TDS on software purchase is a controversial issue which has been settled in favour of income tax department recently by Karnataka High Court by its decision in CIT (International Tax) vs Samsung Electronics 2011 16 taxmann.com 141 in which it was held that in software purchase , whatis bought is the right to use the...
Can capital gains exemption u/s 54F or 54 be claimed for buying land also?
May 15, 2010 by
Yes, one can claim exemption from capital gains u/s 54 or 54F for land purchase , but only if the said land is part of land on which house is being constructed. This is the decision in ACIT vs Narendra Mohan Uniyal (2009) 34 SOT 152(Del), dt.31.08.2009. Facts of the case The assessee sold a...
Should The Gift Received From Relative & Exempt From Tax Be Shown In Return?
February 6, 2009 by
Do we need to show gift from relative amount in schedule of exempt income ITR4 form? Kinjal, Pune Yes, you should show the gift received from relatives which is not taxable in your hand. Income is defined under section 2(24) and the sub-clause (xiii) and (xiv) refers any sum received u/s 56(2)(vi) as an income....
Why Is F & O Transaction Business Activity From 25/1/2006 And Not From 1/4/2005?
December 19, 2008 by
Whether Trading in Nifty Futures, amount to trading in derivates and as a result not a speculative transaction as per the amendment to sec 43(5) by Fiance act 2005. RAMESH V RAICHUR, Belgaum Futures and option trading-whether in individual shares or Nifty futures – was regarded as speculation business as per section 43(5) of the I...
Cost Inflation Index For FY 2008-09 Notified!
August 19, 2008 by
Good news for everyone who was waiting for Cost Inflation Index for FY 2008-09. It is notified . August 13, 2008 Notification No. 86/2008 Section 48, Explanation (v) of the Income-Tax Act, 1961 -Notified Cost of Inflation Index for the Financial Year 2008-09 In exercise of the powers conferred by clause (v) of the Explanation...
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