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Capital Gain

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Section 54 Capital Gain Tax exemption on Residential House Property Transfer

Income Tax : Discover eligibility, conditions, exemptions, and examples under Section 54 for capital gains on the transfer of residential house...

May 20, 2024 17412 Views 1 comment Print

Unlisted Shares: Capital Gain Tax and Its Reporting in ITR 2

Income Tax : Explore the intricacies of capital gain tax on unlisted shares, from computation to reporting in ITR 2. Learn about deductions, se...

May 14, 2024 8427 Views 0 comment Print

Strategic Shift: Unpacking Slump Sale Phenomenon

Income Tax : Explore the strategic advantages, tax implications, and legal insights into slump sales, a key method of business transfer. Unders...

May 10, 2024 540 Views 0 comment Print

Fourth Head of Income under Income Tax Act, 1961: Capital Gains

Income Tax : Learn about Capital Gains under the Income Tax Act, 1961. Understand what constitutes capital assets, types of transfers, computat...

May 2, 2024 1653 Views 0 comment Print

Income Tax Implications of Converting Partnership/Proprietorship to Pvt. Ltd

Income Tax : Article explains Income Tax Implication of conversion of Partnership Firm / Proprietorship Firm in to Private Limited Company...

May 2, 2024 2589 Views 0 comment 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 1419 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 1359 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 5862 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Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...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 12759 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 4872 Views 0 comment Print

Latest Judiciary

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 20064 Views 0 comment Print

ITAT Mumbai taxed LTCG from Penny Stock ‘Essar (India) Ltd’

Income Tax : Shanno Mohammed Yusuf Warsi Vs ITO (ITAT Mumbai) The case of Shanno Mohammed Yusuf Warsi Vs Income Tax Officer (ITO) at the Income...

May 6, 2024 600 Views 0 comment Print

Section 54 does not mandate utilization of sale consideration from original asset

Income Tax : Section 54F nowhere envisages that sale consideration obtained by assessee from original capital asset is mandatorily required to ...

May 6, 2024 822 Views 0 comment Print

ITAT Delhi Allows Capital Gain Deduction for Additional Land Acquisition Costs

Income Tax : Read the full text of the ITAT Delhi order in Prime Maxi Promotion Pvt. Ltd. Vs ACIT case, allowing deduction for additional compe...

April 21, 2024 456 Views 0 comment Print

Section 148 Notice cannot be issued to Partner for Transactions Among Partnership Firms

Income Tax : Explore the case of Bhagwan Laxman Rokde Vs ITO (ITAT Mumbai) regarding validity of reopening u/s.147, taxation on undisclosed inc...

April 3, 2024 513 Views 0 comment Print

Latest Notifications

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 29700 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 12144 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 7647 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 1104 Views 0 comment Print

Taxation Laws (Amendment) Act, 2021

Income Tax : In section 9 of the Income-tax Act, 1961, in sub-section (1), in clause (i), in Explanation 5, after the third proviso, the follow...

August 14, 2021 3660 Views 0 comment Print

Capital Gain on Sale of Agricultural Land – Case Studies

May 9, 2020 33738 Views 4 comments Print

1. What is the test that determines land is agricultural land? The Gujrat HC in CIT v Siddhartha J. Desai 139 ITR 628 (Guj)(1983) has laid down the following tests for determining whether the land is agricultural or not: a) Whether, the land was classified in the revenue records as agricultural and whether it was subjected […]

Capital gain on sale of house property by NRI

May 7, 2020 4845 Views 0 comment Print

As per Finance Act, 2020, there is an amendment in Section 6 of the Income tax Act, 1961, for determining the residential status of an individual. An individual, who is citizen of India, is said to be Non Resident if he doesn’t satisfy any of the below conditions: He is in India for a period […]

Exemption under Section 54B – Detailed Analysis

May 7, 2020 38537 Views 0 comment Print

Section 54B of the Income Tax Act provides an exemption from the capital gain arisen on the transfer of agricultural land by acquiring another agricultural land. The present article explains the provisions attached with the exemption available under section 54B of the Income Tax Act. Some conditions to avail exemption under section 54B The assessee […]

Section 45(5) – Compulsory Acquisition – Capital Gain

May 6, 2020 133775 Views 14 comments Print

SECTION 45(5) – COMPULSORY ACQUISITION Compulsory Acquisition by the Central Government is always be a concern for many people as how it should be tax. Hence today I am writing this article to cover various aspects of this section in question answer form. 1. Do consideration received from Government against compulsory acquisition attracts capital gain? […]

Capital Assets | Short Term | Long Term | Taxation & Classifications

May 5, 2020 80916 Views 2 comments Print

Capital gains is considered as one of the most crucial head of income. Since it is that crucial, everybody needs to be doubly sure at the time of computation of tax liability from capital gains. Many times, we observed that there is always a confusion regarding bifurcation of short term and long term capital asset […]

Short term capital gain under section 111A – Detailed Discussion

May 2, 2020 285068 Views 17 comments Print

Under the provisions of section 111A tax on short-term capital gains, in the case of equity shares in a company or units of an equity oriented fund on which Securities Transaction Tax (STT) has been paid, is levied at the rate of 15%. This rate was increased from 10% to 15% vide Finance Act, 2008 with effect from 1.4.2009. However, in the proviso to this section while providing relief, the rate of short-term capital gains tax is still referred to as 10% which needs to be corrected to 15%.

Amount received by Retiring Partner not chargeable to Capital Gain Tax

May 1, 2020 1398 Views 0 comment Print

ITAT held that a retiring partner took only money towards the value of his share on retirement and when there was no distribution of capital assets going to the partners, there was no transfer of capital asset and consequently, no profits or gain was chargeable under Section 45 (4) of the Income Tax Act, 1961.

Why Section 47A of Income Tax Act, 1961 introduced?

April 29, 2020 11499 Views 0 comment Print

Rationale behind introduction of Section 47A of Income Tax Act, 1961 Lacuna in the law that have been plugged by introduction of Section 47A & amendment of Section 47 of the act in order to nullify the following tax planning ,– 1) Before section 47A , there was a standard law that if a holding […]

Income From Land Sale by Assessee Engaged in Property Development Taxable as Business Income

April 28, 2020 3222 Views 0 comment Print

The issue under consideration is whether land sold by assessee engaged in property development taxable as capital gains or business income?

No transfer on conversion of firm into private limited company and no liability to pay capital gains tax on same

April 18, 2020 19137 Views 0 comment Print

When partnership firm was transformed into private limited company, there was no distribution of assets and as such, there was no transfer and therefore, assessee was not liable to pay any tax on capital gains.

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