December, 2024 - My Tax Support

What tax implications arise when the proceeds from the sale of a capital asset are reinvested in multiple residential properties instead of one under Section 54?

When an individual sells a capital asset, such as a residential property, the capital gains tax liability arises on the difference between the sale price and the cost of acquisition. However, the Income Tax Act, 1961 provides relief to

Section 54EE Tax Relief: How to Benefit from Capital Gains Exemption on Investments

Under the Income Tax Act, 1961, the government offers relief from capital gains tax through various provisions to encourage investment in specific sectors and promote economic growth. One such provision is Section 54EE, which allows individuals and Hindu Undivided

What Are the Special Rules Under Section 55 for Determining the Cost of Acquisition and Improvement When the Property Is Transferred to the Assessee Through Gifts or Inheritance?

When an individual acquires property through gifts or inheritance, the cost of acquisition and improvement for capital gains tax purposes is calculated differently than for properties purchased directly. This is governed by the provisions under Section 55 of the

How Capital Gains taxed, when Complete Building Sold, Floor-by-Floor?

When an asset, such as land or a building, is sold in parts, such as a land parcel divided into multiple plots or a building sold floor-by-floor, the capital gains tax treatment can become more complex. Unlike a simple

How Are Capital Gains Treated in Case of the Transfer of Property Complete Under Agreement or a Similar Arrangement?

A joint venture (JV) agreement or a similar contractual arrangement is a business partnership where two or more parties agree to pool their resources, assets, or expertise to undertake a specific project. Joint ventures often involve the transfer of

How Does Section 47 Provide Exemptions for Capital Gains in Corporate Mergers and Demergers? A Complete Guide

Corporate restructuring, including mergers, demergers, and the transfer of shares, are common business processes that help companies optimize operations, reduce costs, and increase value. However, such transactions often involve the transfer of significant assets, which can lead to complex

What Are the Specific Provisions for Taxing Capital Gains Arising from the Sale of Assets in a Slump Sale Under Section 50B?

A slump sale is a method of business transfer in which the entire business or a part of it, including its assets and liabilities, is transferred to another entity for a lump sum consideration. This type of transaction is

Capital gains tax apply in cases where there is an acquisition of capital assets through an inheritance Section 49(1)? Complete Guide

The acquisition of capital assets through inheritance or bequest is a common event that has specific implications under capital gains tax rules. In India, the taxation of capital gains on inherited assets is governed by Section 49(1) of the

What is the Impact of the ‘Fair Market Value’ Method in Determining the Full Value of Consideration in Specific Cases Like the Transfer of Shares Under Section 50C?

When it comes to the transfer of assets, one of the critical components in calculating capital gains is the determination of the full value of consideration (FVC). In certain cases, such as the transfer of shares, the Fair Market

What Are the Specific Rules Under Section 50 for Calculating Capital Gains on the Transfer of Depreciable Assets? complete Guide

The transfer of depreciable assets triggers specific tax implications under the Income Tax Act, 1961. Depreciable assets are those assets on which depreciation is claimed as a deduction under Section 32 of the Act. These typically include assets like

Month: December 2024