The Central Board of Direct Taxes (CBDT) has issued a New Provision for Computation of capital gains for the purpose of the sum received from ULIPs. The Board has notified the Income Tax (2nd Amendment)

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption under section 54 of the Income Tax Act, 1961 is available to purchase of two flats by the

The Pune bench of the ITAT has held that the capital gain exemption under section 54F of the Income Tax Act, 1961 is not available if the sale consideration is used to purchase ‘office premises’.

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the capital gain is taxable under the Income Tax Act, 1961 when the same is accrued to the assessee for the relevant

Section 54 of the Income Tax Act allows for an exemption on long-term capital gains tax for individuals and HUF (Hindu Undivided Family) if the proceeds from the sale of a long-term capital asset, such

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that if the shares have been held by the assessee for a period more than 12 months, then the income shall be subject

The Revenue Secretary Sanjay Malhotra, on February 4, 2024, stated that there are presently no intentions by the government to simplify the Long Term Capital Gains ( LTCG ) Tax. During an interview, Malhotra highlighted

In Padmini Chand & Anr. vs. Asstt. Commissioner of Income Tax, the Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) held that capital gain will not arise when sale deeds have been executed to safeguard

The Indore bench of the Income Tax Appellate Tribunal (ITAT) has held that the selling of plots which is part of a business project can be termed as “adventure in the nature of trade” and

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT), recently observed that the purchase of Furniture, Air Conditioner to make new house habitable is eligible for capital gain deduction. The assessee,Mayur MuljibhaiMadhvani, is a

The Income Tax Appellate Tribunal (ITAT), Pune bench has held that the income tax can be levied on the amount of capital gain on transfer of land used for agricultural purposes if new land is

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the acquisition of the tenancy rights would not amount to purchase or construction of a new property and therefore, the capital gain

The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) has ruled that date of possession is not material fact for deciding the period of holding to Compute Short Term or Long Term Capital

Introduction Vintage vehicles are a symbol of nostalgia, craftsmanship, and history. Owning and using vintage cars, motorcycles, and other automobiles is a passion for many in India. However, there are certain tax implications associated with

The Delhi bench of Income Tax Appellate Tribunal ( ITAT ), while deleting the addition made under Section 69A of the Income Tax Act, 1961 held that capital gain arising on sale of shares could not