Income Tax - The Articles discusses about Basic conditions, Exemption Under Section 54B of Income Tax Act, 1961 available to Individual and HUF against Capital Gain Arising from Transfer of Agricultural Land by investment of Capital Gain amount in another land or in Capital Gains Deposit Account Scheme....
Read MoreIncome Tax - Taxation on Capital Gains in India (Fy 31.03.2022/Ay 2022-23) S. N. Under the head Section 54 Section 54B Section 54D Section 54EC Section 54F Section 54G Section 54GA 1 Nature of Assesse Individual / HUF ‘only’ Individual / HUF ‘only’ ‘All’ assesses All’ assesses Individual / HUF ‘only’ ‘All’ assesses ‘All’ asse...
Read MoreIncome Tax - Any Income derived from a Capital asset movable or immovable is taxable under the head Capital Gains under Income Tax Act 1961. The Capital Gains have been divided in two parts under Income Tax Act 1961. One is short term capital gain and other is long term capital gain....
Read MoreIncome Tax - This article focuses on the exemptions available to an assessee from capital gain tax under Income Tax Act, 1961. Any profit or gain arising from Transfer of Capital Asset (long term or short term) shall be chargeable under the head capital gain in the year of transfer. However, there are some exemptions on such capital […]...
Read MoreIncome Tax - Profit on transfer of a capital asset is chargeable under the head Capital Gains. Section 45 makes the gains arising out of the transfer of a capital asset chargeable to tax under the provisions of the Income Tax Act, 1961. However, the chargeability has been subjected to the provisions of sections 54, 54B, 54D, 54E, […]...
Read MoreIncome Tax - We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those representations to your good selves and it gives an impression to us that the same were safely brushed aside by your ministry....
Read MoreIncome Tax - KSCAA has requested to Hon’ble Minister of Finance to extend various time limits under section 54 to 54GB of the Income-tax Act, 1961 (the Act). It is requested that various due dates for compliance and completion of specified actions under sections 54 to 54GB of the Act which falls between 20.03.2020 to 30.03.2021 (as against […...
Read MoreDCIT Vs Indranil Sanjaybhai Rajyaguru (ITAT Rjakot) - DCIT Vs Indranil Sanjaybhai Rajyaguru (ITAT Rjakot) It is an undisputed fact that when the initial payment of Rs. 12.15 crores has been made for purchase of the new asset that too more than the amount of capital gain to the tune of Rs. 2.90 crores before the due date of filing of the return [&hellip...
Read MoreVandana Maruti Pathare Vs ITO (ITAT Pune) - Vandana Maruti Pathare Vs ITO (ITAT Pune) Succinctly, the factual panorama of the case is that the assessee transferred certain agricultural lands and claimed exemption u/s 54B of the Act amounting to Rs.18 lakhs. During the course of assessment proceedings, the assessee submitted that she purchased...
Read MoreDCIT Vs Janki Hitendrakumar Patel (ITAT Ahmedabad) - DCIT Vs Janki Hitendrakumar Patel (ITAT Ahmedabad) CIT(A) has rightly concluded that the agricultural land parcels being situated in the rural area is outside the purview of expression ‘capital asset’ defined in Section 2(14) of the Act. Consequently, the rural agricultural land in question not ...
Read MoreBabubhai Arjanbhai Kanani (HUF) Vs DCIT (ITAT Surat) - HUF is owner of the said agricultural land though it is registered in the name of the Coparcener, as the HUF is enjoying all the fruits of the said agricultural land. Thus, the HUF is entitled to claim exemption/deduction under section 54B of the Act....
Read MoreDashratbhai Gopalbhai Patel Vs ITO (ITAT Ahmedabad) - Dashratbhai Gopalbhai Patel Vs ITO (ITAT Ahmedabad) We find that the assessee has successfully demonstrated that the land parcels situated as Adalaj does not fall within the meaning of expression ‘Municipality’ or ‘Municipal Corporation’ and therefore falls in exception provided in sub-claus...
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DCIT Vs Indranil Sanjaybhai Rajyaguru (ITAT Rjakot) -
Vandana Maruti Pathare Vs ITO (ITAT Pune) -
DCIT Vs Janki Hitendrakumar Patel (ITAT Ahmedabad) -
Babubhai Arjanbhai Kanani (HUF) Vs DCIT (ITAT Surat) -
Dashratbhai Gopalbhai Patel Vs ITO (ITAT Ahmedabad) -
Sitaram Pahariya (HUF) Vs I.T.O (ITAT Agra) -
Kamal Kishore Mukati Vs PCIT (ITAT Indore) -