Long Term Capital Gain

Tax on Long Term Capital Gain under Income Tax Act, 1961

Income Tax - The Article Discusses about Tax Treatment of Long Term Capital Gain arising from Transfer of Capital Assets under Income Tax Act, 1961. Articles discusses Meaning of Capital Assets, What Constitutes a Capital and what is not a capital Asset, How to Apply Indexation Provisions, Period for Computation of Long Term Capital Asset, Tax on lon...

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

Income Tax - 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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Section 54B Exemption on Capital Gains from Transfer of Agricultural Land

Income Tax - The Articles discusses about Basic conditions, Exemption Under Section 54B of Income Tax Act, 1961 available to Individual and HUF against Capital Gain Arising from Transfer of Agricultural Land by investment of Capital Gain amount in another land or in Capital Gains Deposit Account Scheme....

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Capital Gain – All you want to know

Income Tax - 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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Deduction under section 54EC on Capital Gain

Income Tax - 54EC bonds, or capital gain bonds, are the best way to save long-term capital gain tax. 54EC bonds are specifically meant for investors earning capital gain and would like tax exemption on these gains. The tax deduction is available under section 54EC of the Income Tax Act. 54EC does not allow any tax exemption on […]...

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4 Major Tax Exemptions to Startups

Income Tax - 4 Major Tax Exemptions to Startups includes Income Tax Exemption on profits under Section 80-IAC of Income Tax (IT) Act, Tax Exemption on Investments above Fair Market Value, Introduction of Section 54EE in the Income Tax Act, 1961 and Amendment in Section 54GB of the Income-tax Act....

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Scrip wise details of long term capital gains in ITR is Optional: CBDT

Income Tax - Schedule 112A and 115AD(1)(iii) of long term capital gain are provided in the Income Tax Return software as per the Instructions to the Notified ITR form and based on taxpayer feedback. Taxpayers have an option to either enter the Scrip wise details of long term capital gains in Schedule 112A and 115AD(1)(iii) so that the […]...

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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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Steps by MCA & DIPP to promote startup India programme

Income Tax - Relaxations for companies, including start-ups have been provided through changes in various rules notified under Companies Act, 2013, and include following...

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ITAT deletes addition for Bogus LTCG for Violation of principles of natural justice by AO

Anjana Sandeep Rathi Vs ACIT (ITAT Mumbai) - Anjana Sandeep Rathi Vs ACIT (ITAT Mumbai) The authorities below have not doubted the documentary evidence produced by the assessee to prove the genuineness of the transaction of sale and purchase of the shares in question. Further, the authorities below have not pointed out any evidence on record t...

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LTCG cannot be treated as Bogus merely on information from investigation wing

Jayesh Shantilal Vira Vs ACIT (ITAT Mumbai) - Jayesh Shantilal Vira Vs ACIT (ITAT Mumbai) Addition u/s 10(38) on alleged bogus Long Term Capital Gain (LTCG) deleted where no further verification made by AO except solely reliance on information from investigation wing. ITAT held that the long term capital gain on the sale of shares of M/s. Blue ...

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ITAT deletes addition for LTCG made without Independent Verification

Anusmriti Sarkar Vs ITO (ITAT Mumbai) - Anusmriti Sarkar Vs ITO (ITAT Mumbai) LTCG From Kailash Auto Finance Scrip Deleted When AO Made Addition On Surmises On Mere Report Of Investigation Wing Without Independent Verification. The undisputed facts are that the assessee has earned a capital gain of Rs.1,01,71,119/- on the sale of scripts ...

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Loss arising from exempt source income u/s 10(38) held allowable to be set-off or carried forward

Shiv Kumar Jatia Vs ITO (ITAT Delhi) - The main issue in this appeal is whether loss from sale of long term capital share on which security transaction tax has been paid should be allowed to be carried forward for set off even though the income from such transfer of long term capital asset is exempt u/ s 10 (38)....

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AO cannot treat LTCG as Bogus by treating a company as penny stock company without any evidence

ITO Vs Shivani Gupta (ITAT Delhi) - ITO Vs Shivani Gupta (ITAT Delhi) The A.O. in this case noted that assessee has sold the shares of Shilpi Cable Technologies Ltd., and claimed exempt under section 10(38) of the I.T. Act of the impugned amount. The A.O. merely declared this company to be penny stock company without bringing any evid...

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No requirement of scrip wise reporting for listed shares in ITR

Release ID: 1659412 - (26/09/2020) - There was a report in certain section of media that stock traders/day traders are required to furnish scrip wise details in the return of income for AY 2020-21. The gain from share trading in case of stock traders or day traders is generally categorised as short-term capital gains or business income...

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Cost Inflation Index for Financial Year 2020-21- CBDT Notifies

Notification No. 32/2020-Income Tax [S.O. 1879(E)] - (12/06/2020) - CBDT notifies Income Tax Cost Inflation Index for Financial Year 2020-21 or Assessment Year 2021-22 vide  Notification No. 32/2020-Income Tax dated 12th June 2020 at 301. Cost Inflation Index helps taxpayer calculation his Long Term Capital Gain on sale of Long Term Capital Assets. Also Read-Cost I...

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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 [S.O. 1790(E)] - (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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Recent Posts in "Long Term Capital Gain"

ITAT deletes addition for Bogus LTCG for Violation of principles of natural justice by AO

Anjana Sandeep Rathi Vs ACIT (ITAT Mumbai)

Anjana Sandeep Rathi Vs ACIT (ITAT Mumbai) The authorities below have not doubted the documentary evidence produced by the assessee to prove the genuineness of the transaction of sale and purchase of the shares in question. Further, the authorities below have not pointed out any evidence on record to hold that the assessee has obtained [&...

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LTCG cannot be treated as Bogus merely on information from investigation wing

Jayesh Shantilal Vira Vs ACIT (ITAT Mumbai)

Jayesh Shantilal Vira Vs ACIT (ITAT Mumbai) Addition u/s 10(38) on alleged bogus Long Term Capital Gain (LTCG) deleted where no further verification made by AO except solely reliance on information from investigation wing. ITAT held that the long term capital gain on the sale of shares of M/s. Blue Circle Services Ltd. is not […]...

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ITAT deletes addition for LTCG made without Independent Verification

Anusmriti Sarkar Vs ITO (ITAT Mumbai)

Anusmriti Sarkar Vs ITO (ITAT Mumbai) LTCG From Kailash Auto Finance Scrip Deleted When AO Made Addition On Surmises On Mere Report Of Investigation Wing Without Independent Verification. The undisputed facts are that the assessee has earned a capital gain of Rs.1,01,71,119/- on the sale of scripts namely M/s. Surabhi Chemical and Investm...

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Tax on Long Term Capital Gain under Income Tax Act, 1961

The Article Discusses about Tax Treatment of Long Term Capital Gain arising from Transfer of Capital Assets under Income Tax Act, 1961. Articles discusses Meaning of Capital Assets, What Constitutes a Capital and what is not a capital Asset, How to Apply Indexation Provisions, Period for Computation of Long Term Capital Asset, Tax on lon...

Read More
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....

Read More

Section 54B Exemption on Capital Gains from Transfer of Agricultural Land

The Articles discusses about Basic conditions, Exemption Under Section 54B of Income Tax Act, 1961 available to Individual and HUF against Capital Gain Arising from Transfer of Agricultural Land by investment of Capital Gain amount in another land or in Capital Gains Deposit Account Scheme....

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...

Read More
Posted Under: Income Tax |

Deduction under section 54EC on Capital Gain

54EC bonds, or capital gain bonds, are the best way to save long-term capital gain tax. 54EC bonds are specifically meant for investors earning capital gain and would like tax exemption on these gains. The tax deduction is available under section 54EC of the Income Tax Act. 54EC does not allow any tax exemption on […]...

Read More
Posted Under: Income Tax |

Taxation of Capital Gain in India – FAQs

What incomes are charged to tax under the head Capital Gains? Ans: Any profit or gain arising from transfer of a capital asset during the year is charged to tax under the head Capital Gains.​...

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Posted Under: Income Tax | ,

No Idea about Capital Gain Tax but Property Under Redevelopment? Here’s all you Need to Know!!

No Idea about Capital Gain Tax but Property Under Re-Development? Here’s all you Need to Know!! The Finance Act, 2017 inserted a new sub-section 5A in section 45 which deals with the capital gain in case of re-development of any land or building or both. But first, let us understand the meaning of capital gain […]...

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Posted Under: Income Tax |

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