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Capital Gain

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Section 54 Capital Gain Tax exemption on Residential House Property Transfer

Income Tax : Discover eligibility, conditions, exemptions, and examples under Section 54 for capital gains on the transfer of residential house...

May 20, 2024 1056 Views 0 comment Print

Unlisted Shares: Capital Gain Tax and Its Reporting in ITR 2

Income Tax : Explore the intricacies of capital gain tax on unlisted shares, from computation to reporting in ITR 2. Learn about deductions, se...

May 14, 2024 8325 Views 0 comment Print

Strategic Shift: Unpacking Slump Sale Phenomenon

Income Tax : Explore the strategic advantages, tax implications, and legal insights into slump sales, a key method of business transfer. Unders...

May 10, 2024 525 Views 0 comment Print

Fourth Head of Income under Income Tax Act, 1961: Capital Gains

Income Tax : Learn about Capital Gains under the Income Tax Act, 1961. Understand what constitutes capital assets, types of transfers, computat...

May 2, 2024 1647 Views 0 comment Print

Income Tax Implications of Converting Partnership/Proprietorship to Pvt. Ltd

Income Tax : Article explains Income Tax Implication of conversion of Partnership Firm / Proprietorship Firm in to Private Limited Company...

May 2, 2024 2550 Views 0 comment 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 1413 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 1356 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 5856 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Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...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 12756 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 4869 Views 0 comment Print

Latest Judiciary

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 20004 Views 0 comment Print

ITAT Mumbai taxed LTCG from Penny Stock ‘Essar (India) Ltd’

Income Tax : Shanno Mohammed Yusuf Warsi Vs ITO (ITAT Mumbai) The case of Shanno Mohammed Yusuf Warsi Vs Income Tax Officer (ITO) at the Income...

May 6, 2024 597 Views 0 comment Print

Section 54 does not mandate utilization of sale consideration from original asset

Income Tax : Section 54F nowhere envisages that sale consideration obtained by assessee from original capital asset is mandatorily required to ...

May 6, 2024 810 Views 0 comment Print

ITAT Delhi Allows Capital Gain Deduction for Additional Land Acquisition Costs

Income Tax : Read the full text of the ITAT Delhi order in Prime Maxi Promotion Pvt. Ltd. Vs ACIT case, allowing deduction for additional compe...

April 21, 2024 453 Views 0 comment Print

Section 148 Notice cannot be issued to Partner for Transactions Among Partnership Firms

Income Tax : Explore the case of Bhagwan Laxman Rokde Vs ITO (ITAT Mumbai) regarding validity of reopening u/s.147, taxation on undisclosed inc...

April 3, 2024 507 Views 0 comment Print

Latest Notifications

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 29697 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 12129 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 7644 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 1095 Views 0 comment Print

Taxation Laws (Amendment) Act, 2021

Income Tax : In section 9 of the Income-tax Act, 1961, in sub-section (1), in clause (i), in Explanation 5, after the third proviso, the follow...

August 14, 2021 3654 Views 0 comment Print

Joint Development Agreements (JDA) and Tax Implications

October 27, 2023 26892 Views 1 comment Print

Discover how Joint Development Agreements (JDA) impact taxability under Section 45(5A). Learn about capital gains, deductions, and important details in this comprehensive guide.

Nature of Land at Agreement Time Determines Agricultural or Industrial Classification

October 26, 2023 555 Views 0 comment Print

The ITAT Delhi directs re-evaluation of the nature of sold land in the Chander Mani Sharma Vs ITO case, emphasizing the importance of the sale deed for determining agricultural status.

ITAT Pune Upholds Non-Applicability of Section 2(47) for Delayed Possession

October 25, 2023 369 Views 0 comment Print

ITAT Pune case: Delayed possession and unresolved disputes led to non-applicability of Section 2(47), sparing the taxpayer from capital gains tax. Learn more.

Taxation of Long Term Capital Gain on Sale of Listed Shares

October 22, 2023 3924 Views 0 comment Print

Explore the taxation rules for long-term capital gains on listed shares, including rates and exemptions under the Income Tax Act 1961.

Tax Treatment on Compulsory Land Acquisition: Rules & Exemptions

October 21, 2023 6069 Views 0 comment Print

Learn about tax implications of land acquisition, including capital gains, TDS, exemptions, and penalties. Understand Section 194LA and Section 10(37).

Section 54F Deduction Granted: New House Purchase within Two Years of Asset Transfer

October 19, 2023 543 Views 0 comment Print

In a crucial ruling, ITAT Chennai allows Section 54F deduction for a new residential property purchase, clarifying tax implications. Learn more in this detailed analysis.

Capital Gain on transfer of Securities and its taxation

October 18, 2023 1914 Views 0 comment Print

Capital gains, their taxation, and how to save on capital gains tax. Learn about securities, their types, and deductions available under Income Tax Act.

Transfer of goodwill taxable under Capital Gain and not business income

October 14, 2023 1110 Views 0 comment Print

ITAT Mumbai held that amount received by the appellant from VMI in terms of the Settlement Agreement was consideration for transfer of goodwill and the same is taxable under Capital Gains and cannot be treated as business income.

Partial interest cannot be considered as full ownership to deny Section 54F exemption 

October 9, 2023 3366 Views 0 comment Print

Explore case of V.R. Usha Vs ITO, where Section 54F exemption was denied despite partial property ownership, and how it sets a precedent for similar cases.

Capital Gain Exemption – Absolute Ownership of Property

October 8, 2023 31464 Views 9 comments Print

Discover how Section 54F of the Income Tax Act provides exemptions for capital gains and why absolute ownership matters for claiming them. Legal cases and insights included

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