Income tax-Aricle-thetaxtalk- Income Tax various articles.

Whether LTCG exemption can be withdrawn if the building is demolished within 3 years of its purchase?

April 11, 2020 0 Comments

Whether LTCG exemption can be withdrawn if the building is demolished within 3 years of its purchase? - CA Naresh Jakhotia Query] I have sold my “A” capital assets in December 2018 and claimed an exemption u/s 54 by investing it ...

Capital Gain, Income Tax

Computation of profit on sale of capital assets is different in case of Trust: CA Naresh Jakhotia

April 4, 2020 0 Comments

There is a special provision to levy the tax arising on sale of capital assets in case of all the taxpayers. In such cases, gain is required to be computed in the prescribed mode under the heading “Income From ...

Capital Gain, Income Tax

No Extension of Time to 30th June for Claiming Capital Gain Exemption u/s 54EC if it is earned after 20th September : CA Naresh Jakhotia

April 1, 2020 0 Comments

No extension of time to 30th June for claiming Capital gain exemption u/s 54EC if it is earned after 20th September : CA Naresh Jakhotia Finally, amendment for extension of date has been given legal backing. The best part is, all changes ...

House propery, Income Tax

Interesting case: Cost of acquisition to the assessee is not merely the amount paid to the vendors but also the cost of the borrowing made by him for the purpose of paying the vendor and obtaining the sale deed

March 27, 2020 0 Comments

Interesting case: Cost of acquisition to the assessee is not merely the amount paid to the vendors but also the cost of the borrowing made by him for the purpose of paying the vendor and obtaining the sale deed Here ...

House propery, Income Tax

Interest on Housing Loan: Possibility of double deduction cannot be overruled

March 27, 2020 0 Comments

Interest on Housing Loan: Possibility of double deduction cannot be overruled CA Naresh Jakhotia There are often various issues & decisions which makes Income Tax Act an interesting subject to read and analyze. Let me try to elaborate few such issues in ...

House propery, Income Tax

Sum received from display of advertisement on assessee’s undergoing real estate project is a business income or house property income?

March 23, 2020 1 Comment

Income Tax Act, 1961, Section 14 Heads of income---Income from house property or Income from other sources---Sum received from display of advertisement on assessee’s undergoing real estate project Conclusion: Rental income received for display of commercial advertisement on assessee’s undergoing real estate ...

Capital Gain, Income Tax

Capital gains exempt under section 54EC need not be reckoned for purpose of computing book profit u/s 115JB

March 23, 2020 0 Comments

Income Tax Act, 1961, Sections 115JA & 54EC MAT---Book profit under section 115JA---Capital gains exempted under section 54EC being reckoned for purpose of computing book profit Conclusion: Capital gains, exempt under section 54EC, could not be reckoned for purpose of computing book ...

Capital Gain, Income Tax

Payment of enhanced value of assets revalued by firm whether constitute capital asset and transfer of such asset whether capital gains chargeable under section 45(4) r/w s. 2(14) on retirement of some of partners?

February 29, 2020 0 Comments

Income Tax Act, 1961, Section 45(4) Income Tax Act, 1961, Section 2(14) Capital gains---Capital asset---Payment of enhanced value of assets revalued by firm whether constitute capital asset and transfer of such asset whether capital gains chargeable under section 45(4) r/w s. ...

Capital Gain, Income Tax

Capital Gain Computation: Date of allotment should be taken as the date of acquisition for reckoning the assets as Long Term or Short Term Capital assets

February 28, 2020 0 Comments

Capital Gain Computation: Date of allotment should be taken as the date of acquisition for reckoning the assets as Long Term or Short Term Capital assets BHAWNA SHARMA vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION) ITAT, DELHI TRIBUNAL (A) BHAVNESH SAINI, ...

Capital Gain, Income Tax

Profits realized on sale of agricultural land is exempt if there is no evidence on record to show that it is a business transaction

February 26, 2020 0 Comments

Income Tax Act, 1961, Section 54B Capital gains---Deduction under section 54B---Profits realized on sale of agricultural land Conclusion: Since AO had not conducted any specific enquiry to negate the assertions made by assessee that the land was used for agricultural purposes and ...

Capital Gain, Income Tax

Interesting Judgment: Whether extinguishing of right to carry out a speciality business is taxable as Capital Gain Income ?

February 26, 2020 0 Comments

Extinguishing of right to carry out a speciality business Facts of the case: Assessee-company divested its shareholding in Max Atotech Limited to M/s. Atotech BV, Netherlands for Rs. 13.58 crores. Along with the signing of the agreement for sale of shares, ...

Tax Planning

Disallowance u/s 40(a)(ia) can be invoked only in event of non–deduction of tax and not for lesser deduction of tax

February 4, 2020 0 Comments

Disallowance u/s 40(a)(ia) can be invoked only in event of non–deduction of tax and not for lesser deduction of tax Conditions laid down under Section 40(a) (ia ) requires addition to the income if - tax is deductible at source and - such tax ...

Capital Gain, Income Tax

Exemption from Capital Gain: Section 54 is a beneficial provision and is to be construed keeping in view the intention of the Legislature to give relief

December 24, 2019 0 Comments

Exemption from Capital Gain: Section 54 is a beneficial provision and is to be construed keeping in view the intention of the Legislature to give relief Sec. 54 is a beneficial provision and is to be construed keeping in view ...

House propery, Income Tax

Property used by the Assessee for the purpose of its business cannot be considered to be a vacant property as per section 23

November 29, 2019 0 Comments

Property used by the Assessee for the purpose of its business cannot be considered to be a vacant property as per section 23 M/S. Ideal Hitech Engineering ... vs Ito, New Delhi on 13 August, 2019 IN THE INCOME TAX APPELLATE ...

Article, Income Tax

All about deduction towards Mediclaim payment u/s 80D

September 20, 2019 0 Comments

All about deduction towards Medi-claim payment u/s 80D There are options beyond section 80D which the taxpayers dont realises. One such option is in the form of section 80D which offer deduction towards mediclaim payment. The deduction is over and above ...

Capital Gain

Capital Gain computation: Whether indexation benefit isavailable from the date of payment or from the date of purchase deed?

September 7, 2019 0 Comments

Capital Gain computation: Whether indexation benefit is available from the date of payment or from the date of purchase deed? ITO (International Taxation) Vs Monish Kaan Tahilramani (ITAT Mumbai) [Appeal Number : I.T.A. No. 4715/Mum/2015] ORDER Aforesaid appeal by revenue for Assessment ...

IT Judgement, Other Source Of Income

Income from Business or Other Source of Fund is generated from business & sourced to FDRs

September 5, 2019 0 Comments

Income from Business or Other Source of Fund is generated from business & sourced to FDRs Short Overview: Although funds generated from business were sourced to FDRs kept in bank interest income earned from FDRs could not be considered as business ...

House propery, Income Tax

Income from let out of ‘premises only’ is taxable under the head ‘Income from House Property’

August 30, 2019 0 Comments

Income from let out of 'premises only' is taxable under the head 'Income from House Property' Short Overview: In the absence of any facilities or business infrastructure provided by the assessee-firm to its lessee, rental income from let out of ‘premises ...

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All about Foreign Tax Credit

New Tax Regime & Deduction ...

Landmark Judgement : No reasons ...

TDS need not be paid ...

Category: Article

Whether LTCG exemption can be withdrawn if the building is demolished within 3 years of its purchase?

Computation of profit on sale of capital assets is different in case of Trust: CA Naresh Jakhotia

No Extension of Time to 30th June for Claiming Capital Gain Exemption u/s 54EC if it is earned after 20th September : CA Naresh Jakhotia

Interesting case: Cost of acquisition to the assessee is not merely the amount paid to the vendors but also the cost of the borrowing made by him for the purpose of paying the vendor and obtaining the sale deed

Interest on Housing Loan: Possibility of double deduction cannot be overruled

Sum received from display of advertisement on assessee’s undergoing real estate project is a business income or house property income?

Capital gains exempt under section 54EC need not be reckoned for purpose of computing book profit u/s 115JB

Payment of enhanced value of assets revalued by firm whether constitute capital asset and transfer of such asset whether capital gains chargeable under section 45(4) r/w s. 2(14) on retirement of some of partners?

Capital Gain Computation: Date of allotment should be taken as the date of acquisition for reckoning the assets as Long Term or Short Term Capital assets

Profits realized on sale of agricultural land is exempt if there is no evidence on record to show that it is a business transaction

Interesting Judgment: Whether extinguishing of right to carry out a speciality business is taxable as Capital Gain Income ?

Disallowance u/s 40(a)(ia) can be invoked only in event of non–deduction of tax and not for lesser deduction of tax

Exemption from Capital Gain: Section 54 is a beneficial provision and is to be construed keeping in view the intention of the Legislature to give relief

Property used by the Assessee for the purpose of its business cannot be considered to be a vacant property as per section 23

All about deduction towards Mediclaim payment u/s 80D

Capital Gain computation: Whether indexation benefit isavailable from the date of payment or from the date of purchase deed?

Income from Business or Other Source of Fund is generated from business & sourced to FDRs

Income from let out of ‘premises only’ is taxable under the head ‘Income from House Property’

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