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section 48

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Tax Rate on Long Term Capital Gains on Listed Securities Increased To 12.5%

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...

November 26, 2024 2994 Views 0 comment Print

Budget 2024 effects on Capital Gain of Immovable properties

Income Tax : The 2024 budget introduces changes in capital gains tax for immovable property, removing indexation and offering two tax options f...

November 18, 2024 1800 Views 0 comment Print

Section 50C & 43CA: Full Value of Consideration in Immovable Property Sales

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...

September 12, 2024 10224 Views 0 comment Print

Changes in Capital Gains Taxation: Budget 2024 Amendments

Income Tax : Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, a...

August 14, 2024 37887 Views 5 comments Print

Cost Inflation Index – Meaning & Index from 1981-82 to 2024-25

Income Tax : Article discusses Meaning of Cost Inflation Index (CII) which is used for Computation of Long Term Capital Gain. Cost Inflation in...

May 25, 2024 2432504 Views 326 comments Print


Latest News


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...

November 20, 2011 41131 Views 9 comments Print


Latest Judiciary


Reopening of unabated assessment u/s. 153A without incriminating material is impermissible

Income Tax : ITAT Kolkata held that in terms of block assessment under section 153A of the Income Tax Act, reopening of unabated assessment wit...

December 17, 2024 90 Views 0 comment Print

CoC has to take final call with regard to resolution plan or modification thereof: NCLAT Delhi

Corporate Law : After the Judgment of the Hon’ble Supreme Court I.A. 961/2024 was filed by the RP before the Adjudicating Adjudicating Authority...

December 12, 2024 132 Views 0 comment Print

Section 50C doesn’t applicable while calculating WDV for claiming depreciation on block of asset

Income Tax : ITAT Mumbai held that the deeming fiction of section 50C Income Tax Act cannot be extended while working out the written down valu...

December 10, 2024 339 Views 0 comment Print

Interest on loans allowable as deduction u/s. 48 prior to A.Y. 2024-25: ITAT Kolkata

Income Tax : ITAT Kolkata held that interest expenditure incurred on loans taken for acquiring property is allowable as deduction under section...

December 6, 2024 720 Views 0 comment Print

Writ dismissed as alternative remedy u/s. 16 of Black Money Act available: Delhi HC

Income Tax : Delhi High Court held that dismissed the petition as adequate efficacious alternative remedy is available by way of filing an appe...

November 22, 2024 429 Views 0 comment Print


Latest Notifications


Competition Commission of India (Lesser Penalty) Regulations, 2024

Corporate Law : Explore the new Competition Commission of India (CCI) Lesser Penalty Regulations 2024. Learn about conditions, procedures, and ben...

February 20, 2024 1020 Views 0 comment Print

Budget 2024-25: Changes in ICES by Directorate General of Systems

Custom Duty : Stay informed about the Union Budget 2024-25 changes in ICES. Learn how the Directorate General of Systems manages updates and the...

January 16, 2024 1023 Views 0 comment Print


Indexation of Inherited Property

June 6, 2020 89251 Views 12 comments Print

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.

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

April 14, 2020 33246 Views 1 comment Print

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.

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

December 22, 2019 2781 Views 0 comment Print

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.

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

September 19, 2019 1368 Views 0 comment Print

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 […]

Section 50C – Tax Provisions, Assessment, Case Laws

August 25, 2018 56790 Views 6 comments Print

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 gains under Section 48.

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)

May 5, 2017 26115 Views 3 comments Print

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 gains income.

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

September 19, 2015 2222 Views 0 comment Print

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.

Indexed cost of acquisition of gifted assets

January 17, 2015 6064 Views 0 comment Print

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.

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

January 7, 2015 28754 Views 0 comment Print

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 and transferred the property in question.

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

February 24, 2014 7176 Views 0 comment Print

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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