Answers On Topic: Capital Gains
Question: when capital asset converted into stock in trade tax implication on gain. understand a point of capital asset converted into stock in trade tax calculation , also here two heads tax implies one is business income and second is capital gain . for business income the tax is accordance with slab rate when the actually stock in trade sold, and in other hand capital gain arise after indexation benefit. here one question arise would i eligible for exemption for capital gain if i invested such money U/S 54,54F,54EC etc within 6 month from actual sale of such stock in…
► Read Answer
Would the legal heirs be liable for capital gain tax without receiving any payment & for only executing the sale deed of property already sold & possession held by buyers 35 years ago & payment was realised during sale by the deceased ancestor. What evidence would the heirs require for executing the deed & being exempted for capital gain? Any specified sections/provisions?
► Read Answer
Does NRI have to update LTCG in schedule 115AD(1)(b)(iii)provisio but this schedule is enabled only for FII/FPI. So, how does NRI declare and specify LTCG details in ITR2?
► Read Answer
An Assessee invested Rs.25 Lacs in Penny Stock in Oct 2015 & sold the same for Rs 65 Lakhs in Jan 2016. He showed STCG of Rs 40 Lacs in his ROI in A.Y 2016 -17 paid 15 % tax on STCG alongwith other income. Case was reopened, the AO made the addition Rs. 65 Lacs u/s 68 which he received from sale of shares. My question is whether the escaped income will be treated Rs.25 Lacs as assessee has already disclosed Rs.40 Lacs under STCG or Rs.65 Lacs as assessed by the AO. If it is Rs.25 Lacs then…
► Read Answer
For assessment year 2023-24, a resident assessee, an individual, has capital gains on sale of shares of companies registered in Singapore. All investments were made by him when he was in Singapore in Singapore Dollars in 2014. These shares were sold in financial year 2022-23 and proceeds were received in Singapore dollars in Singapore and were deposited in bank account in Singapore. Since for A Y 2023-24 he is a resident and ordinarily resident under Income tax Act, he is required to show capital gain/loss arising from the sale of those shares. Queries are (a) whether the gains/losses can be…
► Read Answer
can AO reduce share valuation of unquoted shares sod u/s 50D vis a vi s one adopted by Assessee and deny 54F to that extent ?
► Read Answer
gift of 2nd home to a relative is allowed ? before selling a plot in open mkt with LTCG u/s 54F on plot sale ?
► Read Answer
ITO added back the entire sale proceeds of the equity shares of unlisted shares of a private limited company. Transaction made during FY 2013-14. Those shares were purchased at almost the same time of sale. A nominal gain arises and added in to other income.
► Read Answer
1.The assessee is an individual engaged in the business of real estate dealings as well as in real estate consultancy. Assessee is also a partner in various partnership firms from which he derives exempt income and also has agricultural income. 2.The assessee had filed his return of income for A.Y. 2016-17 on 01.02.2017 disclosing total income at Rs. Nil. Assessee was holding land as capital asset jointly with his wife and son. purchase in the year 1990. 3.. During the year under consideration, the assessee had entered into development agreement with Developer , for development of the said land vide…
► Read Answer
capital Gain on LTCG