Income Tax : Section 50AA overrides the normal holding period rules and deems gains from specified assets as short-term capital gains, even if ...
Income Tax : This guide explains the taxation of capital gains, computation methods, capital assets, and transfer provisions under the Income-t...
Income Tax : The article explains how Short-Term Capital Gains are classified, computed, and taxed under the Income-tax Act, 1961, as amended b...
Income Tax : The updated provisions explain how long-term capital gains are classified, computed, and taxed following amendments introduced by ...
Income Tax : Section 54B grants capital gains tax exemption when proceeds from the sale of agricultural land are reinvested in another agricult...
Corporate Law : Finance Ministry's new capital gains tax: Short-term gains at 20%, long-term at 12.5%. Exemption limit raised to ₹1.25 lakh for ...
Income Tax : The Supreme Court will hear on September 10 the impleadment petition filed by the Forex Derivatives Consumers Forum along with the...
Income Tax : DTC Billproposes to tax short-term capital gains arising from stocks and mutual funds at half the marginal rate.So, if your margin...
Income Tax : The Income Tax department is all set to move the Supreme Court for a final judgement on its tax claims of around Rs 2,000 crore (R...
Finance : The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are alread...
Income Tax : ITAT held that Section 87A rebate cannot be denied on tax payable under Section 111A where the assessee qualifies under the prescr...
Income Tax : The Tribunal ruled that an Investigation Wing report alone cannot justify an addition under Section 68 without independent verific...
Income Tax : The Hyderabad Bench emphasized that penalty under Section 271(1)(c) cannot be imposed solely because an addition survives appellat...
Income Tax : The assessee had fully disclosed the share transactions and claimed exemption under Section 10(38) in the original return. The ITA...
Income Tax : ITAT Delhi ruled that the holding period for capital gains purposes began from the date of full payment and transfer of possession...
Income Tax : CIRCULAR NO. 6/2015, Dated: April 9, 2015 no capital gains will arise at the time of exercise of the option in the case of Fixed M...
ITAT held that Section 87A rebate cannot be denied on tax payable under Section 111A where the assessee qualifies under the prescribed income limit and follows settled Tribunal rulings.
Section 50AA overrides the normal holding period rules and deems gains from specified assets as short-term capital gains, even if they are held for more than two years.
The Tribunal ruled that an Investigation Wing report alone cannot justify an addition under Section 68 without independent verification by the Assessing Officer. It upheld the genuineness of the share transactions based on documentary evidence produced by the assessee.
This guide explains the taxation of capital gains, computation methods, capital assets, and transfer provisions under the Income-tax Act. It also covers exemptions, reinvestment benefits, indexation rules, and the Capital Gains Account Scheme.
The article explains how Short-Term Capital Gains are classified, computed, and taxed under the Income-tax Act, 1961, as amended by the Finance Act, 2026. The key takeaway is that the holding period, nature of the asset, and applicability of Section 111A determine whether gains are taxed at a concessional 20% rate or normal income-tax slab rates.
The Hyderabad Bench emphasized that penalty under Section 271(1)(c) cannot be imposed solely because an addition survives appellate scrutiny. The Revenue must establish deliberate concealment or furnishing of inaccurate particulars.
The updated provisions explain how long-term capital gains are classified, computed, and taxed following amendments introduced by the Finance (No. 2) Act, 2024 and reflected in the Finance Act, 2026.
Section 54B grants capital gains tax exemption when proceeds from the sale of agricultural land are reinvested in another agricultural property within the prescribed period. The provision also outlines conditions relating to agricultural use, Capital Gains Account Scheme deposits, and withdrawal of exemption on early transfer or non-utilisation of funds.
The assessee had fully disclosed the share transactions and claimed exemption under Section 10(38) in the original return. The ITAT ruled that reopening was unsustainable because the reasons recorded did not demonstrate how any income had actually escaped assessment.
ITAT Delhi ruled that the holding period for capital gains purposes began from the date of full payment and transfer of possession under the agreement to sell, not the later registration date. The property was therefore treated as a long-term capital asset.
