section 45

Capital Gains on Income From Sale of Agricultural Land

Income Tax - The first and most important issue to be determined is whether the land is held as investment or stock in trade. If the agricultural land is held as stock in trade then the sale of such lands is taxable as business income and no exemption under the Act is provided in this regard....

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S. 45(4) not applies if retiring partner takes only money for his share & if there is no distribution of capital assets among partners

The Commissioner of Income Tax Vs M/s Dynamic Enterprises (High Court of Karnataka at Bangalore) - To attract Section 45(4) there should be a transfer of a capital asset from the firm to the retiring partners, by which the firms ceases to have any right in the property which is so transferred. In other words, its right to the property should stand extinguished and the retiring partners acquires a...

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Despite deferment of Consideration capital gain taxable in the year of transfer

Income-tax Officer-21(1)(2), Mumbai Vs Ms. Indira R. Shete (ITAT Mumbai) - It is clear from the provisions of Sec. 45(1) , being a deeming provision any gain which has arisen during the year has to be taken for consideration irrespective of the fact that the transferor may receive the sale consideration in subsequent years. Further, the observation of the Ld. CIT(A) that i...

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Income arising from sale of shares to be taxed as ‘Long term capital gain’ and not as ‘Income from other sources’

Smt. Amita Agarwal Vs. Assistant Commissioner of Income Tax (ITAT Agra) - Smt. Amita Agarwal v. ACIT (ITAT Agra) -Assessee filed her return wherein income arising from sale of shares was shown as 'Long-term Capital gain' - Assessing Officer, however, brought said amount to tax under head 'Income from other sources' - On appeal before Tribunal, Judicial Member, allowed ass...

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Sum received on surrender of tenancy right is capital receipt and hence, not taxable

Commissioner of Income Tax Vs Meera Chatterjee (Delhi High Court) - CIT Vs Meera Chatterjee (Delhi High Court)- In the present case, the Assessing Officer has not held that it is possible to compute and calculate the cost of acquisition of the tenancy rights in the hands of the original tenant Ram Krishan Dalmia. The said exercise was not undertaken by him in the as...

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Whether, for computation of capital gains on land sold by NRI, the fair market value of the land is to be reckoned with rather than the full value of the consideration received

Asst. Director of Income Tax Vs. Shri Ranjay Gulati (ITAT Delhi) - Asst. Director of Income Tax Vs. Shri Ranjay Gulati (ITAT Delhi)– Under section 48 of the Income Tax Act, 1961 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 t...

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Recent Posts in "section 45"

S. 45(4) not applies if retiring partner takes only money for his share & if there is no distribution of capital assets among partners

The Commissioner of Income Tax Vs M/s Dynamic Enterprises (High Court of Karnataka at Bangalore)

To attract Section 45(4) there should be a transfer of a capital asset from the firm to the retiring partners, by which the firms ceases to have any right in the property which is so transferred. In other words, its right to the property should stand extinguished and the retiring partners acquires absolute title to the property. ...

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Capital Gains on Income From Sale of Agricultural Land

The first and most important issue to be determined is whether the land is held as investment or stock in trade. If the agricultural land is held as stock in trade then the sale of such lands is taxable as business income and no exemption under the Act is provided in this regard....

Read More
Posted Under: Income Tax |

Despite deferment of Consideration capital gain taxable in the year of transfer

Income-tax Officer-21(1)(2), Mumbai Vs Ms. Indira R. Shete (ITAT Mumbai)

It is clear from the provisions of Sec. 45(1) , being a deeming provision any gain which has arisen during the year has to be taken for consideration irrespective of the fact that the transferor may receive the sale consideration in subsequent years. Further, the observation of the Ld. CIT(A) that in family members cases, for the capital ...

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Income arising from sale of shares to be taxed as ‘Long term capital gain’ and not as ‘Income from other sources’

Smt. Amita Agarwal Vs. Assistant Commissioner of Income Tax (ITAT Agra)

Smt. Amita Agarwal v. ACIT (ITAT Agra) -Assessee filed her return wherein income arising from sale of shares was shown as 'Long-term Capital gain' - Assessing Officer, however, brought said amount to tax under head 'Income from other sources' - On appeal before Tribunal, Judicial Member, allowed assessee's claim in light of overwhelming e...

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Sum received on surrender of tenancy right is capital receipt and hence, not taxable

Commissioner of Income Tax Vs Meera Chatterjee (Delhi High Court)

CIT Vs Meera Chatterjee (Delhi High Court)- In the present case, the Assessing Officer has not held that it is possible to compute and calculate the cost of acquisition of the tenancy rights in the hands of the original tenant Ram Krishan Dalmia. The said exercise was not undertaken by him in the assessment order. In view of the aforesaid...

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Whether, for computation of capital gains on land sold by NRI, the fair market value of the land is to be reckoned with rather than the full value of the consideration received

Asst. Director of Income Tax Vs. Shri Ranjay Gulati (ITAT Delhi)

Asst. Director of Income Tax Vs. Shri Ranjay Gulati (ITAT Delhi)– Under section 48 of the Income Tax Act, 1961 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 […...

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In view of the provisions of section 112 where there are several transactions of sale and purchase of securities, the discretion to take the benefit of indexation lies with assessee

Jethiben K Patel Discretionary Trust Vs DCIT (ITAT Ahemdabad)

Jethiben K Patel Discretionary Trust Vs DCIT (ITAT Ahemdabad)- In the case of Mohanlal N. Shah (HUF)- Vs- ACIT reported in [2008] 26 SOT 380 (Mum) wherein it was held that as per section 48, option is with the assessee to or not to avail of benefit of indexation for computation of capital gains on transfer of long- term capital asset....

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Surrender of Us-64 for conversion into UTI tax free bonds would not amount to transfer for purpose of section 45

ACIT Vs. ABC Bearings Ltd. (ITAT Mumbai)

Transfer of an asset is a primary condition which must be satisfied before a receipt can be treated as capital gain and/or capital loss u/s 45. The transaction regarding surrender of US-64 units for converting the same into Unit Trust of India 6.75% tax free bonds in terms of the scheme of the Unit Trust of India would not amount to trans...

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