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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

“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

“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

“Section 45 and Unlisted Shares: What You Need to Know About Capital Gains Tax and Holding

The taxation of capital gains from the sale of unlisted shares is governed by Section 45 of the Income Tax Act, 1961. Unlike listed shares, which are traded on stock exchanges, unlisted shares are privately held and are not

What Are the Special Provisions for Taxing Capital Gains Arising from the Sale of Agricultural Land Under Section 54B?

Section 54B of the Income Tax Act, 1961 provides special provisions for the taxation of capital gains arising from the sale of agricultural land. The objective of Section 54B is to provide relief to farmers and individuals involved in

Impact of the dissolution or reconstitution of a firm or AOP on capital gains under Section 45(4)?

The Income Tax Act, 1961 provides specific provisions for taxing capital gains in the event of the dissolution or reconstitution of a firm or Association of Persons (AOP). Under Section 45(4), the tax treatment of capital gains arises when

“Section 45(2): What Happens When a Capital Asset is Converted to Stock-in-Trade?” Complete Guide

The Income Tax Act, 1961 contains provisions that help govern how various assets are taxed when they are transferred or converted. Section 45(2) specifically addresses the scenario where a capital asset is converted into stock-in-trade. This provision is crucial

How is capital gain calculated the complete under Section 48, and what deductions are available in the calculation?

Capital gains tax is an essential part of the income tax framework, impacting individuals and businesses who sell or transfer capital assets. Under Section 48 of the Income Tax Act, 1961, the calculation of capital gains is defined, and

“How is Income from Sale of Converted Inventory Taxed?”

Introduction The taxation of income from the sale of converted inventory is governed by Section 45(2) of the Income Tax Act, 1961. When inventory is converted into a capital asset, the tax treatment involves two components: business income during

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