Income Tax : PGBP governs the computation of business and professional income. It defines chargeable income (Sec. 28, 41) including statutory a...
Income Tax : Section 50C: For property sales, if the sale price is lower than the value assessed by Stamp Valuation Authority, that value is co...
Income Tax : Learn about tax implications for sellers and buyers of immovable property. Understand capital gains, stamp duty, tax withholding, ...
Income Tax : Understand how Sec 50C & 43CA of Income Tax Act affect taxation of immovable property sales. Learn about capital gains, business i...
Income Tax : Understanding double taxation on the sale of unquoted shares in India. Learn about the implications and requirements under the Inc...
Income Tax : Representation for widening the scope of benefit in case of difference in agreement price and Circle Rate of property is upto 20 p...
Income Tax : Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May...
Income Tax : ITAT Mumbai held that CIT(A) cannot enhance income by introducing a new issue not examined by the Assessing Officer. The ruling cl...
Income Tax : The case examined whether minor valuation differences can trigger taxation under Section 56(2)(x). ITAT held that differences with...
Income Tax : ITAT Pune held that reopening of assessment under section 148 of the Income Tax Act based on audit objection is merely change of o...
Income Tax : ITAT held that vacant unsold flats attract tax on notional rent under house property. The key takeaway is that ownership triggers ...
Income Tax : The tribunal set aside excessive addition by recognizing both the allotment agreement and joint ownership. It directed proportiona...
Income Tax : In order to boost demand in the real-estate sector and to enable the real-estate developers to liquidate their unsold inventory at...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
Real Estate Sector needs a bigger dose of corrective measures and concessions to bring out this sector from the red. One of the Demands of the Real Estate Sector is to Suspend Section 43CA & Section 56 (x) of the Income Tax Act.
Time to Revisit Section 50C/43CA/56(2) of Income Tax Act concerning Adoption of Circle Rates for Computation of Capital Gain/Business Profits/Income from Other Sources on Land & Building!! The Finance Act 2002 has introduced a new section 50C with effect from 1-4-2003, for the purpose of computation of capital gains in real estate transactions, in the […]
There are various provisions in the Act which prohibit cash transactions and allow/encourage payment or receipt only through account payee cheque, account payee draft or electronic clearing system through a bank account. Section 13A of the Act requires a political party to receive donation exceeding rupees two thousand only through an account payee cheque or […]
Union Budget 2019 – New Finance Minister Smt. Nirmala Sitharaman’s first budget after the huge and unprecedented electoral win of Sh. Narendra Modi Government has the backing of a mammoth public mandate and as such is expected to be a reform oriented budget and not a populist one. However, along with the bold and reform […]
Bombay Chartered Accountants’ Society has made a Representation on ‘Suggestions for Amendments in the Income Tax Act’, on 24th May, 2019, to the Joint Secretary TPL, Central Board of Direct Taxes, Ministry of Finance, Government of India.
Explore Amar Das’ ITAT case. Section 50C, capital gains clarified. Rs. 43,22,878 addition overturned. Get insights on tax implications.
Article discusses Income Tax impact of union Budget 2018 on Deemed Income arising on sale/ purchase of immovable property under Section 50C, Section 56 and Section 43CA.
Rationalization of section 43CA, section 50C and section 56. At present, while taxing income from capital gains (section 50C), business profits (section 43CA) and other sources (section 56) arising out of transactions in immovable property, the sale consideration or stamp duty value, whichever is higher is adopted. The difference is taxed as income both in the hands of the purchaser and the seller.
Taxation whether direct or indirect in real estate sector always been a very critical issue due to different nature of this sector. In the recent past, there has been made lots of various provisions in the different tax laws to bring various activities, income, charges or fee etc. under tax regime.
(A) Concept of Stamp Duty Value- It should be noted that the Stamp Duty Basis Valuation is applicable only in the transactions pertaining to Immoveable Property in the Income Tax Act 1961. It is similar to the concept of Fair Market Value (FMV).
