Long Term Capital Gain

8 Major Changes in respect of Income tax for FY 2018-19

Income Tax - The biggest change implemented this financial year is the reintroduction of the long term capital gains tax on stock market investments. 10% Long Term Capital Gains (LTCG) tax will be imposed on profits exceeding `1 lakh made from the sale of stocks and equity-oriented mutual funds that have been held for over a year. ...

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Taxability of LTCG on transfer of shares & budget 2018 implications

Income Tax - Capital gains taxation has always been a contentious issue drawing the attention of Finance Minister in every Budget, with this year not being an exception. So Friends in today’s blog we are going to cover the taxation of LONG TERM CAPITAL GAIN (LTCG) arising from sale of listed shares as well as proposed amendment in […]...

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Bonus Shares and its impact on taxability of Individual

Income Tax - We know that making investment in securities / shares is one of the common investment avenue available to an individual in addition to making fixed deposits, purchasing land or building etc. In shares, bonus shares are often issued by the company. Bonus shares are used by the company as one of the method of capitalizing […]...

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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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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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Reference to DVO can be made only if AO think that value claimed in registered valuer’s report was less than FMV

Royal Calcutta Turf Club Vs. DCIT (ITAT Kolkata) - Reference made to DVO under section 55A on the ground that value declared by assessee, as per Government registered valuer’s report was more than FMV, was not justified as AO could make reference to DVO only when he was of the opinion that value claimed in the registered valuer’s report was less...

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Revenue cannot treat LTCG as STCG on the ground that assessee deliberately waited for lapse of 36 months

Micheal Jude Fernandes Vs. ACIT (ITAT Mumbai) - The objection of the revenue that the assessee intentionally waited for mechanical lapse of 36 months and deliberately put the date on agreement as 18-11-2009 to avoid the payment of tax is not tenable. ...

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ITAT upheld tax on LTCG on sale of shares for substantial price hike in short time

Sanjay Bimalchand Jain L/H Shantidevi Bimalchand Jain Vs. Pr. CIT, Nagpur & Anr. (Bombay High Court At Nagpur Bench) - ITAT held that fantastic sale price was not at all possible as there was no economic or financial basis as to how a share worth Rs. 5 of a little known company would jump from Rs. 5 to Rs. 485. AO was justified in denying exemption under section 10(38) to assessee, being fantastic sale price was not...

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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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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"

8 Major Changes in respect of Income tax for FY 2018-19

The biggest change implemented this financial year is the reintroduction of the long term capital gains tax on stock market investments. 10% Long Term Capital Gains (LTCG) tax will be imposed on profits exceeding `1 lakh made from the sale of stocks and equity-oriented mutual funds that have been held for over a year. ...

Read More
Posted Under: Income Tax |

Reference to DVO can be made only if AO think that value claimed in registered valuer’s report was less than FMV

Royal Calcutta Turf Club Vs. DCIT (ITAT Kolkata)

Reference made to DVO under section 55A on the ground that value declared by assessee, as per Government registered valuer’s report was more than FMV, was not justified as AO could make reference to DVO only when he was of the opinion that value claimed in the registered valuer’s report was less than the fair market value....

Read More

Taxability of LTCG on transfer of shares & budget 2018 implications

Capital gains taxation has always been a contentious issue drawing the attention of Finance Minister in every Budget, with this year not being an exception. So Friends in today’s blog we are going to cover the taxation of LONG TERM CAPITAL GAIN (LTCG) arising from sale of listed shares as well as proposed amendment in […]...

Read More
Posted Under: Income Tax |

Bonus Shares and its impact on taxability of Individual

We know that making investment in securities / shares is one of the common investment avenue available to an individual in addition to making fixed deposits, purchasing land or building etc. In shares, bonus shares are often issued by the company. Bonus shares are used by the company as one of the method of capitalizing […]...

Read More
Posted Under: Income Tax |

Revenue cannot treat LTCG as STCG on the ground that assessee deliberately waited for lapse of 36 months

Micheal Jude Fernandes Vs. ACIT (ITAT Mumbai)

The objection of the revenue that the assessee intentionally waited for mechanical lapse of 36 months and deliberately put the date on agreement as 18-11-2009 to avoid the payment of tax is not tenable. ...

Read More

ITAT upheld tax on LTCG on sale of shares for substantial price hike in short time

Sanjay Bimalchand Jain L/H Shantidevi Bimalchand Jain Vs. Pr. CIT, Nagpur & Anr. (Bombay High Court At Nagpur Bench)

ITAT held that fantastic sale price was not at all possible as there was no economic or financial basis as to how a share worth Rs. 5 of a little known company would jump from Rs. 5 to Rs. 485. AO was justified in denying exemption under section 10(38) to assessee, being fantastic sale price was not at all possible in such a short time....

Read More

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....

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Posted Under: Income Tax |
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