Don't Worry , Be Happy !
The confusion regarding capital gains on sale of property received as gift from relative is very common among tax payers. One such tax payer, a subscriber to this blog Sri Som Rajan , has asked by mail “Whether sale of gifted property is exempt from LT capital gain, e.g. land gifted by parents.”.Since the question asked by...
The tax rate for long term capital gains on listed shares sold through recognized stock exchange is NIL and the short term capital gains is 15 % for listed shares.How do you consider a capital asset as long term or short term is given in section 2 (42A) of the Income tax Act which states...
The assessee had sold a flat received by her as a gift .The assessee adopted the cost inflation index applicable to the financial year 1992-93 for working out the indexed cost of acquisition and computed long-term capital gain as teh said flat was bought in the year FY 1992-93. However,the Assessing Officer worked out the...
In a family partition, the assessee was allotted amongst others 6 bighas of agricultural land, situate at Bahaodapur, district Gwalior. The land is within the municipal limits. By various sale deeds, executed in favour of 44 persons between April 1980 to December 1980, different parcels of lands were sold through two commission agents.On these facts, [...]
One of the partners of th assessee which was in business of cloth merchant in the city of Madras., on behalf of the firm, entered into an agreement for purchase of land in the city of Poona.The partner , on behalf of the firm, was to receive Rs. 41,115.62 out of the total consideration of [...]
PAN and TAN applications require you to fill up the the jurisdiction in which the applicant is … [Read More...]
Form 15G or 15H are declaration for individual residents and HUF that they have neither taxable … [Read More...]
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