Income Tax : The Finance Act 2023 introduced a 12.5% LTCG tax without indexation as an alternative to 20% with indexation. Taxpayers must compa...
Income Tax : This guide explains the concept, calculation formula, and notified values of CII from 2001-02 to 2025-26, as per CBDT. A must-read...
Income Tax : Learn how recent amendments to Section 112 of the Income Tax Act impact capital gains tax, including indexation rollback and new t...
Income Tax : Explore how changes in the Finance Act impact tax on long-term and short-term capital gains through revised indexation rates. Insi...
Income Tax : Budget 2024 removes indexation benefits for long-term capital gains on immovable properties, reducing tax rate but increasing the ...
Income Tax : Govt rationalizes long-term capital gains tax, reducing rates to 12.5% and simplifying holding periods. Relief provided for pre-Ju...
Income Tax : Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the...
Income Tax : According to a recent decision of the Mumbai bench of the Income Tax Apellate Tribunal, non-resident companies and individuals are...
Income Tax : Foreign companies cannot be discriminated vis-a-vis Indian firms so far as capital gains tax on securities transaction is concerne...
Finance : Markets have stopped trading for the day as the benchmarks hit another upper circuit Monday as soon as the trade resumed after 2 ...
Income Tax : The Tribunal held that year of acquisition is determined by payment and handing over of possession under Section 2(47)(v), not by ...
Income Tax : The Tribunal found that indexation was wrongly applied from a later year. It held that long-term capital gains must be computed fr...
Income Tax : Delhi HC held that indexation benefit on Long Term Capital Gain for flat sale begins only from the date Builder Buyer Agreement is...
Income Tax : ITAT Mumbai states holding period for capital gains should be computed from the allotment letter date, not the sale agreement regi...
Income Tax : ITAT Chennai dismisses the revenue's appeal in Easwari Sukanya Krishnan Vs. ITO, upholding the indexation benefit as per the juris...
Income Tax : Ministry of Finance announces amendment to Section 48 of the Income-tax Act, 1961, introducing a new cost inflation index effectiv...
Income Tax : The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2...
Income Tax : CBDT notifies Income Tax Cost Inflation Index for Financial Year 2020-21 or Assessment Year 2021-22 vide Notification No. 32/202...
Income Tax : CBDT notifies Cost Inflation Index for Financial Year 2019-20 vide Notification No. 63/2019 dated 12th September, 2019. Cost Infla...
Income Tax : CBDT has vice Notification No. 44/2017 notified Cost Inflation indexes with Base Year as 2001-02 for the Financial Year 2001-02 to...
CBDT has vice Notification No. 44/2017 notified Cost Inflation indexes with Base Year as 2001-02 for the Financial Year 2001-02 to 2017-18 and same are applicable from Financial Year 2017-18.
In order to revise the base year for computation of capital gains, it is proposed to amend section 55 of the Act so as to provide that the cost of acquisition of an asset acquired before 01.04.2001 shall be allowed to be taken as fair market value as on 1st April, 2001 and the cost of improvement shall include only those capital expenses which are incurred after 01.04.2001.
It is proposed to amend section 2 (42A) of the Act so as to reduce the period of holding from the existing 36 months to 24 months in case of immovable property, being land or building or both, to qualify as long term capital asset.
CBDT has notified Cost Inflation Index for Financial Year 2016-17 / Assessment Year 2017-18 at 1125 . Cost Inflation Index for Financial Year 2015-16 was 1081 so there is an increase of 44 in Cost Inflation Index .
Notification No. 60/2015 – Income Tax S.O. (E) – In exercise of the powers conferred by clause(v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India in the
Cost Inflation Index The existing provisions contained in section 48 prescribe the mode of computation of income chargeable under the head “Capital gains”. Clause (v) of the Explanation to the said section defines the term “Cost Inflation Index” (CII) which in relation to a previous year means such index as may be notified by the […]
Inflation eats into your money and reduces its purchasing power. To tackle this, you need to invest in products that beat inflation. Inflation-indexed bonds, due to be floated later this month, may be one such option.
Notification No. 40/2013 – Income Tax S.O. 1464(E) – In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary, vide number S.O. 709(E), dated the 20th August, 1998, namely:-
The indexed cost of acquisition has to be determined with reference to the cost inflation index for the first year in which the capital asset was ‘held by the assessee’. Since the expression ‘held by the assessee’ is not defined under Section 48 of the Act, that expression has to be understood as defined under Section 2 of the Act. Explanation 1(i)(b) to Section 2(42A) of the Act provides that in determining the period for which an asset is held by an assessee under a gift, the period for which the said asset was held by the previous owner shall be included.
Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the Cost Inflation (CII) Index calculator which automatically calculates Indexed cost of your asset. In the calculator You just have to fill the Year of Sale, Year of Purchase , Cost of Purchase/Acquisition/Improvement and Index if sale is made in financial year 2011-12 or later. Cost Inflation Index for financial Year 2011-12 is 785 and for financial year 2012-13 the Index will be announced somewhere in August 2012.
