 comment Print

Violation of Section 269SS: Section 271D penalty Applies, Not Section 68 addition

Income Tax : Section 54F amendment restricting exemption to one residential house was prospective, applying only from April 1, 2015 and Violat...

May 26, 2024 2502 Views 0 comment Print

HC allows Section 54F exemption for all five flats received as part of development agreement

Income Tax : Discover how the Madras High Court ruled on treating multiple flats as a single residential unit under Section 54F. Detailed analy...

May 26, 2024 11769 Views 0 comment Print

House’ Refers to Single Residential Unit for Section 54 Deduction: ITAT Chennai

Income Tax : Detailed analysis of ITAT Chennai order on Shri Srikanth appeal against the disallowance of Section 54 deductions in the computati...

May 24, 2024 1695 Views 0 comment Print

ITAT Grants Section 54 Deduction for New Residential Property in Wife’s Name

Income Tax : In the case of Gopalkrishna Pandu Shetty Vs ACIT (ITAT Mumbai), deduction under Section 54 of the Income Tax Act is allowed for a ...

May 10, 2024 20640 Views 0 comment Print

Latest Notifications

CBDT notifies Cost Inflation Index for Financial Year 2024-25

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...

May 24, 2024 47379 Views 0 comment Print

NHAI discontinue Section 54EC Capital Gain Bonds issuance w.e.f. 01.04.2022

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...

March 31, 2022 29778 Views 0 comment Print

Guidelines under clause (10D) section 10 of Income-tax Act, 1961

Income Tax : The Finance Act, 2021 amended clause (10D) of section 10 of the Act by inserting fourth to seventh provisos. Fourth proviso provid...

January 19, 2022 12318 Views 1 comment Print

CBDT Notification on Computation of capital gains, not exempt under Section 10(10D)

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...

January 18, 2022 7707 Views 0 comment Print

Draft rules for amendments by Taxation Laws (Amendment) Act, 2021

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...

August 28, 2021 1119 Views 0 comment Print

No capital gain tax on land transfer to co-op society formed by flat purchasers

June 12, 2020 7278 Views 1 comment Print

Whether the AO is correct in considering that the capital gain will arise in the year when the land is transferred to the co-operative society formed by the flat purchasers and not when flats are sold?

Capital Gains of Cyprus Co not taxable in India as per DTAA prevailing at that time

June 11, 2020 2376 Views 0 comment Print

The issue under consideration is whether the sale of shares by a Cyprus company to the assessee of an Indian company, who was holding a technology Park [immovable property] as only asset, is taxable in India in view of the Double Taxation Avoidance Agreement between India and Cyprus?

Exemption from Capital Gain Tax | Complete Guide

June 8, 2020 45705 Views 11 comments Print

This article focuses on the exemptions available to an assessee from capital gain tax under Income Tax Act, 1961. Any profit or gain arising from Transfer of Capital Asset (long term or short term) shall be chargeable under the head capital gain in the year of transfer. However, there are some exemptions on such capital […]

Section 55: AO cannot reject valuation report without proving lesser valuation

June 7, 2020 5022 Views 0 comment Print

DCIT Vs Ajanta Tubes Ltd. (ITAT Delhi) The issue under consideration is whether the A.O. is correct in rejecting the valuation report obtained by the assessee? In the present case, assessee had sold its land and building. Assessee had taken the cost of acquisition for land as per valuation report as at 1-4-1981 as against […]

Indexation of Inherited Property

June 6, 2020 88138 Views 12 comments Print

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.

Concept and Tax effect of Switching in Mutual Funds

June 6, 2020 99248 Views 10 comments Print

Article explains What is Switching, Benefits of Switching, Tax effect of Switching If the units are held as stock-in-trade and Tax effect of Switching  If the units are held as investments. Hi, almost all of us are aware of investing in Mutual Funds and their respective Tax effects. However, some areas still remain Grey for […]

Analysis of Exemptions Under Capital Gains

June 5, 2020 11511 Views 2 comments Print

Profit on transfer of a capital asset is chargeable under the head Capital Gains. Section 45 makes the gains arising out of the transfer of a capital asset chargeable to tax under the provisions of the Income Tax Act, 1961. However, the chargeability has been subjected to the provisions of sections 54, 54B, 54D, 54E, […]

Consultation paper on proposed amendment to delisting regulations: Will it be a case of “many a slip between the cup and the lip”?

June 2, 2020 4920 Views 0 comment Print

Traditionally, a listed company (Parent Co) wishing to integrate the operations of its listed subsidiary (Sub Co), usually contemplates a merger. However, there may be instances in which a merger is unfeasible for a plethora of reasons, viz.,industry-specific constraints (e.g. licences or contracts with specific restrictions on transfer), cultural differences with an acquired entity, etc. […]

Assessee can claim Section 54F deduction during Section 147 Proceedings

June 2, 2020 4176 Views 0 comment Print

Whether AO is correct in rejecting the claim of assessee regarding the deduction u/s 54F, which was made first time during Reassessment Proceedings?

Capital Gain Tax on Dissolution/Reconstitution of Partnership Firms in the Hands of Partners & Firms

May 30, 2020 21108 Views 0 comment Print

Taxability in the event dissolution/reconstitution of Partnership Firms have always been point of contentions before various Judicial Forums and the provisions of Income Tax has been amended from time to time to address the ambiguity in taxing the same. Our article is limited to Taxation in following situations 1. Dissolution of Firms 2. Reconstitution of […]

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June 2024