Section 49(4) provides that where there is any gain arising out of transfer of a property, the cost of acquisition of such property will be taken as per S. 56(2)(vii) and 56(2)(viia). Therefore it is important to understand S. 56(2)(vii) and 56(2)(viia). Under the existing provisions of S. 56(2)(vii), it provides that, if an assessee being an… Read More »
Transfer as per S. 2(47), of Income tax Act, 1961- (adsbygoogle = window.adsbygoogle || []).push({}); Capital Gain arises on transfer of capital asset. The word transfer occupy a very important place in capital gain, because if the transaction involving movement of capital asset from one person to another person is not covered under the definition of… Read More »
The exemption is available only an individual or a HUF who transfers (or sells) a capital asset that results in a long-term capital gain, and then invests the amount of gain in acquiring a new residential house. This exemption is available subject to fulfillment of the following requirements: (i) The transferor assessee should purchase or… Read More »
This exemption is available to an individual, HUF, company or any other person who invests the long term capital gain, within 6 months of the transfer of the capital asset, in any of the specified bond (issued on or after April 1, 2006) redeemable after 3 years: National Highway Authority of India (NHAI), or Rural… Read More »
The exemption u/s 54 is available only an individual or a HUF who transfers (or sells) a residential house/property that results in a long-term capital gain, and then invests the amount of gain in acquiring a new residential house. This exemption is available subject to fulfillment of the following requirements: (i) The transferor shall be an… Read More »
This exemption is available an individual, HUF, company or any other person who transfers the capital assets (being plant, machinery, land or building or any right in the land or building) being used for the purpose of industrial undertaking situated in an urban area to a special economic zone (SEZ). The assessee purchases within one… 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 »
Current Income Tax Rate on Long Term Capital Gain (LTCG) @20% u/s 112 of Income Tax Act, 1961 on Land, Building, House Property or other assets but long term gain on listed securities is fully exempted on which STT is paid i.e. if you have sold your shares and securities through recognized stock exchange is… Read More »
S. 111A: Current Income Tax Rate on Short Term Capital Gain (STCG) on transfer of equity shares or units of equity-oriented mutual fund under Income Tax Act, 1961. If investor sell this stock/shares/securities within 12 months from date of purchase then any gain on such investment will be treated as short term gain and will be… Read More »
Circular No. DBOD.No.BP.BC.33/21.04.048/2014-15 dated 14 August, 2014, states that: Revisions of the date of commencement of commercial operations (DCCO) and consequential shift in repayment schedule for equal or shorter duration (including the start date and end date of revised repayment schedule) will not be treated as restructuring provided that: The revised DCCO falls within the… Read More »