section 48

Cost Inflation Index – Meaning & Index from 1981-82 to 2017-18

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 2016-17. Cost Inflation index are used for computing indexed cost of ac...

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Section 50C – Tax Provisions, Assessment, Case Laws

Income Tax - Section 50C was introduced in the Income-tax Act, 1961 by the Finance Act, 2002 with effect from 1-4-2003 for substituting valuation done for Stamp Valuation purposes as full value of consideration in place of apparent consideration shown by the transferor of capital asset, being land or building and, accordingly, calculating capital gain...

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The option to or not to avail the benefit of indexation for the computation of capital gains on the transfer of each of the long term capital asset is with the assessee

Income Tax - Mohanlal N. Shah HUF v ACIT - The option to or not to avail the benefit of indexation for the computation of capital gains on the transfer of each of the long term capital asset is with the assessee as provided in section 48; it is only after computing the capital gains as per section 48, can it be aggregated by setting off the loss under...

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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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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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Deduction u/s 54EC allowable on investment after six months if bonds were not available

ACIT Nagpur Vs Shri Kamlakar Moghe (Bombay High Court, Nagpur) - In the case of ACIT Vs Shri Kamlakar Moghe it was held by Nagpur Bench of Bombay HC that deduction u/s 54EC can be claimed by the assessee despite making the investment in REC bonds beyond six months if the delay was due to non-availability of the REC Bonds....

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Indexed cost of acquisition of gifted assets

DCIT Vs Soni Sonu Mirchandani (ITAT Delhi) - Hon'ble Delhi ITAT has in the case of DCIT V/s Soni Sonu Mirchandani has held that indexed cost of acquisition to be computed with reference to the year in which the previous owner first held the gifted assets. ...

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Deuctibility of Cost of Furniture in Computation of Capital Gain on Property Sale

Shri Sachinder Mohan Mehta Vs ACIT (Delhi High Court) - Issue which arises for our consideration is whether Rs. 12 lakhs paid by the appellant assessee to the seller at the time of purchase of the property in question must be construed as a cost of acquisition of the asset so as to be deducted from the full value of consideration received by the appellan...

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Litigation & electricity charges allowable in Capital Gain Calculation if for improvement of the property

Smiti Golyan, Vs ITO (ITAT Delhi) - ITAT Delhi has held in the case of Smiti Golyan Vs. ITO that As per provisions of sec. 48 of the I.T. Act in case of acquisition of the property by way of gift or inheritance the cost of acquisition of the property will be the same as in the hands of the original owner/ transferor/donor. ...

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Recent Posts in "section 48"

Cost Inflation Index – Meaning & Index from 1981-82 to 2017-18

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 2016-17. Cost Inflation index are used for computing indexed cost of ac...

Read More
Posted Under: Income Tax | ,

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 allowed as deduction in computing the capital...

Read More

Deduction u/s 54EC allowable on investment after six months if bonds were not available

ACIT Nagpur Vs Shri Kamlakar Moghe (Bombay High Court, Nagpur)

In the case of ACIT Vs Shri Kamlakar Moghe it was held by Nagpur Bench of Bombay HC that deduction u/s 54EC can be claimed by the assessee despite making the investment in REC bonds beyond six months if the delay was due to non-availability of the REC Bonds....

Read More

Indexed cost of acquisition of gifted assets

DCIT Vs Soni Sonu Mirchandani (ITAT Delhi)

Hon'ble Delhi ITAT has in the case of DCIT V/s Soni Sonu Mirchandani has held that indexed cost of acquisition to be computed with reference to the year in which the previous owner first held the gifted assets. ...

Read More

Deuctibility of Cost of Furniture in Computation of Capital Gain on Property Sale

Shri Sachinder Mohan Mehta Vs ACIT (Delhi High Court)

Issue which arises for our consideration is whether Rs. 12 lakhs paid by the appellant assessee to the seller at the time of purchase of the property in question must be construed as a cost of acquisition of the asset so as to be deducted from the full value of consideration received by the appellant assessee at the time when he had sold ...

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Litigation & electricity charges allowable in Capital Gain Calculation if for improvement of the property

Smiti Golyan, Vs ITO (ITAT Delhi)

ITAT Delhi has held in the case of Smiti Golyan Vs. ITO that As per provisions of sec. 48 of the I.T. Act in case of acquisition of the property by way of gift or inheritance the cost of acquisition of the property will be the same as in the hands of the original owner/ transferor/donor. ...

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In case of gifted assets index to be taken of the year in which acquired by previous owner

A.C.I.T. Vs. Shri Vijay Kamlakar Wagh (ITAT Mumbai)

The object of giving relief to an assessee by allowing indexation is with a view to offset the effect of inflation. As per the CBDT Circular No. 636 dt. 31st Aug., 1992 a fair method of allowing relief by way of indexation is to link it to the period of holding the asset....

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Section 50C – Tax Provisions, Assessment, Case Laws

Section 50C was introduced in the Income-tax Act, 1961 by the Finance Act, 2002 with effect from 1-4-2003 for substituting valuation done for Stamp Valuation purposes as full value of consideration in place of apparent consideration shown by the transferor of capital asset, being land or building and, accordingly, calculating capital gain...

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Posted Under: Income Tax |

Payment for relinquishment of fabricated tenancy rights could not be considered in computing capital gain

L.M. Patel & B.M. Patel (HUF) Vs Commissioner of Income-tax (Gujarat High Court)

Section 48(1) of the Act provides for mode of computation and deduction while charging capital gain. Clause-I thereof in particular provides for a payment from the value of consideration received or accrued as a result of transfer of capital asset, expenditure incurred wholly and exclusively in connection with such transfer. The Tribunal ...

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Full value of consideration could not be substituted by market price if bona fide of the transaction not suspected

SIL Employees Welfare Trust Vs Joint Commissioner of Income-tax, 15(3), Mumbai (ITAT Mumbai)

When the bona fideof the transaction and the actual sale consideration received by the assessee has not been suspected, then for the purpose of computation of capital gains, the full value of consideration can not be substituted by market price or value of the capital asset as on the date of transfer. ...

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