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Exempted Incomes (Tax-FREE): Section-10(37),Section-10(38),Section-10(39), Section-10(40),Section-10(41)

 

77. Capital Gain on compulsory acquisition of urban Agricultural Land [Section 10(37)]

In the case of an assessee, being an individual or a Hindu individual family, any income chargeable under the head” Capital gain” arising from the transfer of agricultural land, shall be exempted, where :

  1. Such land is situate in any area referred to in, item (a) or item (b) of sub-clause (iii) of clause (14) of Section 2

  2. Such land, during the period of two years immediately preceding the date of transfer, was being used for agricultural purposes by such Hindu undivided family or individual, or a parent of his

  3. Such transfer is by way of compulsory acquisition under any law, or a transfer the consideration for which is determined or approved by the Central Government or the Reserve Bank of India

  4. Such income has arisen from the compensation or consideration for such transfer received by such assesses on or after the 1st day of April, 2004.

It may be noted in this connection that exemption is available only if compulsory acquisition has taken place on or after 1-4-2004. Exemption is also available if acquisition has taken place before 1-4-2004 but compensation has been received on or after 1-4-2004.

For the purposes of this clause, the expression, compensation or consideration” includes the compensation or consideration enhanced or further enhanced by any court, tribunal or other authority.

78. Long Term Capital Gain on transfer of shares and securities covered under Security Transaction Tax (STT) [Section 10(38)]

Any income arising from the transfer of a long-term capital asset, being securities, i.e. shares of a company or units of an equity oriented fund and the transaction of sale of such securities is entered into in a recognised stock exchange in India on or after 1-10-2004 shall be fully exempted.

But the income by way of long-term capital gain of a company shall be taken into account in computing the book profit and income-tax payable under section 11 5JB.

Explanation : For the purposes of this clause,

  1. “equity oriented fund” means a fund

  2.     where the investible funds are invested by way of equity shares in domestic companies to the extent of more than 65% of the total proceeds of such fund; and

  3. which has been set up under a scheme of a Mutual Fund specified under clauses (23D); The percentage Of equity share holding of the fund shall be computed with reference to the annual average of the monthly averages of the opening and closing figures.

  4. “securities” shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956)

  5. “recognised stock exchange” shall have the meaning assigned to it in clause (J) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956)”.

79. Income from international Sporting event [Section 10(39)]

Any specified income (which is from such international event and which is notified by the Central Govt.) of specified persons from any international event held in India shall be fully exempted if

  1. such event is approved by the international body regulating the international sport relating to such event

  2. it has participation by more than two countries ; and

  3. is notified by the Central Govt. in this regard.

80. Income received as grant by a subsidiary company [Section 10(40)]

Any income of a subsidiary company received as grant or otherwise from its holding company which is engaged in the business of generation, transmission or distribution of power if such amount is received as for settlement of dues in connection with revival of existing business of power generation.

81. Income from transfer of asset of an undertaking engaged in the business of generation, transmission or distribution of power [Section 10(41)]

Income from transfer of capital asset of an undertaking engaged in the business of generation, transmission or distribution of power where such transfer takes place on or before 31.3.2006 and transfer is made to the Indian company as notified u/s 801A.
 
 
More Topics... @ Exempted Incomes
Exempted Incomes : Sec.10(1) to Sec.(4)(ii)
Exempted Incomes : Section-10(7)-Section-10(9)
Exempted Incomes : Section-10(10)-Sec-10(A)-Sec-10(AA)-Sec-10(B)
Exempted Incomes : Section-10(10BB)-Sec-10(10BC)-Sec-10(C)
Exempted Incomes : Section-10(10CC),Sec-10(10D),Sec-10(11),Sec-10(12),Sec-10(13)
Exempted Incomes : Section-10(15A),Sec-10(16),Sec-10(17),Sec-10(17A)
Exempted Incomes : Section-10(18),Sec-10(19),Sec-10(19A),Sec-10(20)
Exempted Incomes : Section-10(21),Sec-10(22B),Sec-10(23A),Sec-10(23AA)
Exempted Incomes : Section-10(23AAA),Sec-10(23MB),Sec-10(23A),Sec-10(23AA)
Exempted Incomes : Section-10(23BBA),Sec-10(23BBB),Sec-10(23BBC),Sec-10(23BBE),Sec-10(23BBH)
Exempted Incomes : Section-10(23C),Sec-10(23D),Sec-10(23DA),Sec-10(23EA),Sec-10(23EB),Sec-10(ED)
Exempted Incomes : Section-10(23FB),Sec-10(24),Sec-10(25),Sec-10(25A),Sec-10(26A)
Exempted Incomes : Sec.10(4B) to Sec.10(6)
Exempted Incomes : Section-10(26AAN),Sec-10(26AAB),Sec-10(26B),Sec-10(26BB),Sec-10(26BBB)
Exempted Incomes : Section-10(27),Sec-10(29A),Sec-10(30),Sec-10(31),Sec-10(32)
Exempted Incomes : Section-10(33),Sec-10(34),Sec-10(34A),Sec-10(35),Sec-10(35A),Sec-10(36)
Exempted Incomes : Section-10(37),Sec-10(38),Sec-10(39),Sec-10(40),Sec-10(41)
Exempted Incomes : Section-10(42),Sec-10(43),Sec-10(44),Sec-10(45),Sec-10(46),Sec-10(47),Sec-10(48),Sec-10(49)
Exempted Incomes : Section 10(6A), (6B), (6BB) and (6C)
List of Exempted Incomes (Tax-Free) Under Section-10
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