Income Tax : This explains why recent income disclosure intimations lack statutory support and create uncertainty. The key takeaway is that vag...
Income Tax : Explains when home-loan interest can be added to the cost of acquisition and how the AY 2024-25 amendment blocks double benefits. ...
Income Tax : This guide explains the concept, calculation formula, and notified values of CII from 2001-02 to 2025-26, as per CBDT. A must-read...
Income Tax : Learn whether PMS fees can be deducted from capital gains under Section 48 of the Income-tax Act, 1961. This article explains the ...
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...
Income Tax : The issue was whether a share transfer without consideration constituted taxable capital gains. The Tribunal held that genuine fam...
Income Tax : The decision underscores that failure to follow the prescribed valuation procedure under section 50C leads to invalidation of addi...
Income Tax : The Tribunal held that enhancement of income without issuing notice under section 251(2) is invalid. Such action violates principl...
Income Tax : The case examined whether compensation paid to exit prior agreements was a sham arrangement. The Tribunal ruled it was a valid bus...
Custom Duty : The case addressed whether a custodian could be held liable for duty when container contents differed from declared goods. The Tri...
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...
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.
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.
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.
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 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.
