The Tax Talk

Whether LTCG exemption can be withdrawn if the building is demolished within 3 years of its purchase?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Whether LTCG exemption can be withdrawn if the building is demolished within 3 years of its purchase?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

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, ...

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 ...

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 ...

Capital Gain

Interesting issues : Capital Gain exemption under section 54F is available on the basis of actual sale consideration or stamp duty valuation under section 50C

August 29, 2019 0 Comments

Interesting issues : Capital Gain exemption under section 54F is available on the basis of actual sale consideration or stamp duty valuation under section 50C Short Overview: Assessee was entitled for deduction under section 54F in respect of full value of ...

Capital Gain

Capital gain exemption is allowable even if the construction started prior to earning of Long Term Capital Gain (LTCG) — CA Naresh Jakhotia

May 17, 2019 0 Comments

Capital gain exemption is allowable even if the construction started prior to earning of Long Term Capital Gain (LTCG) -- CA Naresh Jakhotia There are lot of controversy with respect to capital gain exemption. One of the controversy is related to ...

Capital Gain

No possession, No purchase deed: Still exemption against long term capital gain granted

May 16, 2019 0 Comments

No possession, No purchase deed: Still exemption against long term capital gain granted Where assessee sold a residential property and invested sale consideration in new residential flat and made payment to developer within prescribed time, merely because assessee could not ...

Capital Gain, IT Judgement

AO allows capital gain exemption on that part of construction expenditure which is incurred after the sale of original asset ignoring the amount of earlier structure purchased

May 14, 2019 0 Comments

AO allows capital gain exemption on that part of construction expenditure which is incurred after the sale of original asset ignoring the amount of earlier structure purchased Overview: Where assessee had sold a flat and before such sale, he purchased a ...

Capital Gain, IT Judgement

Fair Market Value of capital asset u/s 50C as per ‘Guidance Value’ being determined without hearing the objections of assessee is not proper

May 11, 2019 0 Comments

Fair Market Value of capital asset u/s 50C as per ‘Guidance Value’ being determined without hearing the objections of assessee is not proper Facts of the present case: Assessee can object to presumptive value as per section 50C(1) and therefore, it ...

Capital Gain

Capital gain computation on sale of mortgaged property – whether amount paid towards debts repayment is deductible ?

May 9, 2019 0 Comments

Capital gain computation on sale of mortgaged property - whether amount paid towards debts repayment is deductible ? Short Overview : Where the mortgage is created by the owner after she has acquired the property, then clearing off of the mortgage ...

Capital Gain, Income Tax

No reassessment u/s 148 merely on information without verification

May 8, 2019 0 Comments

No reassessment u/s 148 merely on information without verification Short Conclusion : AO cannot reopen an assessment u/s 148 merely based on an information revealing that there is an escapement of income on account of LTCG without even verifying such information ...

Capital Gain, House propery

Capital gain exemption shall be limited to actual sale consideration and not stamp duty value

May 6, 2019 0 Comments

Capital gain exemption shall be limited to actual sale consideration and not stamp duty value [2019] 104 taxmann.com 208 (Bombay) Computation of capital gain and consequently computation of exemption under section 54EC, shall have to be worked out on basis of substituted deemed ...

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Category: Capital Gain

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

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 ?

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

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

Interesting issues : Capital Gain exemption under section 54F is available on the basis of actual sale consideration or stamp duty valuation under section 50C

Capital gain exemption is allowable even if the construction started prior to earning of Long Term Capital Gain (LTCG) — CA Naresh Jakhotia

No possession, No purchase deed: Still exemption against long term capital gain granted

AO allows capital gain exemption on that part of construction expenditure which is incurred after the sale of original asset ignoring the amount of earlier structure purchased

Fair Market Value of capital asset u/s 50C as per ‘Guidance Value’ being determined without hearing the objections of assessee is not proper

Capital gain computation on sale of mortgaged property – whether amount paid towards debts repayment is deductible ?

No reassessment u/s 148 merely on information without verification

Capital gain exemption shall be limited to actual sale consideration and not stamp duty value

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