Search Results for Tag : capital gain

Notifications & Circulars

Rationalisation of long term capital gains proposed, Revenue gain of about Rs.20,000 crores expected in the first year(01.02.2018)

The Union Finance and Corporate Affairs Minister Shri Arun Jaitley today proposed to tax long term capital gains exceeding Rs.1 lakh at the rate of 10.....

Tags : Rationalisation, Capital gains, Proposal

Proceeds from unlisted share sale to default to ‘Capital Gain’ head(05.05.2016)

The Central Board of Direct Taxes directed its offices that income from transfer of unlisted shares irrespective of period of holding would be taxable.....

Tags : Unlisted shares, sale, capital gain, income tax

FAQs issued by CBDT on the new capital gains tax regime proposed in the Union Budget 2024-25(24.07.2024)

Q1. What are the major changes brought about in the taxation of capital gains by the Finance (No.2) Bill, 2024?

Ans. The taxation of capita.....

Tags : Capital Gains, FAQs, Tax Regime

International Cases

Intention of Parliament must be clearly found on wording of legislation(22.05.2019)

By present appeal, Mr. and Mrs. Hancock seek to show that, the redemption of the loan notes, issued to them in connection with the sale of their share.....

Tags : Charge, Capital gains, Exemption

Judgments

Applicant is not chargeable to capital gains tax in India as control and management of affairs of company, particularly all financial affairs were situated only in Mauritius(08.08.2016)

Applicant had acquired 9,931,638 shares (representing about 8.12% – holding) in Tech Mahindra Limited, India (“TML”) which is listed on Bombay stock e.....

Tags : Capital gains, Levy, Country

Assessee is not liable for tax on capital gain, when Assessee is neither a signatory to subsequent Sale Deed nor is recipient of any of sale consideration(29.04.2020)

In facts of the present case are that the Assessee, an individual, did not file any return of income for the relevant assessment year. The Assessing O.....

Tags : Capital gain, Levy, Legality

Loss arose to Assessee on sales of another assets cannot set off from capital gain of previous assets(11.08.2020)

The facts in brief are that, the Assessee is an individual and filed his return of total income declaring income of Rs. 74,69,570. During the year und.....

Tags : Assessment, Capital gain, Set-off

Profits on sale of shares were liable to taxed under the head capital gains(27.11.2017)

This appeal has been filed by the Revenue for challenging the order of CIT(A) for treating the profit earned by the Assessee from the sale of shares u.....

Tags : Capital Gains, Sale of shares

Terminated venture between HP and HCL not chargeable to capital gains tax(21.12.2015)

The Delhi High Court ruled in favour of HCL Infosystems in a long running tax case arising from termination of a joint venture agreement between HCL a.....

Tags : Capital gains, joint venture, right to manufacture, section 55

News

ITAT: Capital Gain Cannot Arise in Respect of a Null And Void Transfer(13.06.2022)

Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that a null and void transfer of land does not form capital gain and additional short t.....

Tags : ITAT, Void Transfer, Capital Gain

ITAT: Sale of Agricultural Land Does Not Amount to Capital Gain(05.07.2022)

Income Tax Appellate Tribunal (ITAT), Kolkata Bench has held that the sale of agricultural land does not amount to capital gain for the purpose of all.....

Tags : ITAT, Agricultural Land, Capital Gain

ITAT: HUF Eligible for Capital Gain Exemption for Property Purchased in The Joint Name of Members(11.07.2022)

Income Tax Appellate Tribunal (ITAT), Delhi Bench has held that the Hindu Undivided Family (HUF) is eligible to claim capital gain exemption under Sec.....

Tags : ITAT, Hindu Undivided Family, Capital Gain

Capital Gain of Minor can be Clubbed with Income of Mother: ITAT(17.12.2018)

Income Tax Appellate Tribunal (ITAT), Chennai has held that capital gain received by minor daughters can be clubbed in the hands of the Mother under p.....

Tags : ITAT, Capital Gain of Minor

ITAT: Capital Gain Can’t be Taxed When Sale Consideration is Already Taxed from PoA Holder(08.08.2022)

Income Tax Appellate Tribunal (ITAT), Pune Bench has held that the capital gain in respect of consideration received from sale of property cannot be t.....

Tags : ITAT, Capital Gain, PoA

ITAT, Chennai: Capital Gain Exemption Cannot be Denied to Assessee Merely on Basis of Facts(29.09.2021)

Income Tax Appellate Tribunal (ITAT), Chennai has held that the capital gain exemption under section 54F of the Income Tax Act, 1961 cannot be denied .....

Tags : Income Tax Appellate Tribunal, Capital Gain Exemption

ITAT: Capital Gain Exemption Cannot be Claimed for Agricultural Land Purchased in Wife’s Name(15.07.2022)

Income Tax Appellate Tribunal (ITAT), Delhi Bench has held that the capital gain exemption under Section 54B of the Income Tax Act, 1961 cannot be cla.....

Tags : ITAT, Capital Gain Exemption, Agricultural Land

ITAT: Capital Gain Deduction Allowable to Separate Independent Residential Units on Single Land(18.07.2022)

Income Tax Appellate Tribunal (ITAT), Chennai Bench has held that the capital gain exemption under section 54F of the Income Tax Act, 1961 is allowabl.....

Tags : ITAT, Capital Gain Exemption, Residential Units

ITAT: Unregistered Document Has No Evidentiary Value(18.07.2022)

Income Tax Appellate Tribunal (ITAT), Surat Bench has upheld the denial of capital gain exemption under Section 54 of Income-Tax Act, 1961, by holding.....

Tags : ITAT, Unregistered Document, Capital Gain Exemption

Delhi HC: Value Declared in Wealth Tax Return Cannot Be Taken as Cost of Acquisition(26.10.2017)

Delhi High Court has upheld the order of ITAT that the value of land as declared and assessed under Section 7(4) of Wealth Tax Act could not be adopte.....

Tags : Delhi High Court, Capital Gain

ITAT: Capital Gain Exemption Cannot be Denied on Ground of Joint Ownership in 2 Residential Flats(28.07.2022)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that capital gain exemption under Section 54F of Income-Tax Act, 1961 cannot be denied on ground.....

Tags : ITAT, Capital Gain, Exemption

Mauritius, Singapore Investments Fully Taxable for Capital Gains(01.04.2019)

Capital Gains on investments made in India through companies in Mauritius and Singapore will become fully taxable from 1st April because of revisions .....

Tags : Capital Gains, Mauritius, Singapore Investments, Double-Taxation Avoidance Agreements (DTAAs)

ITAT: Capital Gains Arising On Sale Of Rural Agricultural Land Outside The Ambit Of Income Tax(11.01.2022)

Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench has observed that the capital gains arising on sale of rural agricultural land outside the purvi.....

Tags : ITAT, Capital Gain, Income Tax

Profit Earned by Housewife from Share Transaction is Business Income, Not Capital Gain: ITAT(27.03.2018)

Delhi Bench of ITAT,has ruled that the profit earned by a Housewife on the purchase and sale of shares would amount to business income and net short-t.....

Tags : ITAT, Capital Gain

DIRECT TAXATION - ITAT Shields Tax Relief on New House(15.03.2019)

Income-Tax Appellate Tribunal (ITAT), Mumbai bench has held that investment-linked capital gains tax exemption, available on purchase of a new house, .....

Tags : ITAT, Second House, Capital Gain, Tax Relief

ITAT, Bangalore: Capital Gain Deduction Allowable for House Purchased Outside India(05.02.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has allowed a claim of deduction under Section 54/54F of the Income Tax Act, 1961 on a house purchased.....

Tags : Income Tax Appellate Tribunal, Capital Gain Deduction on House Purchased Outside India

IT Deduction Available on Purchase of Two Houses Even If Investment is Not of Capital Gain: ITAT(12.04.2019)

Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that deduction under section 54 Income Tax Act is available on purchase of two residential.....

Tags : ITAT, Residential Houses, Capital Gain

ITAT, Chennai: Wife Eligible for Capital Gain Deduction Towards House Purchased in Husband’s Name(27.02.2020)

Income Tax Appellate Tribunal (ITAT), Chennai has held that the wife is eligible for deduction under Section 54 of the Income Tax Act, 1961 for the in.....

Tags : Income Tax Appellate Tribunal, Wife Eligible for Capital Gain Deduction

Bombay HC Orders Tighter Norms on Long-Term Capital Gains from Property Sale(15.09.2016)

Bombay HC has held that an exemption from long-term capital gains where sale proceeds of original asset are invested in a new residential property, wi.....

Tags : Bombay HC, long-term capital gain, Property Sale

ITAT, Chennai: Capital Gains to be Computed as per Share of Parties in Residential Property(10.03.2022)

Income Tax Appellate Tribunal, Chennai has held that capital gains under the Income Tax Act, 1961 is to be computed according to the respective share .....

Tags : Income Tax Appellate Tribunal, Capital Gains

Delhi HC: Income From Shares/ MFs Trades 'Capital Gain', If Treated as Investment in Past Years(17.05.2017)

Delhi High Court has held that income from trading in shares/mutual funds must be treated as ‘Capital Gain’ if Revenue has been treating the same as i.....

Tags : Delhi High Court, shares/mutual funds, capital gain

ITAT: Extinguishment of Right in Property Would Result in Capital Gain(03.06.2019)

ITAT Mumbai has held that the extinguishment of any rights in the property would result in the capital gain under the Income Tax Act, 1961.

Tags : ITAT, Capital Gain

CBDT: Bonds Issued by ‘Power Finance Corporation Ltd’ Are Eligible for Capital Gain Exemption(12.06.2017)

Central Board of Direct Taxes (CBDT) has notified that Capital Gain exemption under section 54EC of Income Tax Act is applicable to bonds issued by Po.....

Tags : Central Board of Direct Taxes, Capital Gain Exemption

Acquisition of Tenancy Right Not Eligible for Capital Gain Exemption: ITAT(01.05.2019)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that the acquisition of the tenancy rights would not amount to purchase or construction of a new.....

Tags : ITAT, Acquisition of Tenancy Right, Capital Gain Exemption

ITAT, Mumbai: Amount Spent on Consumable Items can’t be Claimed as Improvement Cost(04.04.2022)

Income Tax Appellate Tribunal, Mumbai has observed that the amount spent on consumable items including sofa, tiles, etc., can’t be claimed as cost .....

Tags : Income Tax Appellate Tribunal, improvement cost, Income Tax Act, 196, capital gain

ITAT, Pune: Capital Gain Exemption u/s 54F for Purchase of Office Premises not available(08.04.2022)

Income Tax Appellate Tribunal, Pune has observed that the capital gain exemption under section 54F of the Income Tax Act, 1961 is not available in the.....

Tags : Income Tax Appellate Tribunal, capital gain exemption, Income Tax Act, 1961, office premises

ITAT, Pune: Exemption of Capital Gain u/s 54F not available for Purchase of Office Premises(11.04.2022)

Income Tax Appellate Tribunal, Pune has observed that the exemption of capital gain under section 54F of the Income Tax Act, 1961 is unavailable if th.....

Tags : Income Tax Appellate Tribunal, capital gain, section 54F of the Income Tax Act, 1961, sale consideration

ITAT, Mumbai: Architect Fee Paid in Connection with Transfer of Development Rights Allowable(11.04.2022)

Income Tax Appellate Tribunal, Mumbai has observed that the architect fee paid by the assessee regarding the transfer of development rights are allowa.....

Tags : Income Tax Appellate Tribunal, architect fee, assesse, section 48 of the Income Tax Act, 1961, capital gain

ITAT, Mumbai: Architect Fee Paid in Connection with Transfer of Development Rights Allowable(11.04.2022)

Income Tax Appellate Tribunal, Mumbai has observed that the architect fee paid by the assessee regarding the transfer of development rights are allowa.....

Tags : Income Tax Appellate Tribunal, architect fee, assesse, section 48 of the Income Tax Act, 1961, capital gain

APHC: No ‘Capital Gain’ When Dutch Co Sells Shares of Immovable Property Company to Singapore Co(27.07.2017)

Andhra Pradesh High Court has held that gains arising from a Dutch company’s sale of shares of an Indian immovable property company to a Singapore com.....

Tags : Capital Gain

ITAT, Ahmedabad: Undisclosed Sale Consideration of Property Can Only Assessable as Capital Gain(02.05.2022)

Income Tax Appellate Tribunal, Ahmedabad has ruled that the undisclosed sale consideration of the property can be subjected to tax as capital gain und.....

Tags : Income Tax Appellate Tribunal, capital gain, section 48, Income Tax Act, 1961, Undisclosed sale consideration

ITAT, Bangalore: Wife Eligible for Capital Gain release if Money Given for Acquisition of Property(03.05.2022)

Income Tax Appellate Tribunal, Bangalore has held that the wife is eligible for capital gain exemption regarding the money given for the acquisition o.....

Tags : Income Tax Appellate Tribunal, reimbursement, capital gain, acquisition

ITAT: Capital Gain Exemption Can't be Denied For Presence of Husband's Name in Purchase Document(06.05.2022)

Income Tax Appellate Tribunal, Bangalore has held that the capital gain exemption cannot be denied to the wife for the mere presence of the husband's .....

Tags : Income Tax Appellate Tribunal, capital gain, purchase document

Ker. HC: Gain from Property Kept for Investment Purpose to be Taxed Under Capital Gains(24.07.2024)

Kerala High Court has held that any gain that is obtained from a property kept for the purpose of investment shall be taxed under the category of capi.....

Tags : Kerala High Court, Capital Gains, Investment

ITAT Bengaluru: Cost Incurred on Alteration/Renovation on Purchased Unit is Eligible for Capital Gain(26.09.2017)

A Division bench of ITAT Bengaluru has held that the benefit of Section 54F of the Income Tax Act, 1961 can be extended to the cost incurred by the as.....

Tags : ITAT Bengaluru, Exemption, Capital Gain

ITAT: Interest on Enhanced Compensation Recd. under LA Act Not Subject to Capital Gain Tax(28.09.2017)

Income Tax Appellate Tribunal (ITAT) has held that the interest received on enhanced compensation for land compulsorily acquired under the Land Acquis.....

Tags : Income Tax Appellate Tribunal, Capital Gain, Land Acquisition Act

ITAT: Multiple Flats on Different Floors Cannot be Treated as Single Residential House(29.06.2022)

Income Tax Appellate Tribunal (ITAT), Cuttack Bench has held that the multiple flats in different floors of the same building cannot be treated as a s.....

Tags : ITAT, Capital Gain Exemption, Income-Tax Act

ITAT Delhi: Availability of Capital Gain Exemption to More Than One House if HUF Property Sold(18.06.2019)

Income Tax Appellate Tribunal (ITAT) Delhi has noted that the capital gain exemption under Section 54 of the Income Tax Act, 1961 should be given to m.....

Tags : ITAT Delhi, Capital Gain Exemption

ITAT Chennai: Capital Gain Exemption Not Allowable Merely Due to Agreement Without Payment Evidence(20.06.2019)

Income Tax Appellate Tribunal (ITAT), Chennai has observed that the exemption under Section 54F of the Income Tax Act, 1961 (Act) is allowable merely .....

Tags : ITAT Chennai, Capital Gain Exemption

ITAT: Amount Invested in Capital Gain Scheme not Subjected to Tax in The Year of Investment(23.05.2022)

Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the amount once invested in the capital gain scheme cannot be brought to tax in the ye.....

Tags : ITAT, Capital Gain, Investment