Long Term Capital Gain

Importance of 31st January, 2018 for the Share Market!

Income Tax - Arjuna, This year the Budget suggests certain changes relating to Income tax. One of the important changes among that is Long Term Capital Gain on equity shars or equity oriented mutual funds. ...

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Is There Any Way-out To Escape LTCG Tax Which Is Applicable From 1st April, 2018?

Income Tax - Budget 2018 gave sudden shock to the big players in stock market. From April 1, 2018, long term capital gain arising from the sale of shares or equity mutual fund schemes held for over one year and above Rs. 1 Lakh will be taxable @ 10%. Let’s understand in a comparative manner. Scenario pre Budget […]...

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Bias against assesses or manufacture – LTCG in budget 2018 & the premature FAQ

Income Tax - 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....

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Section 112A LTCG ON Equity Share Or Units Of Equity Oriented Mutual Fund Or Units Of Business Trust FROM 01.04.2018

Income Tax - 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....

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Budget 2018: Double Clampdown, Is It Fair?

Income Tax - 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...

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Draft notification to stop misuse of long term capital gain exemption

Income Tax - In order to curb the practice of declaring unaccounted income as exempt long term capital gain by entering into sham transactions, the Finance Act, 2017 amended the provisions of section 10 (38) of the Act to provide that exemption under this section for income arising on transfer of equity share acquired or on after 1st day of October, 2...

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Misuse of Long Term Capital gain tax exemption for money laundering

Income Tax - Investments are made in the secondary share markets with a view to capturing gains. In this market, out of nearly 8,000 listed companies, several scrips are not traded regularly. With the collusion of promoters, some brokers arrange for price(s) with purchase of such scrips at nominal costs, and sales at exorbitant prices, with a view t...

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DTC: Jewellery, works of art, property to qualify as long-term investments even if held for a year

Income Tax - The Supreme Court will hear on September 10 the impleadment petition filed by the Forex Derivatives Consumers Forum along with the Special Leave Petition filed by Fixed Income Money Market and Derivatives Association of India (FIMMDA). Forex Derivatives Consumers Forum is a registered association of exporters from across the country, a ma...

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Existing taxation provision of Long term capital gains may continue in DTC

Income Tax - The government is likely to maintain the distinction between short term and long-term capital gains to encourage long-term savings, as it deliberates the draft direct taxes code. The finance minister said in his Budget speech that the new direct taxes law could be rolled out from April 1, 2011. The government is veering around to the view...

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Bonus stripping under the Income tax lens

Income Tax - After taxing investors for dividend stripping, the Income Tax (I-T) Department is gearing up to tax bonus stripping. Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax....

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Set off of LTCG on sale of Land against Loss on off-market sale of shares

ACIT (OSD) Vs. Deepakbhai N. Parikh (ITAT Ahmedabad) - By adopting tax planning, long-term loss on sale of shares suffered by assessee on off-market sale transactions can legitimately be adjusted against long-term capital gains on sale of land....

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Benefit of concessional tax rate on depreciable Assets cannot be denied if held for more than 3 Years

Dy. CIT Vs Eveready Industries India Ltd. (ITAT Kolkata) - This is an appeal filed by the revenue against the order of learned Commissioner (A)-9, Kolkata dated 24-11-2015 for assessment year 2006-07....

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Section 54/ 54F: no requirement of investment in new residential house in India prior to 01/04/2015

Income Tax Officer Vs Mr. Nishant Lalit Jadhav (ITAT Mumbai) - Undoubtedly, prior to the amendment made by Finance (Nos.2) Act, 2014 w.e.f. 01/04/2015, the language of section 54 of the Act required the assessee to invest the capital gain in a residential property....

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Gain on sale of Shares held for 16 years as investment cannot be treated as business income

The Commissioner Of Income Tax Vs M/S Jindal Poly Films Ltd. (Allahabad High Court) - The Government of India Ministry of Finance Department of Revenue vide Circular No. 6 of 2016 of the Central Board of Direct Taxes 29th February, 2016 referring to the earlier circular No. 4 of 2009 dated 15th June, 2007 has laid down that in order to reduce litigation, the sale of listed shares wou...

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Exemption U/s. 54 cannot be denied for investment in joint name

Shri Jitendra V Faria Vs. ITO (ITAT Mumbai) - 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....

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24 FAQs on Taxation of Long Term Capital Gain on Shares

F.No. 370149/20/2018-TPL - (04/02/2018) - Since the introduction of the Finance Bill, 2018 on 1st February, 2018, several queries have been raised in different fora on various issues relating to the proposed new tax regime for taxation of long-term capital gains. The responses to these queries are provided below....

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CBDT notifies Cost Inflation indexes with Base Year as 2001-02

Notification No. 44/2017-Income Tax - (05/06/2017) - 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....

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CBDT notifies Cost Inflation Index for Financial Year 2015-16

Notification No. 60/2015 - Income Tax - (24/07/2015) - 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...

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No capital Gain on Rollover/Extension of Fixed Maturity Plans (FMPs) in same scheme

Circular No. 6/2015-Income Tax - (09/04/2015) - CIRCULAR NO. 6/2015, Dated: April 9, 2015 no capital gains will arise at the time of exercise of the option in the case of Fixed Maturity Plans (FMPs) by the investor to continue in the same scheme. The capital gains will, however, arise at the time of redemption of the units or opting of the scheme...

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Recent Posts in "Long Term Capital Gain"

Set off of LTCG on sale of Land against Loss on off-market sale of shares

ACIT (OSD) Vs. Deepakbhai N. Parikh (ITAT Ahmedabad)

By adopting tax planning, long-term loss on sale of shares suffered by assessee on off-market sale transactions can legitimately be adjusted against long-term capital gains on sale of land....

Read More

Importance of 31st January, 2018 for the Share Market!

Arjuna, This year the Budget suggests certain changes relating to Income tax. One of the important changes among that is Long Term Capital Gain on equity shars or equity oriented mutual funds. ...

Read More
Posted Under: Income Tax |

Is There Any Way-out To Escape LTCG Tax Which Is Applicable From 1st April, 2018?

Budget 2018 gave sudden shock to the big players in stock market. From April 1, 2018, long term capital gain arising from the sale of shares or equity mutual fund schemes held for over one year and above Rs. 1 Lakh will be taxable @ 10%. Let’s understand in a comparative manner. Scenario pre Budget […]...

Read More
Posted Under: Income Tax |

Bias against assesses or manufacture – LTCG in budget 2018 & the premature FAQ

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....

Read More
Posted Under: Income Tax |

Benefit of concessional tax rate on depreciable Assets cannot be denied if held for more than 3 Years

Dy. CIT Vs Eveready Industries India Ltd. (ITAT Kolkata)

This is an appeal filed by the revenue against the order of learned Commissioner (A)-9, Kolkata dated 24-11-2015 for assessment year 2006-07....

Read More

Section 112A LTCG ON Equity Share Or Units Of Equity Oriented Mutual Fund Or Units Of Business Trust FROM 01.04.2018

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....

Read More
Posted Under: Income Tax |

Budget 2018: Double Clampdown, Is It Fair?

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...

Read More
Posted Under: Income Tax |

LTCG as per Finance Bill 2018

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....

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Posted Under: Income Tax |

Taxability of Long Term Capital Gain on Listed Equity Shares, Units of Mutual Fund (Proposed Provision of Union Budget 2018 )

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....

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Posted Under: Income Tax |

Views on reintroduced tax on long-term capital gains and issues arising therefrom

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)....

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Posted Under: Income Tax |
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