Income Tax : Section 54B of Income Tax Act provides relief to individuals or HUF who have transferred their agricultural land and wants to inv...
Income Tax : Learn about capital gains exemption on the sale of residential houses under Section 54 of the Income Tax Act, including conditions...
Income Tax : Discover how Section 54 & 54F exemptions extend beyond property owners to include spouses and legal heirs. Explore recent ITAT rul...
Income Tax : Understand the key differences between Section 54 and Section 54F for LTCG exemption through investment in residential property. E...
Income Tax : Discover eligibility, conditions, exemptions, and examples under Section 54 for capital gains on the transfer of residential house...
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Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...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 : In order to curb the practice of declaring unaccounted income as exempt long term capital gain by entering into sham transactions,...
Corporate Law : Relaxations for companies, including start-ups have been provided through changes in various rules notified under Companies Act, 2...
Income Tax : Explore the detailed ITAT Mumbai order analysis of Yogesh P. Thakkar vs DCIT, focusing on disputed long-term capital gains and com...
Income Tax : MP High Court dismisses the Income Tax Dept's appeal against Gopal Tayal, upholding ITAT's decision on alleged bogus penny stock L...
Income Tax : Section 54F amendment restricting exemption to one residential house was prospective, applying only from April 1, 2015 and Violat...
Income Tax : Discover how the Madras High Court ruled on treating multiple flats as a single residential unit under Section 54F. Detailed analy...
Income Tax : Detailed analysis of ITAT Chennai order on Shri Srikanth appeal against the disallowance of Section 54 deductions in the computati...
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...
Income Tax : CBDT has vice Notification No. 44/2017 notified Cost Inflation indexes with Base Year as 2001-02 for the Financial Year 2001-02 to...
PCIT Vs Hardik Bharat Patel (Bombay High Court) CBDT Circular No. 6 of 2016 dated 29.2.2016 with regard to the issue of taxability of surplus on sale of shares and securities, – whether as capital gain or business income in case of long term holdings of shares and securities i.e in excess of 12 months. […]
Conclusion: Claim of assessee for long term capital gains arising on transfer of shares u/s.10(38) was real or sham, required a revisit by AO by considering all the evidences produced by assessee and also, AO should allow the opportunity of cross-examination to check the nature of transaction.
Lakshman M. Charanjiva Vs ITO (ITAT Mumbai) Indexation benefit against the cost of acquisition shall be available to the assessee on the basis of index of the year in which the payments were actually made by the assessee. The payment made up-to the date of agreement i.e. 18/10/2007 shall be indexed by applying the index […]
The Finance Act, 2018, withdrew the exemption for long-term capital gains on the sale of listed equity shares, units of equity oriented mutual fund or business trust, etc., (subject to certain conditions) and subjecting such gains to tax at a concessional rate of 10% under section 112A of the Income-tax Act, 1961 (Act).
Generally, Long term gains arising from sale of equity shares listed in recognized stock exchange were exempt u/s 10(38) but exemption of the same has been withdrawn by the Finance Act,2018 w.e.f Assessment Year 2019-20 and the new section 112A was introduced in the Income-tax Act. Therefore any long term gains arising out of sale […]
When you sell an asset like a stock or mutual fund after a year and in some cases, like Gold, three years – you need to pay long term capital gains tax. Equity- oriented mutual funds (where more than 65% of the holding is equity) do not have to pay long term cap gains tax currently, and neither when the period of holding is over a year . However in both cases, you will pay a Securities Transaction Tax on the sale.
The benefit under section 54EC can be availed of only if there is an income from a capital asset, being long-term in nature. Long-term capital gains are the profit that a person makes when he sells any capital asset (wef A.Y 2019-20, the said long term capital asset shall be land or building or both) which he has held for a period exceeding 24 months. An exception is his holding of shares in which the holding period has been fixed at one year.
Introduction- The topic of taxation of capital gains on real estate transaction under the income tax act is live and ever interesting topic from point of view of all concerned with such taxation. This is one set of provisions in the Act which has raised maximum number of issues of interpretation. In the recent years several amendments have been brought about in the income tax act relating to computation and chargeability of capital gain. Frequent changes have only added to the complexity of an already complicated subject.
Did you know? : If you have made capital gains on a financial transaction, like shares, or property; you will have to pay tax on these gains. Known as capital gains, this tax is charged on profits that are made by selling capital assets.
The issue of short term capital gains (STCG) vs long term capital gains (LTCG) is an ongoing issue. In many of the cases, it is also intertwined with treating such gains as business income. Further, in some of the cases where claims of LTCG have been made, the AOs have treated them as sham transactions and taxed them under Section 69 of the Act, particularly with respect to dealings in penny stocks. The focus of this concept paper has been ke
