Income Tax : ITAT ruled that exemption under Section 54F cannot be denied solely due to missing bills or vouchers, emphasizing the principle of...
Income Tax : Learn about the restoration of indexation benefits for Long-Term Capital Gains (LTCG) in India, including its impact on taxes for ...
Income Tax : Budget 2024 removes indexation benefits for long-term capital gains on immovable properties, reducing tax rate but increasing the ...
Income Tax : The removal of indexation for LTCG under the Finance Bill 2024 introduces complexities. Taxpayers can choose between 12.5% without...
Income Tax : Author attempt a comparative analysis of the taxation of income earned from the Immovable property held for earning Long Term Capi...
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Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...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 : In order to curb the practice of declaring unaccounted income as exempt long term capital gain by entering into sham transactions,...
Income Tax : Summary of ITAT Raipur decision in Satish Agrawal vs. ITO. The case concerns denied exemption under Section 54F of the Income Tax ...
Income Tax : ITAT Mumbai states holding period for capital gains should be computed from the allotment letter date, not the sale agreement regi...
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 : 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...
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 stocks or equity mutual funds.
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.
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 […]
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
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 […]
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 […]
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 what should be the date of acquistion i.e. the date of letter of allotment or date of agreement?
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 of a business trust shall be taxed at 10 per cent of such capital gains exceeding one lakh rupees.
Long Term capital gain and its affect in AY 2019-20
The biggest change implemented this financial year is the reintroduction of the long term capital gains tax on stock market investments. 10% Long Term Capital Gains (LTCG) tax will be imposed on profits exceeding `1 lakh made from the sale of stocks and equity-oriented mutual funds that have been held for over a year.
