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What You Need to Know About Capital Gains on Asset Transfers to Firms, AOPs, and LLPs Under Section 45(3)

The Income Tax Act, 1961 provides specific provisions to govern the taxation of capital gains arising from the transfer of capital assets. One of the situations where capital gains tax treatment becomes particularly important is when a capital asset

How does the taxation of capital gains apply when shares or securities are transferred as part of corporate actions like buybacks, stock splits, or amalgamations?

Corporate actions such as buybacks, stock splits, and amalgamations can have significant tax implications, particularly concerning capital gains taxation. These actions involve the transfer of shares or securities and may lead to capital gains for the shareholders or investors

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

What are the tax implications for capital gains when an individual or entity transfers assets as part of a business or partnership dissolution?

The dissolution of a business or partnership can trigger several tax implications, especially with respect to capital gains. When assets are transferred during a business or partnership dissolution, the Income Tax Act, 1961 outlines specific provisions that affect the

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 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

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

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