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...
So many times tax payers have asked whether the booking date is at all material for determining the capital gains or possession date or registration date is crucial. taxworry.com has posted numerous article on this topic . For example , Flat Allotment Date is Crucial for the Capital Gains and second article was Can Date...
Exemption u/s 54 from long term gains on sale of any kind of asset is allowed under section 54 or 54F if the sale proceeds are used for investment in new residential house. There are certain other conditions which are also required to be fulfilled.However, one conditions which is totally missing in either section 54...
Tax return filing date is near , therefore, taxpayers who have earned capital gains must pay attention to advisory of CPC Banglore regarding five most common cause of errors while filling schedule for capital gains in the online return. The errors are cropping up because of mistakes committed while filling out the Schedule CG . These are explained below 1 Give complete [...]
Non Resident investor enjoy ! The Finance Act 2012 has brought a great tax relief for all non resident investors who have private limited company or closely held public company shares or have invested in debentures or bonds . This is because any sale of unlisted shares,bonds or debentures or marketable securities, after 01/04/2012 will...
Section 54EC provides a way of getting exemption from tax on long term capital gains . You can read six steps to saving tax on long term capital gains u/s 54EC .However, the capital gains bonds specified under section 54EC are scarce and are not available always in market. That is important because the investment...
Input tax credit is the amount of tax paid by the dealer on purchases for which the dealer is entitled to claim a credit while paying for the sales tax on goods.The input tax credit has to be claimed in the tax period in which a dealer records tax invoice and can be adjusted against [...]
Capital gains on sale of agricultural land bring the issue whether the said agriculture land is capital asset.If the said agriculture land is not capital asset within the definition section 2(14) of the Income Tax Act , the gain on agriculture land sale shall be exempt from income tax. This article is written with an...
The Finance Bill 2012-13 has a bad news for investors of Venture Capital Funds .The income accrued , although not received by investors , will be taxed in the year of accrual itself whether or not the investor received it. Thus the provisions of section 115U of Income Tax Act which currently allow an opportunity [...]
Among many amendments brought in Individuals and HUF are affected together. However Finance Bill 2012-13 has brought in two amendments which positively affect taxation of Hindu Undivided Family i.e HUF . These changes were actually a kind of clarification to make the position of already present provision in respect of HUF. The first change proposed [...]
Transactions through portfolio management services has the risk of falling in usual controversy of Capital gains vs business income under income tax law .As the rate of income tax on capital gains are much lower than business income , the issue is very important. Therefore,before one opts for ubiquitous portfolio management services ,one must carefully...
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