Capital Gain - Page 6

Exemption under Section 54B – Detailed Analysis

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 Th...

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Posted Under: Income Tax |

Section 45(5) – Compulsory Acquisition – Capital Gain

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 at...

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Posted Under: Income Tax |

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

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 […]...

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Posted Under: Income Tax |

Short term capital gain under section 111A – Detailed Discussion

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...

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Posted Under: Income Tax |

Amount received by Retiring Partner not chargeable to Capital Gain Tax

Alankar Saphire Developers Vs DCIT (ITAT Delhi)

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....

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

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 […]...

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Posted Under: Income Tax |

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

CADD Centre Vs ACIT (Madras High Court)

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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How Does Budget 2020 Affect Long Term Capital Gains?

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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Posted Under: Income Tax |

Taxation on Sale of Securities

Everyone knows that Income from salary, rental income and business income is taxable under their respective heads. But what about income from sale or purchase of securities? Many stakeholders which includes homemakers, retired people, youth, working professionals spend their time gainfully buying and selling securities but are unsure of h...

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Posted Under: Income Tax |

Capital gains on Transfer of Debt Securities by non residents

A General Discussion of the Taxation of Capital Gains for the purposes of Non Residents Assessee when they transfer the debt Securities specially bonds and Debentures held by them. This discussion is presented using FAQs Technique when Listed Bonds and Debentures of Indian Company /Government Bonds is sold /Transferred , which was origina...

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Posted Under: Income Tax |

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July 2020