Long Term Capital Gain - Page 3

Section 54 & 54F of Income Tax Act-Capital Gains Exemption

Hello readers, Today I will discuss Section 54 & section 54F exemptions in simplified manner as Income tax due dates approaching – Section 54 & section 54F of Income tax Act –deals with exemption from tax on LTCG only if used for purchase or construction of a house with in specified limits. There are similarities […...

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Posted Under: Income Tax |

All about Investment in Equity Shares & Tax planning !

During the time slot of COVID-19 Pandemic record breaking Demat accounts and Trading accounts have been opened in Share Market in India. In the past more and more people use to invest their funds in FDs , Post Offices, Bonds etc. as a traditional method in search of some additional Income, due to increasing inflation […]...

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Posted Under: Income Tax |

Finer points of income tax laws affecting personal taxation

Article discusses Provisions applicable in respect of Life insurance health insurance premium, Provision for deductions for home loan, Different holding periods for qualifying as long term capital asset and for indexation and Provisions of capital gains on listed shares. There are certain provisions under the income tax laws which general...

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Posted Under: Income Tax | ,

Reporting of Capital Gain on Sale of Equity – ITR 2

1. An individual having Capital Gain on sale of Equity is required to file ITR 2. The article discusses the procedure to report Equity Capital Gain in Income Tax Return New Portal. 2. STEP BY STEP PROCEDURE (a) Login to www.incometax.gov.in (b) The path is: – e-file>Income Tax Return > File Income Tax Return. Select: […...

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Posted Under: Income Tax |

Common Error of Logic – Section 112 vs Section 111A vs Section 112A

The Common Error of Logic – Section 112 vs Section 111A vs Section 112A of Income Tax Act, 1961. One may consider the following simple scenario of an income tax calculation. Resident Senior Citizen <- FY 2020-21 (AY 2021-22) Particulars Amount (Rs.) Pension Income 3,56,676 Interest Income from Bank FDRs 86,198 Section 111A Income...

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ITAT deletes addition for alleged Bogus LTCG on Penny Stock

Shri Sanjay Singal Vs DCIT (ITAT Chandigarh)

Shri Sanjay Singal Vs DCIT (ITAT Chandigarh) Addition of Rs. 61.86 Crore in 9 Appeals on Account of Bogus Long Term Capital Gain U/S 10(38) Claimed Deleted on Facts of Alleged Penny Scrip of PIL (Praneta Industries Ltd) and Revenue Rule 29 Application Containing Fir Filed by ED Against Companies of Bhushan Group & Statement […]...

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Share Capital Reduction – The Income Tax Angle

In the recent past, a few companies like Syngenta India Limited, Atlas Copco, etc. have, after their delisting from the stock exchanges, followed the Sec 66 of Companies Act, 2013 route to selectively reduce their non-promoter capital and provide a means of exit to minority shareholders.[1] Sec 66 allows a company to distinguish between s...

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Posted Under: Income Tax |

Section 48 in summarized form – Reduction in case of Computation of Capital Gain

Section 48 Mode of computation. The income chargeable under the head “Capital gains” shall be computed, by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely :— (i) expenditure incurred wholly and exclusively in connection wit...

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Posted Under: Income Tax |

LTCG on Sale of Shares : ITAT Grants stay to Mauritius based company

Blackstone FP Capital Partners Mauritius V Limited Vs DCIT (ITAT Mumbai)

Blackstone FP Capital Partners Mauritius V Limited Vs DCIT (ITAT Mumbai) Undoubtedly, the core issue arising for consideration in the corresponding appeal of the assessee is, whether the long term capital gain arising out of sale of shares of an Indian company would be taxable in India. It is the stand of the assessee that […]...

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LTCG cannot be treated as Bogus merely on information from investigation wing

Jayesh Shantilal Vira Vs ACIT (ITAT Mumbai)

Jayesh Shantilal Vira Vs ACIT (ITAT Mumbai) Addition u/s 10(38) on alleged bogus Long Term Capital Gain (LTCG) deleted where no further verification made by AO except solely reliance on information from investigation wing. ITAT held that the long term capital gain on the sale of shares of M/s. Blue Circle Services Ltd. is not […]...

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