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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 : Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the...
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Section 50C: For property sales, if the sale price is lower than the value assessed by Stamp Valuation Authority, that value is considered full consideration for tax.
Understand the ITAT Chennai ruling on valid claims for Long-Term Capital Gains. Learn the tax implications of property sale, liabilities, and deductions under Section 48.
Held that the land in question was purchased as an agricultural land and at the time of survey, it was also not in dispute that the proceedings of Section 143 of UPZA and LR Act were not initiated and the land in question was not declared as an abadi land.
Delhi High Court held that timelines under Regulation 35A of the CIRP Regulations, 2016 for filing avoidance application are directory and not mandatory in nature.
Delhi HC held that the settlement consideration as received was liable to be recognized as capital gains and the same couldn’t possibly or justifiably be placed in the category of ‘profit in lieu of salary’.
Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, and removal of indexation benefits.
Notice under section 148 was issued upon assessee by AO for reassessing the cash deposit as undisclosed income, following approval from the Joint Commissioner of Income Tax (JCIT).
Assessee, a resident of USA, filed his return claiming refund of Rs.58,57,820/-. During assessment year, assessee had sold two properties for consideration of Rs.1,95,00,0000/- and Rs.72,36,552/- respectively.
Delhi High Court held that initiation of reassessment based on entirely new or previously undisclosed material or reasoning deprives assessee’s right to effectively object the proposed reassessment action. Accordingly, the impugned action is rendered wholly unsustainable.
ITAT Kolkata held that loss on sale of shares on recognized stock exchange with STT paid, is eligible to be set off against the long-term capital gain (LTCG) earned from sale of unlisted shares.
