December, 2024 - My Tax Support

December 7, 2024December 7, 2024
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Leave a Comment on How is the Holding Period for Capital Assets Determined When Assets Like Shares or Immovable Property Complete Are Acquired by Gift, Inheritance, or Succession Under Section 49(1)?

How is the Holding Period for Capital Assets Determined When Assets Like Shares or Immovable Property Complete Are Acquired by Gift, Inheritance, or Succession Under Section 49(1)?

Under the Income Tax Act, 1961, the holding period of a capital asset plays a crucial role in determining whether a gain from its transfer is treated as short-term or long-term. The classification of capital gains as either short-term

What are the legal interpretations of “personal effects” and how do they impact capital gains taxation as per Section 2(14)?

Section 2(14) of the Income Tax Act, 1961 defines "capital asset" and provides an important classification for capital gains taxation. Among the assets that are excluded from the term "capital asset" are personal effects. This exclusion plays a significant

What are the complete tax implications regarding capital gains on the one transfer of assets in special circumstances such as shifting of industrial undertakings to Special Economic Zones (SEZs)?

The transfer of assets in specific circumstances, such as the shifting of industrial undertakings to Special Economic Zones (SEZs), brings unique tax implications. Special Economic Zones are designated areas within a country that are treated differently from other regions

“How to Calculate Capital Gains from Compulsory Acquisition of Land and Buildings Under Section 45(5A)”

Section 45(5A) of the Income Tax Act, 1961 deals with the taxation of capital gains arising from the transfer of certain land and buildings, particularly in cases where the land or building is transferred under a compulsory acquisition scenario.

“What You Need to Know About Capital Gains Tax on Asset Transfers in Liquidation Under Section 47”

Section 47 of the Income Tax Act, 1961 provides specific provisions regarding the tax treatment of capital gains arising from the transfer of assets during the liquidation of a company or a firm. The liquidation process often involves the

What is the Procedure for Computing Capital Gains in Cases Involving Slump Sales Under Complete Section 50B?

Slump sale refers to the transfer of a business as a whole, including all its assets and liabilities, without assigning specific values to individual assets or liabilities. Section 50B of the Income Tax Act, 1961 deals with the computation

“New Holding Period Rules for Immovable Property: What You Need to Know About Capital Gains Tax”

The Finance Act plays a pivotal role in updating and amending various provisions under the Income Tax Act, 1961 to reflect current economic conditions, policy changes, and government priorities. One of the key areas impacted by amendments in the

What Tax Relief is Available Under Section 54EC for Long-Term Capital Gains on the Sale of Specific Bonds and Securities?

Section 54EC of the Income Tax Act, 1961 provides tax relief for taxpayers who face long-term capital gains (LTCG) from the sale of assets like land, property, and securities. By reinvesting the gains in specified bonds, such as those

How is the Capital Gain on the Sale of Shares and Securities by Non-Residents Taxed Under Section 115E and Related Sections?

The taxation of capital gains arising from the sale of shares and securities by non-residents is governed by specific provisions under the Income Tax Act, 1961. Section 115E plays a key role in determining the tax treatment of capital

“How to Handle Capital Gains Tax in the Case of Compulsory Acquisition Under Section 45(5A)”

The Income Tax Act, 1961 provides specific provisions for the taxation of capital gains arising from the compulsory acquisition of assets under Section 45(5A). When a government authority acquires a capital asset (such as land, property, or any other

Month: December 2024