Income Tax : Summary: As per the Finance Act 2024, the long-term capital gains (LTCG) tax on listed securities has been raised from 10% to 12.5...
Income Tax : The 2024 budget introduces changes in capital gains tax for immovable property, removing indexation and offering two tax options f...
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 : Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, a...
Income Tax : Article discusses Meaning of Cost Inflation Index (CII) which is used for Computation of Long Term Capital Gain. Cost Inflation in...
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...
Income Tax : ITAT Ahmedabad held that once the unaccounted receipts from the sale of properties are subjected to taxation as part of the capita...
Income Tax : Karnataka High Court ruled on V.S. Chandrashekar vs. ACIT regarding tax treatment of land transactions, applicability of Section 5...
Income Tax : ITAT Cuttack held that revisionary proceedings under section 263 of the Income Tax Act is liable to be quashed since assessee is e...
Income Tax : ITAT Jodhpur held that addition of income and capital gain tax levied thereon is liable to be set aside as land not situated withi...
Corporate Law : NCLAT Chennai held that after finalization of process of e-auction sale of Corporate Debtor, it cannot be permitted to consider Sc...
Corporate Law : Explore the new Competition Commission of India (CCI) Lesser Penalty Regulations 2024. Learn about conditions, procedures, and ben...
Custom Duty : Stay informed about the Union Budget 2024-25 changes in ICES. Learn how the Directorate General of Systems manages updates and the...
Delhi High Court held that filing of multiple patent claims in respect of the same invention amounts to evergreening or layering of patent protection, which is impermissible under the Indian Patent Law.
NCLT Kolkata held that just because a creditor enjoys security interest, it cannot be treated higher than other creditors who have financed the Corporate Debtor.
ITAT Jaipur held that amount paid towards settling the property dispute is absolutely necessary to affect the transfer and accordingly the same is allowed as expenditure covered by provision of section 48 of the Income Tax Act.
Komal Gurumukh Sangtani Vs ITO (ITAT Mumbai) Section 48- Capital gains – Cost of improvements- The assessee always pleaded that the purchase of various items as tabulated supra were made in order to make the house habitable and proper for living condition which is very normal and would be incurred by every citizen of the […]
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 with such transfer; (ii) […]
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 […]
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 […]
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?
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?
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.
