Capital Gain - Page 52

Due date for investment in property for S.54 exemption in case of revised return

ACIT Vs Smt. Sapna Dimri (ITAT Delhi)

Hon’ble Punjab & Haryana High Court in the case of CIT Vs. Miss Jagriti (supra) has held that sub-section (4) of section 139 provides the extension period of limitation as an exception to sub-sec. (1) of sec. 139 of the Act. Sub-sec. (4) was in relation to the time allowed to an assessee under sub-sec. (1) to file the return. Therefore,...

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Fair market value shall be deemed full value of consideration if actual consideration not attributable or determinable

Where in the case of a transfer, consideration for the transfer of a capital asset(s) is not attributable or determinable then for purpose of computing income chargeable to tax as gains, the fair market value of the asset shall be taken to be the full market value of consideration. Accordingly, it is proposed to insert a new provision (se...

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Posted Under: Income Tax |

HUF eligible to S.54B benefit on Capital gain from sale of agricultural land

Capital gains on transfer of land which, in the two years preceding the year in which it has been sold, has been used for agricultural purposes by assessee or his parent, is exempt if the whole of capital gains has been reinvested in the purchase of agricultural land in the next two years. It is now proposed that this benefit be also gran...

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Posted Under: Income Tax |

S. 54EC investment time limit begins from date of receipt of consideration

Chanchal Kumar Sircar Vs. ITO (ITAT Kolkata)

The assessee has deposited the sale consideration within one month of receipt with NABARD for availing exemption u/s. 54EC of the Act. In such circumstances whether the assessee is eligible for claim of exemption or not ? In our view, in this type of case, the period of six months for making deposit u/s. 54EC of the Act should be reckoned...

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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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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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Posted Under: Income Tax | ,

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September 2020