Long Term Capital Gain

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

Income Tax - 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of equity oriented fund and units of business trust to be taxed under Sec 112A, as the exemption u/s 10(38) has been withdrawn with effect from 1st April 2018....

Read More

Cost Inflation Index and determination of Capital Gain

Income Tax - 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 […]...

Read More

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....

Read More

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...

Read More

How LTCG tax will affect mutual funds

Income Tax - The Union Budget of 2018-19 has changed the tax treatment of all equity and equity-oriented mutual funds. This change was by way of a 10% tax imposed on any long-term capital gain (LTCG) exceeding Rs 1 lakh a year. Equity mutual funds were exempt from the LTCG tax earlier. Hence, this change has been viewed by investors with some worry....

Read More

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Income Tax - Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new section 112A in the Act, to provide that long term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...

Read More

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...

Read More

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...

Read More

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...

Read More

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...

Read More

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...

Read More

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...

Read More

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...

Read More

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). ...

Read More

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...

Read More

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....

Read More

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....

Read More

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...

Read More

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...

Read More

Recent Posts in "Long Term Capital Gain"

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....

Read More
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 […]...

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
Posted Under: Income Tax |

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 | ,

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...

Read More

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 statement highlighting the payment made [&hell...

Read More

How LTCG tax will affect mutual funds

The Union Budget of 2018-19 has changed the tax treatment of all equity and equity-oriented mutual funds. This change was by way of a 10% tax imposed on any long-term capital gain (LTCG) exceeding Rs 1 lakh a year. Equity mutual funds were exempt from the LTCG tax earlier. Hence, this change has been viewed by investors with some worry....

Read More
Posted Under: Income Tax |

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 gift or will the […]...

Read More

Can allotment letter date be taken as date of acquisition?

Generally, the flat buyers purchase the flats under a letter of allotment and subsequently enter into an agreement for sale after some time. Sometimes the time difference between the letter of allotment and date of agreement is more than one year or it may be in two different financial years. When such flat is sold the issue arises is wha...

Read More
Posted Under: Income Tax |

Draft Notification on Tax on Long Term Capital Gain on Shares

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...

Read More
Posted Under: Income Tax |
Page 1 of 1512345...10...Last »

Browse All Categories

CA, CS, CMA (3,724)
Company Law (3,807)
Custom Duty (6,921)
DGFT (3,658)
Excise Duty (4,127)
Fema / RBI (3,449)
Finance (3,656)
Income Tax (27,216)
SEBI (2,882)
Service Tax (3,352)

Search Posts by Date

June 2018
M T W T F S S
« May    
 123
45678910
11121314151617
18192021222324
252627282930