Answers On Topic: Capital Gains
  invocation of section 56(2)(x)
the assessee company had booked a flat in feb 2011 for an agreed consideration of Rs 180.00 lacs . only booking form and allotment letter was executed and a sum of Rs 25.00 lacs was paid in Feb 2011. subsequently the project went into litigation and due to development rules constraint the project was delayed and final agreement was executed in registered in sep 2017. the stamp duty valuation is Rs 250.00 lacs. The AO is seeking to tax the difference in the agreed value and the stamp duty valuation u/s 56(2)(x), though the assessee is seeking refuge in the…


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  Long term Capital Gains from sale of flat – whether brought forward long term capital loss to be setoff before deduction u/s.54EC
An assessee has earned long term capital gain on sale of his share of flat after determining the indexed cost.  He wishes to obtain exemption for the gain by investing in bonds u/s.54EC.  He also has brought forward long term capital loss which he would to set off against future gains on sale of shares.  Whether the long term capital gain on sale of flat has to be determined by first deducting the brought forward loss and he can avail the benefit of Section 54EC only in respect of the balance income?


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  PURCHASES OF SHARES ACCEPTED U/S 143(3)/147 IN A.Y. 11-12 , LTCG ON SALE OF SUCH SHARES IN AY 15-16 DOUBTED BY AO BY ISSUE OF NOTICE U/S 148
During FY. 10-11 Assessee purchased certain shares through banking channels . The shares were transferred in the D-mat account and the same were reflected in the Balance sheet as on 31.03.11. Case for the issue was reopened u/s 148 notice dated 31.03.18 . On the basis of information of DDIT (Inv.). The assessee objected to 148 and also furnished the details as regards the source of investment and after considering the details furnished the AO was satisfied and the assessment was completed on returned income u/s 143(3)/147. The above referred shares were sold during F.Y. 14-15 (A.Y. 15-16) through stock…


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  whether Capital gains tax on compulsory acquisition of agriculture land in 2010 is taxable ?
My agricultural land was compulsorily acquired under the NHAI act in 2010. Some enhanced compensation was received by me in 2021 and the case is still pending in high court. I am confused if I will need to pay capital gains tax on the compensation received. As I said the acquisition was done in 2010. Are you able to please help out. Thank you


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  Whether legal heirs are liable to pay Capital gains tax in respect of property which was sold before his death ?
Sir, There is a sale of immovable property during the financial year 2020-21 in the month of August. However, the assessee has died at the end of the year in the month of March 2021. Is there a liability to pay capital gain tax on this sale by the legal heirs? Please clarify


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  DLC or circle rate of immovable property fixed by stamp duty/ Registrar office
Sir, Whether AO can make addition in the case of purchaser of property of the diffrence of actual purchase as per document and  DLC rate fixed by the registrar for stamp duty purpose. In my case actual purchase rate is lower to the DLC rate. whether declaration of deemed income is necessary. Presently, transactions are made below the DLC rate. Kindly clear whether DLC  rate is only considered for capital gain purpose and it is not applicable to purchaser of the property.


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  Sale of land used for agricultural by members and investment – Exemption of capital gains .
sir, just before the sale of the land used for the agricultural activity has been converted as non-agricultural land and the proceeds have been received by one single person on behalf of the number of members in the family which he again returned to the members of the family to facilitate the easy transaction. Whether this can be treated as agricultural income in the hands of individual members? or it has to be treated as capital gains, if so long or short. In case if the investment is made to claim the exemption, can it be allowed? The members became…


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  Capital gains without STT , set off of losses .
A company is earning capital gains from sale of shares attracting STT as well as capital gains from other shares/units of MFs without STT. Can the company adjust only the losses from the STT paid shares against the profit of non-STT paid shares without adjusting it against the profits from STT paid shares? Can the Income-tax department raise objection and adjust STT paid losses first against the profits from STT paid shares and only the remaining loss is allowed to be adjusted against profit from non-STT paid shares?


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  Section 112A is mandatory or an option to choose section 112 or section 112A whichever beneficial
Whether Long term capital loss on listed securities (STT paid on buy & sale both) can be computed by following the section 112(1) by taking benefit of indexation as given in second proviso to section 48. Whether section 112A is mandatory to be followed or it is an option to choose either section 112 or section 112A whichever beneficial to assessee while computing long term capital loss. Or if the computation results in a gain, assessee will have to re-compute the capital gains having regard to the provisions of section 112A of the Act.


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  Whether long term capital gains invested in a house outside India is eligible to claim exemption (S. 54, 54F) ?
IF AN ASSESSEE INDIVIDUAL SELLS HIS RESIDENTIAL SITE IN INDIA AND GIFTS THE SALE PROCEEDS TO HIS DAUGHTER (NRI) FOR THE PURCHASE OF A RESIDENTIAL HOUSE OUTSIDE INDIA, CAN THIS BE ELIGIBLE TO CLAIM EXEMPTION?


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