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“Complete Guide to Tax on Lottery and Gambling Winnings Under Section 56(2)(ib)”

Winnings from lotteries, crossword puzzles, and gambling are among the specific incomes taxable under Section 56(2)(ib) of the Income Tax Act, 1961. These incomes are taxed under the head 'Income from Other Sources,' ensuring that such casual and windfall

What Are the Special Rules for Calculating Capital Gains on the Sale of Depreciable Assets Under Section 50?

The transfer of capital assets as part of a business operation often involves complex tax implications. When a capital asset is transferred to a recognized stock exchange or a financial institution, particularly as part of an ongoing business operation,

How Does Capital Gains Tax Apply to the Sale of Property in a Corporate Group Restructuring?

The sale of shares in a mutual fund or business trust can give rise to capital gains, which are subject to taxation. Both mutual funds and business trusts are popular investment vehicles, and understanding how capital gains tax applies