Tax Exemption - My Tax Support

What Are the complete Tax Rules for Capital Gains on the Transfer of Units of Equity-Linked (ELSS) Under Section 10(38)?

Equity-Linked Savings Schemes (ELSS) are a popular investment option in India, especially for those looking to save on taxes while potentially earning returns through equity exposure. ELSS funds are a type of mutual fund that primarily invests in equity

How do the complete provisions under Section 47A affect the taxability of the capital gains in cases of reorganization the business entities, such as mergers or demergers?

The reorganization of business entities, such as mergers, demergers, amalgamations, and restructurings, is a common occurrence in the corporate world. These events can significantly impact the capital gains tax implications for the entities involved and their stakeholders. The Income

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

“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 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 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

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

“How to Reduce Capital Gains Tax Using Exemptions from Sections 54, 54B, 54EC, and 54F”

Capital gains tax can be a significant liability for taxpayers, especially when they sell capital assets such as property, land, or securities. However, the Income Tax Act, 1961 provides various exemptions to help taxpayers reduce their tax burden. The

Tag: Tax Exemption