Gift & Capital Gains- 3 Important Tax Savings Provisions One Must Know !

Gift of assets to various persons -relative and non relatives  involves different issues under Income tax Act which has many provisions to deal with gift of assets .When a person receives any capital asset as gift and later sells it, the question of capital gains arises. However, this posting will try to dwell on three important...

Surrender of ULIP or Pension Plan-What You Must Know !

Surrender of ULIP or pension plan has its tax implication under Income Tax Act , which many investor to such plans or units may not be aware of . The tax implication on ULIP and pension are different , as both are not same type of financial product.One  reader has asked a question on  ULIP...

Revision of Late Return Filed u/s 139(4) Legally Correct !

Late return can be revised, indeed! It is generally understood that if tax return is filed after the due date (late return) , such return of income cannot be revised . In fact that the common error in belief that once a person files return late , then even when he finds a genuine error...

Can Loss in Commodities F & O Trade be Adjusted With Capital Gains ?

The derivative segments trades (Futures & Options )  in India are done in shares and commodities. While the trade in F & O segments of shares through NSE or BSE is considered business trade now . A confusion arises in mind of tax payers who indulge in F & O trades in commodities segment. For...

54EC: NHAI Issues Capital Gains Bonds !

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...