Income Tax : The new law treats gains from depreciable assets as short-term capital gains for all purposes, not merely for computation. This ef...
Income Tax : Rebate under Section 87A includes STCG for eligibility but cannot be applied to such income. This creates a limitation in tax bene...
Income Tax : The case explains how salary income is computed on a gross basis with only specific deductions permitted. It clarifies the scope o...
Income Tax : The issue concerns when capital gains become taxable under the law. The framework clarifies that gains are taxed in the year of tr...
Income Tax : Comprehensive summary of capital gains—definition, classification, computation, exemptions, reinvestment reliefs, and procedures...
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 Delhi ruled that the holding period for capital gains purposes began from the date of full payment and transfer of possession...
Income Tax : ITAT Ahmedabad held that depreciation on goodwill arising from amalgamation was allowable for assessment years prior to AY 2021-22...
Income Tax : The Tribunal ruled that a genuine share transaction resulting in a short-term loss cannot automatically be treated as a make-belie...
Income Tax : The Tribunal held that long-term capital gains cannot be disallowed solely on investigation reports and assumptions. It found that...
Income Tax : The dispute involved incorrect invocation of valuation provisions by the AO. The Tribunal ruled that using Section 142A instead of...
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...
Where the assessee company demolished the existing structure of building which was situated on the leasehold land, for constructing a new factory, and since there was no other asset in the block of assets, therefore, written down value of the said building claimed as short-term capital loss, was rightly allowed by Commissioner (Appeals).
Period of holding is critical and initial step to determine tax liability on Capital Gain on shares, securities, immovable property, bonds or any other capital asset as the rate of tax, implication of carry forward and set off, and benefit of indexation depends upon the nature of asset. i.e. whether capital asset is Short Term […]
When investors make profits on sale of assets like land, shares and mutual fund units, it is termed as capital gains. The investor has to pay tax on the resulting gains that is commonly referred to as capital gains tax. The amount of money outflow from your pocket depends on how long you held the property. If a residential property is held by the seller for more than 36 months, it is considered a long-term investment. For investments over the short term, the short-term capital gain is added to your total income. You will be taxed depending on the tax bracket you fall in. When computing long-term capital gain, a bit more complexity is involved. Indexation is the process by which inflation is taken into account and the purchase price is proportionately increased. Consequently, the amount you end up paying as tax is reduced.
Taxation of Capital Gains on Sale of Equity Shares [SECTION 112A] TAX ON LONG TERM CAPITAL GAINS ON CERTAIN ASSETS Q.1 What type of assets are covered? Ans: an equity share in a company or a unit of an equity oriented fund or Q.2 What is the rate of tax under this section? Ans: A […]
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.
Introduction: ♦ As per Section 2 of the Income Tax Act, 1961 definition of Income includes losses also. ♦ Losses in the Income Tax Act, 1961 are dealt in accordance with Chapter VI of the Act which consist of Section 70 to Section 80. ♦ Assessee paid tax on Total Income. It might be possible […]
Govt. has imposed many restrictions on sale of property and has also allowed deductions and exemptions that can be claimed when someone sells his property. Some of the Considerations to be kept in mind while selling property are explained in this article.
The long term capital loss (LTCL) can be set off against the short term capital gain (STCG) arise on depreciable assets u/s 50 of income tax act, 1961 As per provisions of section 74(1)(b) loss related to a long term capital gain can be set off against the long term capital gain. Long Term Capital […]
Taxation of Long Term Capital Gain (LTCG) under section 112A vis a vis Taxation of Long term Capital Gain Prior to Finance Act, 2018 We all saw an Havoc amongst taxpayers when Finance Act, 2018 was announced in the union budget speech specifically among those assessees whose major part of their total income consisted of […]
The issue under consideration is Unlisted shares sold after holding for 23 months considered as Long Term Capital Gains or Short Term Capital Gains?
