Assessee sold ancestral agricultural land after converting it to NA in 20-21. Agricultural Land was converted to NA plots in 2016-17. All the plots were sold in one go. For the purpose of calculation of capital gain, while taking cost of acquisition as on 01.04.2001 as per S. 55(2)(b)(i), which SDV is to be taken – applicable to agri. land or NA land as on 01.04.2001? Is it possible to take cost of acquisition as on date when the land was converted to NA?
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I am buying and selling unlisted equity shares for more than Five years. In view of circular no. F. No. 225/12/2016/ITA.II dated 2nd May, 2016, I am treating the gains/losses thereon as Capital Gains. I have been consistently been following this system of treating trades in Unlisted shares as Investments and Capital Gains. For year ended 31st March, 2021 my sale of unlisted shares exceeded say 12 Crores. My business turnover from FNO in Listed shares is less than say 3 Crores. As I showing trades in Equity Shares as Capital Gains my turnover from Business is less than 3…
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If the person carrying the whole sale business of any product and, during the year of tax computation, if the same person invested the surplus money in share capital market where the transactions done in all format including cash segment, derivative segment and commodity segment on regular basis. So, how to treat the above transaction in books of account and how to make computation for the same.
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THE WIFE EARNED LONG TERM CAPITAL GAIN ON SHARES. WHETHER SHE CAN PURCHASE HUSBAND HOUSE(EXCLUSIVE IN HIS NAME) TO AVIL THE BENEFITS OF ADJUSTMENT U/S 54F AGAINST LTCG.
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Does subsequent registration of the documents have to adopt the higher value than the guideline value, for which the latest registration of the property executed?
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URBAN COOP BANKS SOME TIMES ACQUIRE THE ASSETS (LAND/BUILDING) MORTGAGED TO THEM BY THE BORROWERS IN SATISFACTION OF THE LOAN OUTSTANDING. AFTER FOLLOWING DUE PROCESS OF PROCEDURE UNDER THE MAHARASHTRA COOP SOCIETIES ACT,1961 UNDER RULE 107, THE MORTGAGED ASSET IS TRANSFERRED IN THE BANKS NAME AT A VALUE AS PER THE VALUATION OF APPROVED BY THE REGISTRAR OF COOP SOCIETIES ,MAHARASHTRA STATE. IN THE PROCESS THE PROPERTY STANDS IN THE NAME OF THE BANK AND IS SHOWN AS NON-BANKING ASSET.RESERVE BANK ALSO ALLOWS SUCH NON-BANKING ASSET ON THE CONDITION THAT IT SHOULD BE DISPOSED WITH IN 7 YRS. TO GIVE…
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"Transfer”, in relation to a capital asset, includes: (i) Sale, exchange or relinquishment of the asset; (ii) Extinguishment of any rights in relation to a capital asset; (iii) Compulsory acquisition of an asset; (iv) Conversion of capital asset into stock-in-trade; (v) Maturity or redemption of a zero coupon bond; (vi) Allowing possession of immovable properties to the buyer in part performance of the contract; (vii) Any transaction which has the effect of transferring an (or enabling the enjoyment of) immovable property; or (viii) Disposing of or parting with an asset or any interest therein or creating any interest in any…
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What is the date of transfer , when a tenanted flat is surrendered for redevelopment to a builder as per agreement of Permanent Alternative Accommodation ? Is this transfer liable to capital gain ?
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Weather DLC price is used in net sale consideration for calculation of exemption u/s 54 F or actual sale consideration value is used.
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Sirs, We are one of the many tenants of public trust for more than 40 years. The trust tried to evict us earlier through the Court and the matter went up to Supreme Court where the decision was in our favor. Now the trust has proposed to pay us compensation through a compromise petition before the Small Causes Court. Will this compensation be taxable under Income Tax or Capital Gain or will be exempt as casual income?
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Sale of ancestral agricultural land after converting in to NA , how to compute the capital gains ?