Capital Gain - Page 50

Taxation of transfer of land or building or both w.r.t. section 50C as amended in union budget 2009

The existing provisions of section 50C provide that where the consideration received or accruing as a result of the transfer of a capital asset, being land or building or both, is less than the value adopted or assessed by a stamp valuation  authority, the value so adopted or assessed is deemed to be the full […]...

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Posted Under: Income Tax |

Budget will not address taxation issue related to LLPs

Corporate Affairs Minister Salman Khursheed has said, contrary to expectation, the Budget will not address the taxation issue related to limited liability partnerships. The issue will be clarified only next year, he added. “It is too short a time for us to sort out the issue, but it is flagged,” Khursheed told. The Ministry of...

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Posted Under: Income Tax |

AAR on importance of the transfer pricing provision over the capital gains provision

In a recent ruling in case of Canoro Resources Limited1 (the taxpayer) the Authority for Advance Ruling (AAR) has held that The transfer pricing provisions shall override the general provisions provided for computing capital gains in the Income-tax Act, 1961 (the Act) in case of transfer of a capital asset by a partner to a firm by way ...

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Posted Under: Income Tax |

AAR on tax liability of a partnership firm to be formed in Canada by a Canadian company for executing its PSCs in India

In re Canoro Resources Limited (Authority for Advance Rulings-Income Tax)

10.1 It is the common stand of both - the applicant and the Revenue, that the nature of income arising from the transfer of the applicant's participating interest in Amguri block to the proposed partnership firm, shall be capital gains. Where they differ is regarding the mode of computation of that income. Whereas the applicant submits th...

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Year of taxability on transfer of lease hold rights of immovable property

Atlas Automotive Components Pvt. Ltd. Vs ITO (ITAT Mumbai)

21. In view of the above submissions of the assessee and in view of the fact that M/s.Sky Blue Trading & Investment Pvt. Ltd. is sister concern of the assessee, we find no merit in the contentions of the assessee that the transaction between the assessee and M/s.Sky Blue Trading & Investment Pvt. Ltd. fell through because of the non-compl...

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Income Tax Department unearth penny stock scam worth 10000 cr?

The income tax (I-T) department has detected a racket of money laundering through the secondary market, the first estimates of which show a whopping Rs 10,000 crore at stake at the national level. Though the `penny stock’ scam has been detected among traders of Chikpet locality in the heart of Bangalore, I-T officials do not [&helli...

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Posted Under: Income Tax |

I-T Dept makes online info submission mandatory for remittance of money to non-residents

In a move to plug loopholes that led to the alleged tax evasion by telecom giant Vodafone, the Income-Tax Department will make it mandatory for firms to submit information to it online before remitting payments to foreign companies, from July this year. “The information … shall be furnished electronically to the website design...

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Posted Under: Income Tax |

After Vodafone department send notice to E*Trade Mauritius to pay capital gains tax

Buoyed by a favourable Supreme Court order in the Vodafone tax case, the income-tax department has asked E*Trade Mauritius to pay capital gains tax on the sale of its shares held in Indian company IL&FS Investsmart to HSBC in September 2008. E*Trade Mauritius is indirectly held by E*Trade Financial Corporation and is in the business [...

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Posted Under: Income Tax |

Conversion of FCEBs into shares or debentures of any company shall not be treated as a ‘transfer’ within the meaning of Income-tax Ac

Circular No. 1/ 2009 - Income Tax (27/03/2009)

Circular No.. 1/ 2009 - Income Tax 16.1 In 1992, the Government allowed established Indian companies to issue foreign currency convertible bonds (FCCB), with special tax regime for non-resident investors, so as to encourage the flow of foreign exchange to India...

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Posted Under: Income Tax |

Condition precedent for claiming exemption under section 54 of IT Act: ITAT, Hyderabad

ITO Vs Rohini Reddy (ITAT Hyderabad)

9. We have carefully considered the rival submissions and perused the record. Marginal heading of section 54 of the Act, which is relevant in this context, refers to "profit on sale of property used for residence". Main section speaks of transfer of a capital asset- being building or lands appurtenant thereto and being a residential house...

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