Eligible Assessee Only Individual and HUF can take exemption under this section. Eligible Capital Gain Capital gain arising from a transfer of long-term capital asset not being a residential house property. If the property sold is a house property then exemption is available under Section 54 and not under this
Eigible Assessee – Any person Eligible Capital Gain – Any long term capital gain (From financial year 2018-19 only land or building will qualify for exemption) Condition for exemption – The assessee has at any time within a period of 6 months after the date of such transfer invested the whole
Eligible Assessee – Individual and HUF Eligible Capital Gain – Capital gain arising from transfer of land which in 2 years immediately preceding the date on which the transfer took place was being used by the HUF or individual or his parents for agriculture purposes. Condition for exemption – The assessee
Every person responsible for deduction of tax shall file quarterly TDS return as per section 200(3) of Income Tax Act, 1961. However no TDS return is required to be filed if TDS is not required to be deducted during that quarter. Due to this, the Income Tax Department has been
A number of benefits are given in the Income Tax Act of India to the senior citizens apart from general deductions and benefits. Senior citizen is a resident individual who is of 60 years or more at any time during the previous year.Super senior citizen is a resident individual who
What is Assessment year? Assessment year is the year in which the income of the previous year is to be assessed. In other words assessment year is the succeeding year of the year whose income is to be taxed. For example if we are calculating taxable salary which is received
Eligible Assessee – Individual and HUF Eligible Capital Gain – Capital gain arising from transfer of long term capital asset being buildings or lands attached thereto and being a residential house the income of which is taxable under head “Income from House Property”. Condition for exemption – The assessee has a)
In Budget 2017 new restrictions on cash transactions has been imposed. New section 269ST has been added in this regard and is applicable from 1st April 2017. A person should not receive cash of Rs. 2,00,000 or more in aggregate from a person in a day; or in respect of a
Short term capital gain means capital gain arising from transfer of short term capital asset. No indexation benefit is available for short term capital gains. Short term capital gain is computed as under Short Term Capital Gain/Loss Amount Full value of consideration Less: Expenses incurred wholly and exclusively in connection
Transfer of Capital Assets includes the following the sale, exchange or relinquishment of the asset the extinguishment of any rights therein the compulsory acquisition thereof under any law in a case where the asset is converted by the owner thereof into, or is treated by him as, stock-in-trade of a business carried