Central Board of Direct Taxes has issued the notification for Cost inflation index(CII) for FY 2018-2019, each year CBDT declares CII so that income tax assessee can calculate the capital gain for Income tax purpose. The base year for the Cost Inflation Index is Financial Year 2001-2002, which means any property purchased before 1.04.2001, assessee has the option… Read More »
Central Board of Direct Taxes has issued the Income Tax notification for new cost of inflation index for calculating Capital Gain as per section 48 of the Income Tax Act 1961. CBDT through Notification No. 44/2017/F.No.370142/11/2017-TPL has fixed the CII for Income Tax Capital gain calculation base year as 2001-02 i.e. all the assets purchased… Read More »
Indian Income Tax Capital Gain Account Scheme tax saving benefits, use, applicability, Bank Account Type & account opening process, IT S. 54(B, D, F & G) and list of authorized Public Sector Banks for deposit. Use of Capital Gain Scheme arises when individual wants to buy a residential property within 2 years from the date of sale, or Construct… Read More »
Capital asset means all types of property that are held by a company for investment and useful business purposes. Capital assets are those assets used by the business to make a profit. It however does not include the following: Any stock-in-trade, consumable stores or raw materials held for the purpose of his business or profession;… Read More »
Capital gains arising on the transfer of land used by an individual or his parents for agricultural purposes for a period of two years immediately preceding the date of transfer is exempt from the tax if the individual assessee has purchased another agricultural land within a period of two years from the date of such… Read More »
As defined u/s 45(1) of the Income Tax Act— Any profits or gains arising from the transfer of a capital asset effected in the previous year shall have as otherwise provided in S. 54, 54B, 54D, 54E, 54EA, 54EB, 54F, 54G and 54H, be chargeable to income-tax under the head “Capital gains”, and shall be deemed to be… Read More »
Earlier, From assessment year 2001-2002— As per the provisions to S. 17(2)(iii) of the Act, the value of any benefit provided by a company free of cost or at a concessional rate to its employees by way of allotment of shares, debentures or warrants directly/indirectly under any employees’ stock option plan (ESOP) or scheme (ESOS) of… Read More »
S. 10(33): Any income arising from the transfer of a capital asset, being a unit of the Unit Scheme, 1964. As per S. 10(33), any income arising from the transfer of a capital asset being a unit of US64 is not chargeable to tax where the transfer of such assets takes place on or after April… Read More »
As per S. 45(2A) of the Act, if any person has in the previous year transferred his interest in securities to another person and if there is any gain or profit arising from transfer made by the depository of such beneficial interest in securities shall be chargeable to tax as the income of the beneficial owner… Read More »
Capital Gain arising in case of dissolution of partnership firm by way of transfer of a capital asset by way of distribution of capital asset to partners on dissolution or “otherwise” as Per S. 45(4) of Income Tax Act. As per S. 45(4) of the Income Tax Act where any partnership firm or AOP or BOI is dissolved and… Read More »