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One important bone of contention is the long term capital gains tax on the equities and equity based mutual funds. What was in the budget speech and what was in the amendment are completely two different matters.
Where assessee had transferred land owned by it to lessee for a long period but subsequently when the lessee company went into liquidation had transferred lease right, the same was taxable under the head Capital gains instead of Income from other sources because even though the land was transferred for a long period, the actual ownership of the land remained with assessee.
Hello friends as we all know that the finance bill 2018 has introduced a new section 112A for the taxability of long term capital gain arising on the transfer of equity share or units of equity oriented mutual fund or units of business trust.
In the Budget 2018, the Finance Minister has Re-Introduced taxability of Long Term Capital Gain on equities shares and equity oriented mutual fund (herein after referred as LTCGE) @ 10%. This proposal has raised many questions, some people are even calling this move as double taxation. Government named its move as rationalization of LTCGE, whereas […]
Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity shares of a company or a unit of equity oriented fund or a unit of business trust, is exempt from income-tax under clause (38) of section 10 of the Act.
As per the present provision of Section 10(38) of Income Tax Act, the Long Term Capital Gains arising on transfer of Equity Shares or Units of Equity Oriented Funds or units of business trusts are exempt.
Many months before the presentation of the Union Budget 2018 on 1 February 2018, newspaper reports had predicted the possibility of re-introduction of tax on long-term capital gains arising from transfer of listed equity shares / units of equity oriented mutual funds / units of business trust (specified assets).
Capital assets and inventory are treated differently for the purpose of taxation and are governed by distinct provisions. As a result, classification of assets has often been a subject matter of challenge by the tax authorities. So also, a change in this classification by the taxpayer.
As per the proposed amendment and insertion of new section 112A of the Income-tax Act, 1961, long-term capital gains made on sale of equity shares or equity-oriented unit to be taxable at the rate of 10% with effect from 1 April 2018.
While Finance Bill, 2018 introduced a new tax regime for taxation of on long term capital gain on specified class of asset, there has been a lot of confusion regarding applicability, tax ability and calculation of the same. Here in this article, I have tried to clarify the same along with the illustration.
