Income Tax : Explore how changes in the Finance Act impact tax on long-term and short-term capital gains through revised indexation rates. Insi...
CA, CS, CMA : Arjuna (Fictional Character): Krishna, I recently heard about a case where rebate under Section 87A was allowed on short-term capi...
Income Tax : Taxpayers receiving income tax notices for additional tax on capital gains due to changes in Section 87A interpretation, affecting...
Income Tax : Explore key amendments under capital gains in the 2024-25 budget, including changes to buyback tax, indexation removal, and capita...
Income Tax : Learn about capital gain tax exemptions on property under redevelopment, including eligibility under Section 54 and implications f...
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 Mumbai held that disallowance of short term capital loss not justified since there is no evidence on record based on which ge...
Income Tax : Explore the detailed analysis of JS Capital LLC Vs ACIT (ITAT Mumbai) regarding the offsetting of Short Term Capital Loss (STCL) a...
Income Tax : Explore how DCIT vs. Claris Lifesciences Limited case sets precedent for setting off deemed short-term capital gain on sale of dep...
Income Tax : Explore the DCIT vs K.E. Faizal case where the ITAT Cochin ruled on taxation of mutual fund gains, analyzing the application of In...
Income Tax : Assessee has appealed against an order passed by CIT(A) and subsequent addition. Learn more about Capital Gain cannot be treated a...
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...
Background-: 1. This is in relation to FY 2014-15. One may be aware that, there is a change in the law relating to taxation of Capital arising out of sale of soft assets like shares. Securities, mutual funds etc. Audience-: 2. Especially for those who handle their investment portfolio and tax matters themselves and visit […]
Some Important Case Laws From INCOME FROM SALARIES :- 1. Whether the amount received by the employee on cessation of employment with his Employer will be exempted from tax under section 17(3)(i) of the Income-tax Act?
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, as the case may be.
The word ‘income’ has special meaning with reference to income-tax. It inter alia includes gains derived on transfer of a capital asset. Since these are not annual accruals, these are treated on a different footing for taxation purpose. The basic concepts and provisions relating to computation of taxable capital gains are briefly explained in this monograph. Chapter 1 briefly outlines the computation of total income and tax payable on the total income. Chapter II deals with the scope of taxation of capital gains and the rules of computation of taxable gains and tax thereon. Deductions from the Long¬term Capital Gains are discussed in Chapter-III. Chapter-IV contains rules applicable in certain exceptional cases. Treatment of losses and rules regarding carry forward and set off of such losses are discussed in Chapter-V.
Merely change in the flat without determining any consideration for the old flat cancelled and new flat transferred, it cannot be said that the old flat was sold and new flat was purchased on the date of change.
Capital Gain as defined u/s 45 Any profit or gain on transfer of a capital asset effected in the previous year (1) Receipt of insurance amount for capital assets in the year of receipt damage due to flood, riot, accident fire and action by enemy (1A) Any gain on transfer of capital assets by way of conversion in to stock in trade of business at fair market price (2) Any gain to beneficial owner in case of transfer of security by depository (2A)
This is our second video of FAST TRACK – QUICK REVISION of Capital Gain. Our First Video was Fast track quick revision of Profits and gains of business or profession. Aim of this video is revision of Capital Gain in shortest possible time covering 90% of syllabus from examination point of view. However in class we devote almost 20 hours to Capital Gain which we have tried to condensed in 24 minutes approx.
The difference between the ‘short-term capital’ asset and ‘long-term capital asset’ is the period over which the property has been held by the assessee and not the nature of tittle over the property. The lessee of the property has rights as owner of the property subject to covenants of the lease
The decision is relevant to authorised dealers making remittance to non-residents. Though the decision is rendered in the context of remittance to individual’s resident in the UAE, all non-resident Indians can benefit from the principle laid down in
The AO held the assessee to be a trader in shares & assessed the gains as business profits on the ground that (a) there was high frequency & sale transactions, (b) there were instances where delivery was not taken and shares were sold within a short period,
