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CAPITAL GAINS - Direct Taxes


1-Basis of Charge in case of Capital Gains [Section 45(1)]

Any profits or gains arising from the transfer of a capital asset effected in the previous year, shall be chargeable to income-tax under the head 'Capital Gains' and shall be deemed to be the income of the previous year in which the transfer took place unless such capital gain is exempt under section 54, 54B, 54D, 54EC, 54EE, 54F, 54G, 54GA or 54GB. 
 

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2- Transactions Not regarded as Transfer for purposes of Capital Gains [ Section 46 and 47]

In many transactions although there is a transfer, but these are not considered to be transfer for purposes of Capital Gains. Some relevant transactions which are not regarded as Transfer are :
 

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3. 'Deemed Cost of Acquisition' of Capital Assets for Computing Capital Gains [Section 49]

The cost of acquisition of the asset shall be deemed to be the cost for which the previous owner of the property acquired it, as increased by the cost of any improvement of the assets incurred or borne by the previous owner or the assessee, as the case may be.
 

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4. 'Cost of Acquisition' of Capital Asset for Computing Capital Gains [Section 55(2)]

Cost of acquisition is the price which the assessee has paid, or the amount which the assessee has incurred, for acquisition of the Asset . Expenses incurred for completing the title are a part of the cost of acquisition.
 

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5. Computation of Capital Gains in different Cases

Computation of 'Capital Gain' in case of 'Zero Coupon Bonds'; Capital Gain in case of amount received from an insurer on account of Damage or Destruction of any Capital Asset [Section 45(1)]; Capital Gain on Conversion of Capital Asset into Stock-in-Trade or Stock-in-Trade into Capital Asset; Capital gain on transfer of Capital Asset by a Partner / Member to a Firm / AOP / BOI as Capital Contribution [Section 45(3)] & More…
 

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6. Exemption of Capital Gains under Sections 54, 54B, 54D, 54EC, 54EE, 54F, 54G. 54GA and 54GB

All Exemptions with Sectionswise are discussed in details....

 

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