My father is a senior citizen with no source of income,recently he sold one of his house properties and has some capital gain income.I would like to know if the minimum limit of Rs 1,95,000 is applicable while calculating tax from income on capital gains as that would save us some amount of tax.Also I...
Is the Capital Gains On Mutual Fund Based In Vienna Taxable in India Only?
July 10, 2008 by
How are capital gains of a resident of India on investments made in a fund based in Vienna under the US$ 200,000/- scheme treated under Indian Income Tax laws assuming 1. We are paying tax on such profits abroad and 2. No tax is paid abroad.Ambareesh Baliga , Mumbai As per Section 5 of the...
Can One Get Exemption U/s 54 And 54F Together?
July 10, 2008 by
I had purchased a Residential Plot in Rs 210,000 in May 2003. I sold the plot in June 2008 in Rs 360,000. 1. To calculate the capital gain. I need “cost inflation index” for year 2008-09. Has it been declared? If not then generally in which month is it declared by the government? 2. I...
Whether Utilised Amount In Capital Gains Account Scheme Received By Legal Heir Taxable?
July 7, 2008 by
Income Tax Act provides many scheme of saving tax on long term capital gains. These , exemption provisions are contained in section 54,54B,54D , 54F etc. The conditions for claiming exemption requires that the gains have to be spend in a specified manner. For example , in case of claim of exemption u/s 54 of...
Can You Claim Indexation Benefits In Case Of ESOP Shares?
July 6, 2008 by
My company in India allotted me shares of the parent company as ESOP in 2001-02 at value $10.25% of the shares vested in 2002-03, 25% in 2003-04, 25% in 2004-05 and 25% in 2005-06.On the vesting dates the value of those shares was $9, $8, $7 and $6. I sold all those shares in 2007-08...
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