section 48

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

Income Tax - 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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Detailed Analysis of Section 9B, Section 48(III) & Section 45(4)

Income Tax - Hello friends, here we discussed Section 9B, Section 45(4), & Section 48 of the Income Tax Act SECTION 9B OF INCOME TAX ACT Finance Act 2021, introduced a new section, section 9B under income tax act which specifies the provision related to transfer of Capital Assets or stock in trade on Reconstitution or Dissolution of […]...

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Improvement of owner’s title to asset is different from improving asset itself

Income Tax - Improvement of owner’s title to asset is different from improving asset itself | Section 48, 49, and 55 of the Income Tax Act, 1961 Cost of improvement which is liable to be deducted , should be an improvement to the asset itself , not an improvement of the owner’s title to the asset . Meaning […]...

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Cost Inflation Index | Meaning & Index from 1981-82 to 2021-22

Income Tax - Article discusses Meaning of Cost Inflation Index (CII) which is used for Computation of Long Term Capital Gain. Cost Inflation index are Notified by CBDT every year and till date CBDT has notified Cost Inflation Index for the Financial Year 1981-82 to Financial year 2021-21.  Cost Inflation index are used for computing indexed cost of [...

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Indexation of Inherited Property

Income Tax - A big question arise in the mind of every professional that whether benefit of Indexation can be claimed on Inherited Property ; if yes then second half thought is whether it can be claimed from the year in which it is first held by the assessee or from the year in which it is occupied by the Previous Owner or predecessor. ...

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Cost Inflation Indexed Cost Calculator

Income Tax - Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the Cost Inflation (CII) Index calculator which automatically calculates Indexed cost of your asset. In the calculator You just have to fill the Year of Sale, Year of Purchase , Cost of Purchase/Acquisition/Improv...

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Compensation paid to Earlier Buyer to Cancel Agreement is Deductible Expenses u/s 48 for Capital Gains

CIT Vs Shakuntala Kantilal (Bombay High Court) - The issue under consideration is Whether compensation paid to earlier buyer to cancel the agreement is deductible expenditure u/s 48 for calculation of Capital Gains?...

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No capital gain tax on land transfer to co-op society formed by flat purchasers

J. S. & M. F. Builders Vs A. K. Chauhan and others (Bombay High Court) - Whether the AO is correct in considering that the capital gain will arise in the year when the land is transferred to the co-operative society formed by the flat purchasers and not when flats are sold?...

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A.O. cannot refer the matter to DVO to reduce FMV

Shri Dinesh Khodidas Patel HUF Vs ITO (ITAT Ahmadabad) - Shri Dinesh Khodidas Patel Vs ITO (ITAT Ahmadabad) The issue under consideration is whether A.O. is correct in referring the matter to DVO to find FMV by rejecting valuation report submitted by assessee? In the present case, assessee sold a land along with others co-owners. It had submitted the valu...

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Neither of Section 24(b) & Section 48 excludes operation of other

Ashok Kumar Shahi Vs ACIT (ITAT Delhi) - Deduction under section 24(b) and computation of capital gains under section 48 of the Act are altogether covered by different heads of income i.e., income from 'house property' and 'capital gains'. Further, a perusal of both the provisions makes it unambiguous that none of them excludes operative o...

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Assessee can claim housing loan interest in capital gain computation u/s 48 despite the fact that same had been claimed u/s 24(b)

Gayatri Maheshwari Vs I.T.O. (ITAT Jodhpur) - 6. The ld. CIT(A) on consideration of the assessment order, assessee’s submissions and the case laws relied upon by the assessee, has held as under: The only dispute in the instant case is whether the interest paid by the assessee to the bank on loan availed for purchase of property could be allow...

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Recent Posts in "section 48"

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...

Read More
Posted Under: Income Tax |

Detailed Analysis of Section 9B, Section 48(III) & Section 45(4)

Hello friends, here we discussed Section 9B, Section 45(4), & Section 48 of the Income Tax Act SECTION 9B OF INCOME TAX ACT Finance Act 2021, introduced a new section, section 9B under income tax act which specifies the provision related to transfer of Capital Assets or stock in trade on Reconstitution or Dissolution of […]...

Read More
Posted Under: Income Tax |

Improvement of owner’s title to asset is different from improving asset itself

Improvement of owner’s title to asset is different from improving asset itself | Section 48, 49, and 55 of the Income Tax Act, 1961 Cost of improvement which is liable to be deducted , should be an improvement to the asset itself , not an improvement of the owner’s title to the asset . Meaning […]...

Read More
Posted Under: Income Tax |

Cost Inflation Index | Meaning & Index from 1981-82 to 2021-22

Article discusses Meaning of Cost Inflation Index (CII) which is used for Computation of Long Term Capital Gain. Cost Inflation index are Notified by CBDT every year and till date CBDT has notified Cost Inflation Index for the Financial Year 1981-82 to Financial year 2021-21.  Cost Inflation index are used for computing indexed cost of [...

Read More
Posted Under: Income Tax | ,

Compensation paid to Earlier Buyer to Cancel Agreement is Deductible Expenses u/s 48 for Capital Gains

CIT Vs Shakuntala Kantilal (Bombay High Court)

The issue under consideration is Whether compensation paid to earlier buyer to cancel the agreement is deductible expenditure u/s 48 for calculation of Capital Gains?...

Read More

No capital gain tax on land transfer to co-op society formed by flat purchasers

J. S. & M. F. Builders Vs A. K. Chauhan and others (Bombay High Court)

Whether the AO is correct in considering that the capital gain will arise in the year when the land is transferred to the co-operative society formed by the flat purchasers and not when flats are sold?...

Read More

A.O. cannot refer the matter to DVO to reduce FMV

Shri Dinesh Khodidas Patel HUF Vs ITO (ITAT Ahmadabad)

Shri Dinesh Khodidas Patel Vs ITO (ITAT Ahmadabad) The issue under consideration is whether A.O. is correct in referring the matter to DVO to find FMV by rejecting valuation report submitted by assessee? In the present case, assessee sold a land along with others co-owners. It had submitted the valuation report as on 1-4-1981 of […...

Read More

Indexation of Inherited Property

A big question arise in the mind of every professional that whether benefit of Indexation can be claimed on Inherited Property ; if yes then second half thought is whether it can be claimed from the year in which it is first held by the assessee or from the year in which it is occupied by the Previous Owner or predecessor. ...

Read More
Posted Under: Income Tax | ,

Cost Inflation Index [Explanation (v) to Section 48 of Income Tax]

As per Incoem Tax- COST INFLATION INDEX in relation to a previous year, means such index as the Central Government may, having regard to 75% of average rise in the Consumer Price Index (urban) for the immediately preceding previous year to such previous year, by notification in the official Gazette, specify, in this behalf....

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Posted Under: Income Tax |

Neither of Section 24(b) & Section 48 excludes operation of other

Ashok Kumar Shahi Vs ACIT (ITAT Delhi)

Deduction under section 24(b) and computation of capital gains under section 48 of the Act are altogether covered by different heads of income i.e., income from 'house property' and 'capital gains'. Further, a perusal of both the provisions makes it unambiguous that none of them excludes operative of the other....

Read More

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