The following transactions are not required as transfer in case of capital assets and thus no Capital gain/loss arises. any distribution of capital assetson the total or partial partition of a Hindu undivided family any transfer of a capital asset under a giftor will or an irrevocable trust Provided that this
Long term capital asset means a capital asset held by an assessee for more than 36 months immediately preceding the date of its transfer. However in the following cases, if Capital asset is held for more than 12 months it shall be treated as long term capital asset Equity or
Capital asset means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include— any stock-in-trade, consumable stores or raw materials held for the purposes of his business or profession personal effects, that is to say, movable property (including wearing apparel
Audit under section 44AB is required when turnover exceeds Rs. 1 crore. But in case of speculation business, shares trading and futures/options, turnover is determined in the following manner. 1) Speculation Business – The aggregate of both positive and negative differences is to be considered as the turnover. 2) Intra
5.3.9 Under section 10(13A) of the Act, any special allowance specifically granted to an assessee by his employer to meet expenditure incurred on payment of rent (by whatever name called) in respect of residential accommodation occupied by the assessee is exempt from Income-tax to the extent as may be prescribed,
A partnership firm will be assessed as a firm in Income Tax Act if the following conditions are satisfied Partnership is evidenced by an instrument Normally a partnership agreement is made for the purpose and is a valid instrument. Instrument also includes any other formal document. Individual shares of the
Now a days many people file their own Income Tax Return (ITR) in lieu of taking service of CA or tax consultant. But a number of persons make some very common mistakes while filing ITR. Here we have provided a list of common mistakes so that people can avoid them.
If an individual or HUF received any money/property without consideration If the amount of money received without consideration exceeds rs. 50,000 any movable property, without consideration the fair market value of which is more than rs. 50,000, then such fair market value any movable property, for a consideration which is
Gift received from a relative is not taxable in hands of the recipient under section 56 of Income Tax Act. The persons who are considered as relatives are In case of an individual Spouse of the individual Brother or sister of the individual Brother or sister of the spouse of
A person shall not take any loan or deposit or specified sum from any person otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system if the amount of such loan or deposit or specified sum or the aggregate amount of such