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Assessee was entitled to full exemption u/s. 54 when full amount was invested by assessee even though property was purchased in joint names of assessee and his brother.
Here are 6 key takeaways from the Finance Act 2017 that you must know: 1. Change in Rate of Slab Rates 2. Reduction in Benefit U/s 87A 3. TDS on Rent paid by Individual 4. Change in Capital Gains 5. Ceiling on Cash Transaction 6. Digital Payments in Presumptive Taxation
Assessee is regularly in the business of purchase-sale of equity shares, share transactions entered during the year were in large number, funds were borrowed for the purpose of trading, no separate account has been maintained for the investment portfolio and all the transactions of purchase sale raised are only for one scrip namely Suraj Stainless Steel Ltd.
The draft of the notification to be issued under third proviso to section 10(38) is, in principle, a step in the right direction. We would like to suggest a few changes to the same in order to bring greater clarity and prevent unnecessary and unintended harassment to genuine investors.
The memorandum to Finance Bill, 2017, explained that the exemption on long-term capital gains tax, provided in section 10(38) of ITA was misutilised to declare unaccounted income . CBDT has issued a draft notification on 3 April , 2017 and provided that the amendment would not apply to any transactions except mentioned in the Notification. Analysis of the Notification and possible implications are discussed.
It is not in dispute that M/s Annamalaiar Textiles (P) Ltd. did not pay any amount to the shareholders who ultimately got the shares transferred in their names. The respondent was holding 100 per cent shares of M/s Annamalaiar Textiles (P) Ltd., before it was transferred to Group B. No payment was made to the shareholders belonging to Group B and, therefore, the question of there being any capital gains at the hands of the respondent herein does not arise.
This appeal has been filed by the assessee against the order of the Commissioner of Income-tax (Appeals)-32 [hereinafter called CIT(A)]02-0-2015 passed against the assessment order of the AO u/s 143(3) dated 23-12-2013 for A.Y. 201-12 on the following grounds
Section 2(42A) – Reduction in holding period in case of immovable property, being land or building or both, to qualify as long term capital asset – Consequential amendments to be made in sections 54, 54B, 54D and 54F
In view of the fact that the Revenue has been consistently taking a view that the income earned on investments is taxable under the head capital gains no difference in facts and /or in law has been pointed out to take a different view for the subject Assessment Year
ITAT held that holding period should be computed from the date of issue of allotment If we do so, the holding period becomes more than 36 months and consequently, the property sold by the assessee would be long term capital asset in the hands of the assessee and the gain on sale of the same would be taxable in the hands of the assessee as Long Term Capital Gain
