Short Term Capital Gain

All about shares: Short term, long term and losses set-off

Income Tax - Everyone in India invest in stock market. If people don’t invest the atleast they read about stock market. There are many full time investors and traders also in stock market. People earn, make losses have long term investments in market and many more. This blog comes with the intention of all the taxes applicables on […]...

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Section 55 – Cost of Acquisition and Improvement

Income Tax - Article explains What is meant by cost of acquisition (Section 55), Cost of Acquisition with Reference to Certain Modes of Acquisition (Section – 49), What is meant by cost of improvement, If the assessee acquires any asset by way of inheritance, partition of HUF or by any other mode specified in sec 49(1) and sec […]...

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Provisions relating to capital gains in case of depreciable assets

Income Tax - According to section 50 of Income tax act if an assessee has sold a capital asset forming part of block of assets (building, machinery etc) on which the depreciation has been allowed under Income Tax Act, the income arising from such capital asset is treated as short term capital gain....

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Set off and carry forward of Capital Gain under Income Tax

Income Tax - Amidst the current economic turmoil going on globally on account of the disruption in the supply chain and economic stillness for a period, there are certain inconspicuous benefits in terms of capital gains tax under the income tax provisions which if planned well may benefit to an extent depending on the income profile and the tax bracke...

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Computation of Cost of asset acquired before 1st April, 2001

Income Tax - Rationalization of provisions of section 55 of the Act to compute cost of acquisition The existing provisions of section 55 of the Act provide that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost of improvement, if any. However, for computing capital gains [&helli...

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DTC: Jewellery, works of art, property to qualify as long-term investments even if held for a year

Income Tax - The Supreme Court will hear on September 10 the impleadment petition filed by the Forex Derivatives Consumers Forum along with the Special Leave Petition filed by Fixed Income Money Market and Derivatives Association of India (FIMMDA). Forex Derivatives Consumers Forum is a registered association of exporters from across the country, a ma...

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Shares Income: LTCG remains exempt and Short Term Capital Gain taxable at half the rate under DTC

Income Tax - DTC Billproposes to tax short-term capital gains arising from stocks and mutual funds at half the marginal rate.So, if your marginal tax rate is 30 per cent, you will pay a short-term capital gains tax at 15 per cent. As far as long-term capital gains tax goes, it has been kept out of the tax net, subject to the payment of securities tran...

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Taxman gears up to move apex court on its tax claims of around Rs 2,000 crore

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 (Rs 20 billion) in cases involving dividend stripping prior to 2002-03. The taxman had lost the case in the Bombay high court last year. Though the government in 2005 put […]...

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Half-Yearly Audit Rule Puts Small Broking Companies in a Spot

Income Tax - The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are already burdened with low-trading turnover, dipping revenues and increased policy levies. According to a section of brokers, half-yearly internal audits will not only be difficult to implement, but also make a dent i...

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Nature of capital gains on transfer of buildings /right in lease hold land

Hirsh Bracelet India Pvt. Ltd. Vs ACIT (ITAT Bangalore) - Hirsh Bracelet India Pvt. Ltd. Vs ACIT (ITAT Bangalore) Section 50 of the Act is a special provision for computation of capital gains in case of depreciable assets and is applicable only to capital assets forming part of Block of Assets on which depreciation has been allowed under the Act. and also ...

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Tax on Giving up of rights on flats in favour of developer within 36 months of date of JDA

Sri Suresh C. Vs DCIT (ITAT Bangalore) - Consideration of 14 flats for giving up related rights in favour of developer was received by assessee within a period of three years from the date of JDA. In such circumstances, concerned flats assumed the character of ‘short-term’ capital asset and gain on such transfer was rightly assessed by...

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Gain on Sale of right to obtain flat- LTCG or STCG?

ITO (International Taxation) Vs Monish Kaan Tahilramani (ITAT Mumbai) - ITO (International Taxation) Vs Monish Kaan Tahilramani (ITAT Mumbai) The only surviving question that arise for consideration is manner of computation of the gains. It is noted that the assessee has paid upfront payment to the extent of 5% upon allotment and the balance payment has been spread over...

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Income from shares is capital gain if shares been held as investment with intention of Investment

ACIT Vs Shri Finance (ITAT Delhi) - Where the assessee had clear intention of being an investor and had held shares by way of investment, assessee was to be treated as investor and any gain arising out of transfer of shares was to be treated as ‘capital gain’ and not ‘business income’....

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Brought forward long-term capital loss and brought forward business loss can be set off against STCG computed U/s. 50

ITO Vs M/s Smart Sensors & Transducers Ltd. (ITAT Mumbai) - ITO Vs M/s Smart Sensors & Transducers Ltd. (ITAT Mumbai) As regards to set off of business loss against gain on sale of depreciable asset of factory building by the assessee, we find that the co-ordinate Bench of the Tribunal in the case of M/s. Raj Shree Roadlines vs ITO (ITA No.1627/Mum/2012)...

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No capital Gain on Rollover/Extension of Fixed Maturity Plans (FMPs) in same scheme

Circular No. 6/2015-Income Tax - (09/04/2015) - 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 Maturity Plans (FMPs) by the investor to continue in the same scheme. The capital gains will, however, arise at the time of redemption of the units or opting of the scheme...

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Recent Posts in "Short Term Capital Gain"

All about shares: Short term, long term and losses set-off

Everyone in India invest in stock market. If people don’t invest the atleast they read about stock market. There are many full time investors and traders also in stock market. People earn, make losses have long term investments in market and many more. This blog comes with the intention of all the taxes applicables on […]...

Read More
Posted Under: Income Tax |

Section 55 – Cost of Acquisition and Improvement

Article explains What is meant by cost of acquisition (Section 55), Cost of Acquisition with Reference to Certain Modes of Acquisition (Section – 49), What is meant by cost of improvement, If the assessee acquires any asset by way of inheritance, partition of HUF or by any other mode specified in sec 49(1) and sec […]...

Read More
Posted Under: Income Tax |

Provisions relating to capital gains in case of depreciable assets

According to section 50 of Income tax act if an assessee has sold a capital asset forming part of block of assets (building, machinery etc) on which the depreciation has been allowed under Income Tax Act, the income arising from such capital asset is treated as short term capital gain....

Read More
Posted Under: Income Tax | ,

Set off and carry forward of Capital Gain under Income Tax

Amidst the current economic turmoil going on globally on account of the disruption in the supply chain and economic stillness for a period, there are certain inconspicuous benefits in terms of capital gains tax under the income tax provisions which if planned well may benefit to an extent depending on the income profile and the tax bracke...

Read More
Posted Under: Income Tax |

Nature of capital gains on transfer of buildings /right in lease hold land

Hirsh Bracelet India Pvt. Ltd. Vs ACIT (ITAT Bangalore)

Hirsh Bracelet India Pvt. Ltd. Vs ACIT (ITAT Bangalore) Section 50 of the Act is a special provision for computation of capital gains in case of depreciable assets and is applicable only to capital assets forming part of Block of Assets on which depreciation has been allowed under the Act. and also only for the […]...

Read More

Computation of Cost of asset acquired before 1st April, 2001

Rationalization of provisions of section 55 of the Act to compute cost of acquisition The existing provisions of section 55 of the Act provide that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost of improvement, if any. However, for computing capital gains [&helli...

Read More
Posted Under: Income Tax |

Section 49 & Section 2(42A) – Segregated Portfolios- Capital Gain

Rationalisation of the provisions of section 49 and clause (42A) of section 2 of the Act in respect of segregated portfolios Section 49 of the Act provides for cost of acquisition for the capital asset which became the property of the assessee under certain situations. Further, clause (42A) of section 2 of the Act provides […]...

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Posted Under: Income Tax |

Bonus Shares and its impact on taxability of Individual

We know that making investment in securities/shares is one of the common investment avenue available to an individual in addition to making fixed deposits, purchasing land or building etc. In shares, bonus shares are often issued by the company. Bonus shares are used by the company as one of the method of capitalizing their profit [&helli...

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Posted Under: Income Tax |

Tax on Giving up of rights on flats in favour of developer within 36 months of date of JDA

Sri Suresh C. Vs DCIT (ITAT Bangalore)

Consideration of 14 flats for giving up related rights in favour of developer was received by assessee within a period of three years from the date of JDA. In such circumstances, concerned flats assumed the character of ‘short-term’ capital asset and gain on such transfer was rightly assessed by AO as STCG....

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LTCG on Sale of Equity Shares bought before 01-02-2018

Equity investors had a long tax holiday as the capital gains were not taxed and were exempt under section 10(38) until assessment year 2018-19. But Capital Gains on sale of equity shares in a listed company or unit of an equity oriented mutual fund (hereafter both are referred to as shares in this article) held […]...

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Posted Under: Income Tax |

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