14 Most Common Questions on Set Off and Carry Forward of Losses

14 Most Common Questions on Set Off and Carry Forward of Losses

Q.1) If income from any source is exempt, then can loss from such source be adjusted against any other taxable income? If income from a particular source is exempt from tax, then loss from such source cannot be set off against any other income which is chargeable to tax. E.g., Agricultural income is exempt from … Read more

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Cost Inflation Index – F.Y.2018-19 CII Announced

The notification no.26/2018 has published on 13th June 2018 to announce the cost inflation index for financial year 2018-19. The cost inflation index for financial year is 280. You can check the following table to know the cost inflation index from F.Y. 2001-02 to F.Y.2018-19. New Cost Inflation Index Table Sr.No. Financial Year Cost Inflation … Read more

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Capital Gains Tax Rates [A.Y.2018-19 & A.Y.2017-18]

Capital Gains Tax is defined under income tax act as profit or gains arising from the transfer of capital assets effected during the previous year is chargeable to income-tax under the head ‘Capital Gains’. So you have to pay income tax on any capital gains during previous year. But income tax will not be charged … Read more

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List of Capital Gain Exemptions

List of all Capital Gains – Specific Exemptions. You can check the complete detail about capital exemption by visiting the link. Section Capital Gain Exemption Visit Here Link 54 Capital Gain Arising From The Transfer Of Residential House Property Visit Here 54B Capital Gain Arising From The Transfer Of Land Used For Agricultural Purpose Visit … Read more

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Extension Of Time For Acquiring New Asset Or Depositing Or Investing Amount Of Capital Gain-Sec 54H

Section 54H: Extension Of Time For Acquiring New Asset Or Depositing Or Investing Amount Of Capital Gain Notwithstanding anything contained in sections 54, 54B, 54D, 54EC,and 54F, where the transfer of the original asset is by way of compulsory acquisition under any law and the amount of compensation awarded for such acquisition is not received … Read more

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Capital Gain On Transfer Of Residential Property Not To Be Charged In Certain Cases – Sec. 54GB

Section 54GB: CAPITAL GAIN ON TRANSFER OF RESIDENTIAL PROPERTY NOT TO BE CHARGED IN CERTAIN CASES AVAILABLE TO Individual, HUF WHICH CAPITAL GAINS COVERED LTCG arising from transfer of a residential property (a house or a plot of land)  owned by the assessee (House or plot of land may be in India or outside India) … Read more

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Capital Gain On Transfer Of Assets In Cases Of Shifting Of Industrial Undertaking From The Urban Area To Any Special Economic Zone – Sec. 54GA

SECTION 54GA: CAPITAL GAIN ON TRANSFER OF ASSETS IN CASES OF SHIFTING OF INDUSTRIAL UNDERTAKING FROM THE URBAN AREA TO ANY SPECIAL ECONOMIC ZONE NATURE Transfer of asset being plant, machinery, land & building by any assessee in cases of shifting of industrial undertaking from the urban areas to any special economic zone TYPE OF … Read more

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Capital Gain Arising On Transfer Of Assets In Cases Of Shifting Of Industrial Undertaking From The Urban Area – Sec. 54G

SECTION 54G: CAPITAL GAIN ARISING ON TRANSFER OF ASSETS IN CASES OF SHIFTING OF INDUSTRIAL UNDERTAKING FROM THE URBAN AREA SCOPE Transfer of asset being plant, machinery, land & building by any assessee in cases of shifting of industrial undertaking from the urban areas to any other area TYPE OF CAPITAL GAIN Any capital gain … Read more

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Capital Gain On Transfer Of A Long Term Capital Asset Other Than A Residential House – Sec. 54F

Section 54F: CAPITAL GAIN ON TRANSFER OF A LONG TERM CAPITAL ASSET OTHER THAN A RESIDENTIAL HOUSE SCOPE Transfer of long term capital asset other than residential house property by an individual or HUF AMOUNT  OF EXEMPTION If cost of new house > net consideration of assets transferred = full amount If cost of new house … Read more

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Capital Gains not be charged on Investment in units of a Specified Funds – Section 54EE

Section 54EE:- Capital Gains not be charged on Investment in units of a Specified Funds (Inserted by FA, 2016, w.e.f. 1-4-2017) As per this section, any long term capital gain, arising to any assessee arising from transfer of any capital asset on or after 1-4-2016 shall be exempt to the extent such capital gain is … Read more

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Capital Gain Not To Be Charged On Investment In Certain Bonds – Sec. 54EC

Capital Gain Not To Be Charged On Investment In Certain Bonds – Sec. 54EC SCOPE Any long term-term capital gain arising to any assessee from the transfer of a long term capital asset ASSET THE TAX PAYER SHOULD ACQUIRE Capital gain shall be invested within a period of 6 months after the date of such … Read more

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Capital Gain On Compulsory Acquisition Of Land And Building Forming Part Of Industrial Undertaking – Sec. 54D

Capital Gain On Compulsory Acquisition Of Land And Building Forming Part Of Industrial Undertaking – Sec. 54D NATURE Compulsory acquisition under any law, of land and building forming part of industrial undertaking AVAILABLE TO Any assessee including companies, which own industrial undertakings. PERIOD HELD BEFORE TRANSFER More than 2 years (Thus can be Long Term … Read more

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Capital Gain Arising From The Transfer Of Land Used For Agricultural Purpose – Sec. 54B

Capital Gain Arising From The Transfer Of Land Used For Agricultural Purpose – Sec. 54B NATURE Transfer of land used for agricultural purpose used by an individual or his parents or a HUF NATURE OF CAPITAL GAIN Land must be used for atleast a period of 2 years immediately preceding the date of transfer thus … Read more

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Capital Gain Arising From The Transfer Of Residential House Property – Sec. 54

Capital Gain Arising From The Transfer Of Residential House Property – Sec. 54 – Check the Table Below NATURE Transfer of residential house, the income of which is chargeable under the head ‘income from house property’ AVAILABLE TO Individual, HUF PERIOD HELD BEFORE TRANSFER More than 36 months (Thus only Long Term) AMOUNT EXEMPTION OF … Read more

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NHAI, REC & Other Notified Bonds for Saving Income Tax

Nowadays every taxpayer is eager to discover avenues whereby he or she can reduce the tax liability. One of the most celebrated ways to reduce tax is to invest in capital gain bonds. Here we will talk about National Highway Authority of India (NHAI) or by the Rural Electrification Corporation Ltd [or any other notified … Read more

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How to Calculate Capital Gain on Sale of Shares and Mutual funds?

calculate capital gain on shares & mutual funds

According to Section 45 of income tax act 1961, Any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to income-tax under the head “Capital gains”, and shall be deemed to be the income of the previous year in which the transfer took place. Here … Read more

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