Income Tax : Learn key tax rulings on Section 54/54F exemptions for property sales, including land size, appurtenant land, property use, and ag...
Income Tax : Capital gain is considered as the gain/profit on sale of property which is arrived at by deducting the Purchase Price from its Sal...
Income Tax : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
Income Tax : The Finance Bill 2025 increases the tax rate to 12.5% on long-term capital gains from securities for Foreign Institutional Investo...
CA, CS, CMA : Understand the tax implications on LTCG of immovable property under Section 112, including holding periods, tax rates, and example...
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Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...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 Bangalore holds LTCG from Market Linked Debentures taxable at 20% under Section 112, rejecting concessional 10% rate under Se...
Income Tax : ITAT Delhi's ruling in Mahavir Prasad Gupta vs. JCIT (AY 1997-98) addresses Section 54F exemption, long-term capital gains, and in...
Income Tax : Bombay HC rules in CIT vs. Nitish Chordia that agricultural land distance must be measured by road, not aerial view, impacting cap...
Income Tax : ITAT Bangalore ruled on the taxability of Transferable Development Rights (TDR) in the case of Smt. Sowmya Sathyan vs. ITO, clarif...
Income Tax : ITAT Pune ruled on capital gains in Smt. Vimal Baburao Jadhav Vs ITO. The Tribunal held Section 50C inapplicable, recalculating LT...
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...
Introduction: Computation of Capital gain has always been a complex provision under the Income-tax Act. New controversies are created dime a dozen merely because the amounts involved are usually large in case of capital gain assessments. A controversy arises where the purchaser of the land makes payment to seller for the land and further makes […]
Mukta Gupta Vs ITO (ITAT Delhi) Conclusion: Long-term capital gains on sale of shares could not be treated as bogus on the reason that the price of these shares had risen manifolds and the reason for astronomical rise was not related to any fundamentals of market. Once the transactions were duly proved by trading from […]
Gain arising on transfer of ESOP options should be taxed as long term capital gains where the holding period was more than 3 years as assessee acquired a valuable and transferable right and the right of share constituted capital assets from the date of grant.
Addition made by AO on the reason that assessee had introduced his own unaccounted money by way of bogus long term capital gain was not correct as AO had not brought any material on record to show that assessee had paid over and above purchase consideration of shares as claimed and evident from the bank account and assessee had produced the relevant record to show the allotment of shares by the company on payment of consideration by cheque.
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.
