income tax act section 54

1196 results for income tax act section 54

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  • Selling Property in India and Repatriation of Money

    Tax exemptions According to section 54 of the Income-tax Act, if an NRI sells a residential property (after three years from date of purchase) and re-invests the proceeds in another residential property (within two years from date of sale), gains will be exempt to the extent of the cost of the new property. According to section 54EC of the Income-tax Act, if an NRI sells a long-term asset, in this case the residential...

  • Stt Payment Not Allowed As Expense When Computing Income Under 'Capital Gains'

    ... from paying property tax? - Bhaskar Malik As per Section 54 of the Income Tax Act, an individual can claim exemption from capital gains arising from the transfer of a residential house property if the following conditions are satisfied: (a) The house property that is transferred is a long-term capital asset (i.e., capital assets should be held for more than 36 months); (b) a new house is purchased within a year before, or within two years after

  • Liberal Dimensions Of Secti On 54 Of The Income Tax Act , 1961

    ...In other words, the taxpayer sold his residential property to purchase two units of residential property in the same building. Issue. whether the taxpayer should be given deduction under section 54 of the Act, in respect of different residential units in same building?. Before we discuss further, it would be worth discussing the provisions of section 54 of Income tax act of 1961. Section ...

  • Union Budget 2014 – Direct Tax

    ... preservation of the infamous retrospective amendment to section 9 and other corresponding sections. The BJP led Government has ...The Act means the Income-tax Act, 1961. Personal Income Taxation. Basic exemption ... invested in more than one as the article 'a' used in sections 54 and 54F does not denote a numerical value. Further, the SLP filed ...

  • Finance (No. 2) Act, 2014, of August 06, 2014

    ... Chapter I - PRELIMINARY . Section 1 - Short title and commencement . (1) This Act may be called .... Chapter II - RATES OF INCOME-Tax . Section 2 - Income-tax . (1) Subject to the provisions of .... Section 22 - Amendment of section 54 . In section 54 of the Income-tax Act, in sub-section (1), for ...

  • What's in a Name: Long-Term Capital Gains Exemption

    [...]various courts, including the Delhi and Karnataka high courts, have taken the view that even if the new residential house is purchased in the joint names of the taxpayer and his spouse or other close relative, the taxpayer cannot be denied the benefit of the exemption available for long-term capital gains on reinvestment in a residential house.

    New Delhi, Oct. 29 -- The Income-tax Act has two provisions for exemption of long-term capital ns on reinvestment in a residential house. While section 54 grants exemption of such gains arising on sale of a ...

  • No Tax Benefit Available On Short-Term Capital Gains Tax

    [...]if the new property is sold or the bonds are converted into cash within a period of three years, the exemption claimed from LTCG in respect of old property shall be revoked.

    ... three years for an under-construction property) as per section 54 of the Income-tax Act, 1961. Alternatively, the LTCG could be ...

  • Capital Gains On Transfer of Debt-Oriented Mutual Funds Are Taxable

    [...]the I-T Act has given different treatment to shares and units of mutual funds. [...]the capital gain arising from sale of units of MFs will not be taxable in India as per Article 13(5) of the treaty.

    ...Can I claim capital gain exemption under Section 54F?. - Anurag Kumar. Section 54F of the Income-Tax Act, 1961, ...

  • Gains Earned From Sale Of CCDs In A Joint Venture Are Capital Gains And Not Interest Income – Delhi HC

    ... the income tax department (the revenue) to provide a NIL withholding tax certificate under section 197 of the Act on the consideration received by the taxpayer for the sale of the CCDs. The tax ... had the option of conversion of some of the CCDs after certain specific period like 48 months, 54 months and 60 months. The court extracted certain relevant clauses from the SHA which held that if ...

  • Short-Term Capital Loss Can Be Carried Forward Only If You File I-T Return On Time

    Will I be able to carry forward the losses? - Prakash Madan Any short-term capital loss on sale of listed shares (i.e., those held for less than 12 months) are eligible for carrying forward and set-off against future gains under the same head of income, if you file your return of income within the prescribed due date. Since you had not done so, you cannot carry forward the loss.

  • Finance Bill, 2012, of March 17, 2012

    ...(2) Save as otherwise provided in this Act, sections 2 to 112 shall be deemed to have come into force on the 1st day f April, 2012. Chapter II . Rates of Income-Tax . 2 . Income-tax.-- . (1) Subject to the provisions of ... 18 . Amendment of section 54B.-- . In section 54B of the Income-tax Act, in sub-section (1), ...

  • Finance (No. 2) Act, 2009, of August 19, 2009

    ... Chapter: I - Preliminary . Section 1 - Short title and commencement . (1) This Act may be called ... Chapter: II - Rates of Income-tax . Section 2 - Income-tax . (1) Subject to the provisions of ... Section 54 - Amendment of section 140 . In section 140 of the Income-tax ...

  • The Income-Tax Act, 1995

    4. Charge of income-tax 1 (1)Where any Central Act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and 2[subject to the provisions (including provisions for the levy of additional income-tax) of, this Act] in respect of th...

  • Housing market in India: a comparison with the US and Spain.

    ... by individuals and households given increasing level of income and prosperity. The supply of houses have to come from builders, ... strengthening measures to extend housing to the weaker sections of the society. A number of measures were announced from 2001 but ...The disbursal of housing loans by 54 HFCs with 1,692 branches spread across the country increased from ...

  • Additional Deduction with Infra Bonds

    Just like a typical loan, these companies borrow money from investors by issuing bonds (to be repaid at a later date) and then lend this money to infrastructure projects. Since the money is to be lent to finance infrastructure projects and such projects have a large gestation period (time taken for projects to get completed and to start making money, thereafter), the government attached a longer

    ... out a separate tax deduction limit of Rs 20,000 under section 80CCF, in addition to the Rs 1 lakh limit already allowed under ... you save at the time of your investment (depending on your income-tax bracket) and the tax that you pay on your interest income. ...Section 54EC bonds. If you've made long-term capital gains (LTCG) of up to Rs ...

  • The Finance Act, 2008

    2. Income-tax. - (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2008, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax as reduced by the rebate of income-tax calculated under Chapter VIII-A of the Income-tax Act, 1961 (hereinafter

  • Income-Tax (Appellate Tribunal) Rules, 1963, of April 17, 2009

    ... [NOTIFICATION NO. I-AT/63, DATED 17-4-1963] . In exercise of the powers conferred by sub-section (5) of section 255 of the Income-lax Act, 1961 (43of 1961), the Appellate Tribunal is pleased to .... 33.- Proceedings before the Tribunal. Except in cases to which the provisions of section 54 of the Indian Income-tax Act, 1922, and/or section 137 of the Act are applicable and cases in ...

  • Reverse Mortgage (Amendment) Scheme, 2013

    ...).- In exercise of the powers conferred by clause (XVI) of section 47 of the Income-tax Act, 1961 (43 of 1961), the Central ...[Notification No.79 /2013/ F.No.149/54/2013-TPL]. Ashis Mohanty,. Under Secy. Note. -The principal ...

  • Finance Act, 2013, of May 10, 2013

    ... Chapter I - Preliminary . . Section 1 - Short title and commencement . (1) This Act may be called .... Chapter II - Rates of Income-Tax . Section 2 - Income-tax . (1) Subject to the provisions .... Chapter IV - Indirect Taxes . . Section 54 - Amendment of section 11 . In the Customs Act, 1962 (52 of ...

  • Labour Laws in India. - A INSIGHT IN TO THE LAWS
  • Finance Act, 1984, of March 09, 2011

    ... Chapter: I - PRELIMINARY . Section 1 - Short Title and Commencement . (1) This Act may be called ... otherwise provided in this Act, sections 2 to 34 and section 54 shall be deemed to have come into force on the 1st day of April, 1984. Chapter: II - RATES OF INCOME TAX . Section 2 - Income-Tax . (1) Subject to the provisions of ...

  • Explanatory Memorandum

    ... , 2010 relating to direct taxes seek to amend the Income-tax Act, inter alia, in order to,- (i)lower the tax burden on individual taxpayers by widening the tax slabs; (ii)allow small companies to convert into Limited Liability Partnerships without attracting capital gains tax liability; (iii)reduce the compliance burden on small business enterprises by raising the turnover limits beyond which audit is compulsory; (iv)promote investment in...

  • The Finance (No. 2) Bill, 1996

    income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased, in the cases to which Paragraph E, of that Part applies by a surcharge calculated in the manner provided therein. (2) In the cases to which Sub-Paragraph I or Sub-Paragraph 11 of Paragraph A of Part I of the First Schedule applies, wh...

  • Finance Bill

    ... (b) [that is to say, as if the net agricultural income were comprised in the total income after the first one lakh sixty thousand rupees of the total income but without being liable to tax], only for the purpose of charging income-tax in respect of the total income; and (b)the income-tax chargeable shall be calculated as follows:- (i) the total income and the net agricultural income shall be aggregated and the amount o...