Income Tax : The new law treats gains from depreciable assets as short-term capital gains for all purposes, not merely for computation. This ef...
Income Tax : The case explains how salary income is computed on a gross basis with only specific deductions permitted. It clarifies the scope o...
Income Tax : The issue concerns when capital gains become taxable under the law. The framework clarifies that gains are taxed in the year of tr...
Income Tax : The Finance Act 2023 introduced a 12.5% LTCG tax without indexation as an alternative to 20% with indexation. Taxpayers must compa...
Income Tax : When a resident buys unlisted shares from a non-resident, TDS must be deducted on gross consideration under Section 195, subject t...
Income Tax : Govt rationalizes long-term capital gains tax, reducing rates to 12.5% and simplifying holding periods. Relief provided for pre-Ju...
Corporate Law : Finance Ministry's new capital gains tax: Short-term gains at 20%, long-term at 12.5%. Exemption limit raised to ₹1.25 lakh for ...
Income Tax : 4 Major Tax Exemptions to Startups includes Income Tax Exemption on profits under Section 80-IAC of Income Tax (IT) Act, Tax Exemp...
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 t...
Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...
Income Tax : ITAT Ahmedabad held that delivery-based share transactions shown as investments in books could not be treated as business income w...
Income Tax : ITAT Delhi ruled that the holding period for capital gains purposes began from the date of full payment and transfer of possession...
Income Tax : The ITAT Ahmedabad held that reassessment under Section 147 was invalid because the Assessing Officer reopened the case for fictit...
Income Tax : The ITAT Surat held that abnormal price rise in a penny stock and surrounding circumstances justified treating claimed LTCG as une...
Income Tax : The ITAT Ahmedabad held that a demolished and uninhabitable structure could not be treated as a residential house for Section 54F ...
Income Tax : Ministry of Finance announces amendment to Section 48 of the Income-tax Act, 1961, introducing a new cost inflation index effectiv...
Income Tax : The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2...
Income Tax : There was a report in certain section of media that stock traders/day traders are required to furnish scrip wise details in the re...
Income Tax : CBDT notifies Income Tax Cost Inflation Index for Financial Year 2020-21 or Assessment Year 2021-22 vide Notification No. 32/202...
Income Tax : Since the introduction of the Finance Bill, 2018 on 1st February, 2018, several queries have been raised in different fora on vari...
1. Further to the article Capital Gain Tax Exemption on Residential Property: Land Mark Judgment PART A, This article delves into landmark judgments clarifying capital gains tax exemptions and related provisions under the Income Tax Act, 1961. Key rulings include the Mumbai Tribunal’s decision in Abdul Nayab Sheik v. ITO (2024), where it was held […]
ITAT Ahmedabad rules that cost of improvement to make a house livable qualifies for capital gains deduction. Penalty on disallowed expenses also canceled.
Explore landmark judgments on capital gain tax exemptions under Sections 54 and 54F of the Income Tax Act. Key highlights from ITAT and High Court cases explained.
Govt rationalizes long-term capital gains tax, reducing rates to 12.5% and simplifying holding periods. Relief provided for pre-July 2024 property gains.
Learn about capital gain exemptions for investing in multiple residential units under Section 54F, with case law insights on eligibility and conditions.
“ITAT Jodhpur rules Bitcoin gains as long-term capital gains (LTCG) and allows Section 54F deduction for AY 2021-22. Read the detailed judgment highlights.”
Summary: As per the Finance Act 2024, the long-term capital gains (LTCG) tax on listed securities has been raised from 10% to 12.5% for transactions carried out from the assessment year 2024-25. This change applies to securities like listed shares and equity-oriented mutual funds. For the assessment year 2024-25, the exemption limit for LTCG on […]
Analysis of ITAT Kolkata’s ruling in Usha Devi Modi vs ITO on Section 263 of the Income Tax Act, addressing capital gains on penny stocks and revisionary jurisdiction.
ITAT Kolkata rules in Shashi Bala Bajaj vs ITO that LTCG addition based on generalized reports, suspicion, and conjectures is not sustainable.
ITAT Mumbai upholds long-term capital gains legitimacy in Bhavna Lalit Jain’s appeal, reversing earlier AO additions and clarifying tax treatment.
