Long Term Capital Gain

All about Section 54, 54B, 54D, 54F, 54GA, 54EC, 54G & 54GB

Income Tax - Article Explains all about Section 54, Section 54B, Section 54D, Section 54G/ 54GA in case of shifting to SEZ, Section 54EC, Section 54F and Section 54GB...

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Capital Gains Accounts Scheme – How to open / Tax Benefits

Income Tax - Capital gains arise when the consideration received on transfer or sale of a property is more than its indexed cost. The amount of capital gains that is not appropriated by an assessee towards the purchase of another property before one year from the date of transfer or within two year from the date of transfer of the original property...

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Tax on sale of under construction property

Income Tax - In case you sale a property booked by you before you you take the possession, the profits made on such sale will depend on the time interval between your date of booking the property and the date of agreement to transfer your right in the under construction property. In case the interval is not more than 24 months, the profits so made sh...

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Cryptocurrencies: Tax Implication

Income Tax - Cryptocurrency is digital money. It is considered to be more secure that the real money. Cryptocurrency uses something called cryptography to secure its transactions. Cryptography, to put it in simple words is a method of converting comprehensible data into complicated codes which are tough to crack. ...

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Taxation of Income of Unit Holders of Business Trust

Income Tax - The ‘Concept of Business Trust in India’ was introduced vide the Finance Act’2014. The business trusts operate as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). At present, there are only InvITs registered in India, the first REIT is yet to pave its way. Practically the concept was implemented i...

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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Income Tax - Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new section 112A in the Act, to provide that long term capital gains arising from transfer of a long-term capital asset being an equity share in a company or a unit of an equity oriented fund or a unit o...

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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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Even part performance of contract in case of JDA attracts capital gain tax

K. Vijaya Lakshmi Vs Asst. Commissioner of Income Tax (ITAT Hyderabad) - These are two appeals by two assessees against the orders of the Commissioner of Income Tax (Appeals)-5, Hyderabad, for the AY. 2009-10. Since common issues are involved in both of these appeals, these are heard together and decided by this common order...

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Mere allegation by investigation dept not sufficient to prove Bogus Capital gains from penny stocks

Meenu Goel Vs ITO (ITAT Delhi) - Meenu Goel Vs ITO (ITAT Delhi) The assessee has submitted various documentary evidences to prove the genuineness of the transaction of sale and purchase of shares which includes a copy of purchase bill dated 22.02.2010; a copy of share transfer form in the favour of the assessee; Copy of bank statem...

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Cost inflation index in case of Property inherited from previous owner

ITO Vs Pritendra C. Jhaveri (ITAT Mumbai) - ITO Vs Pritendra C. Jhaveri (ITAT Mumbai) Since the expression ‘held by the assessee’ is not defined under section 48, the same has to be understood as defined under Explanation 1(i)(b) to section 2(42A) which provides that in determining the period for which an asset is held by assessee under a...

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Even Part Performance is ‘Transfer’ for attracting Capital Gain

M/s Mangilall Estates (P) Ltd. Vs. DCIT (ITAT Kolkata) - Under section 2(47)(v ) any transaction involving allowing of possession to be taken over or retained in part performance of a contract of the nature referred to in section 53A of the 1882 Act would come within the ambit of section 2(47)(v). ...

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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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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"

All about Section 54, 54B, 54D, 54F, 54GA, 54EC, 54G & 54GB

Article Explains all about Section 54, Section 54B, Section 54D, Section 54G/ 54GA in case of shifting to SEZ, Section 54EC, Section 54F and Section 54GB...

Read More
Posted Under: Income Tax |

Capital Gains Accounts Scheme – How to open / Tax Benefits

Capital gains arise when the consideration received on transfer or sale of a property is more than its indexed cost. The amount of capital gains that is not appropriated by an assessee towards the purchase of another property before one year from the date of transfer or within two year from the date of transfer of the original property...

Read More
Posted Under: Income Tax |

Tax on sale of under construction property

In case you sale a property booked by you before you you take the possession, the profits made on such sale will depend on the time interval between your date of booking the property and the date of agreement to transfer your right in the under construction property. In case the interval is not more than 24 months, the profits so made sh...

Read More
Posted Under: Income Tax |

Cryptocurrencies: Tax Implication

Cryptocurrency is digital money. It is considered to be more secure that the real money. Cryptocurrency uses something called cryptography to secure its transactions. Cryptography, to put it in simple words is a method of converting comprehensible data into complicated codes which are tough to crack. ...

Read More
Posted Under: Income Tax |

Taxation of Income of Unit Holders of Business Trust

The ‘Concept of Business Trust in India’ was introduced vide the Finance Act’2014. The business trusts operate as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). At present, there are only InvITs registered in India, the first REIT is yet to pave its way. Practically the concept was implemented i...

Read More
Posted Under: Income Tax |

Capital Gain – All you want to know

Computation of capital gain depends upon the nature of the capital asset transferred during the previous year, vis-à-vis, short-term capital asset, long-term capital asset or depreciable asset. Capital gain arising on transfer of short-term capital asset or depreciable asset is considered as short-term capital gain, whereas transfer of l...

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Posted Under: Income Tax |

Budget 2018 LTCG Tax of 10% on Stocks and Mutual Funds

After Budget 2018 LTCG TAX has raised a lot of question in the minds of an equity investor, an Existing investor who has been able to invest in equities for a long time is still not aware of the actual calculations in LTCG TAX on their investments. Investor assuming that they will have to pay 10% tax on the actual capital gain on sale of ...

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Posted Under: Income Tax |

Long Term Capital Gains on shares, etc with effect from AY 2019-20

Long Term Capital Gains on transfer of equity shares, units of equity oriented fund and units of business trust to be taxed under Sec 112A, as the exemption u/s 10(38) has been withdrawn with effect from 1st April 2018....

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Posted Under: Income Tax |

Cost Inflation Index and determination of Capital Gain

How does Cost Inflation Index determine the quantum of Capital Gains? Section 45 of Income Tax Act says any profit and gain arisen on Transfer of a Capital Asset shall be chargeable to Income Tax under the Head Capital Gain. Section 48 lays down the Method of computation of Capital Gain. Sale Consideration Received on […]...

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Posted Under: Income Tax |

Section 54- Exemption from Capital Gain arising on Transfer of House

A person wanted to shift his residence due to certain reason, hence, he sold his old house and from the sale proceeds he purchased another house. In this case the objective of the seller was not to earn income by sale of old house but to acquire another suitable house....

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Posted Under: Income Tax |
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