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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 2300939 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Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...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 47373 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

Capital gain on sale of house property by NRI

May 7, 2020 4854 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 38585 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 133940 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 81357 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 285299 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 11664 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 3273 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 19200 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.

How Does Budget 2020 Affect Long Term Capital Gains?

April 15, 2020 4269 Views 0 comment Print

As of 1 April 2018, the long term capital gains (LTCG) on the sale of equity shares have been made taxable. In the case of equity, long-term refers to the holding period of more than a year from the date of purchasing. Simply put, long term capital gains are the profits that are earned on […]

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June 2024