Capital Gain

Stamp Duty and Tax Implications in a Slump Sale

1.     Stamp Duty on Immovable Property in a Slump Sale Although individual values cannot be assigned to the various assets for purposes of the transaction in a slump sale, appropriate values have to be considered for purposes of stamp duties. Under the Indian Stamp Act, 1899, stamp duty is payable in relation to transfer of… Read More

Tags: Allahabad High CourtCapital GainImmovable propertyIndiaStamp dutyTaxValue Added TaxVAT

Section 54/54F deductions are allowed for purchase of multiple independent house units

Ratio Decidendi: The Andhra Pradesh High Court decided in this case that the ITAT Special Bench Verdict on purchase of multiple under Section 54/54F is not good law. A purchase of two residential flats entitles the buyer to an exemption u/s 54 of the IT Act with respect to capital gains on sale of the properties. CLR… Read More

Tags: Andhra Pradesh High CourtCapital GainCITCommonwealth Law ReportsHyderabadIncome taxOrder of AustraliaRatio decidendi

ITAT Mumbai sets out Requirements of a valid affidavit in support of delay condonation application

CLR Editorial Notes: The assessee in this case, had filed an appeal before the CIT(A), which was delayed by 4 months. The delay was explained to have been caused by the fact that the assistant of the Authorized Representative kept the papers in a drawer and overlooked them till a penalty notice was received. The… Read More

Tags: AffidavitAppealCapital GainCITCommonwealth Law ReportsIncome taxLawMumbai

Section 271(1)(c) penalty not valid for not offering capital gains u/s 50C stamp duty value

CLR Editorial Notes: The assessee in question, had sold a property for a consideration of Rs. 2.50 crore. However, for the purpose of applicable stamp duty, the property was valued at Rs. 5.19 crore and the stamp duty was paid on that value. The assessee then offered capital gains on the basis that the sale consideration… Read More

Tags: AppealCapital GainCITCommonwealth Law ReportsConsiderationIncome taxRupeeStamp duty

Section 54 exemptions can be availed on Investments in plot meant for construction of house

CLR Editorial Notes: This appeal of the assessee is directed against the order of the Commissioner of Income-tax (Appeals), of Hyderabad for an assessment done earlier. The assessee along with another person, jointly acquired certain property for a consideration. Later, the other person relinquished the rights over the said property. Thereafter the assessee entered into a development agreement… Read More

Tags: AppealCapital GainCITCommissionerCommonwealth Law ReportsHyderabadHyderabad IndiaSomajiguda

Long term Capital Gains on Share transfer of Indian Listed Cos. between foreign entities exempt from tax – Goodyear case

Background: In 2011, US based manufacturer Goodyear Tire and Rubber Company had transferred 74% of its holding in Goodyear India to its subsidiary in Singapore without taking any consideration. The Indian Tax claimed that there is a tax implication in this transaction, while the Authority for Advanced Ruling (AAR), ruled that this particular transaction is not subject to… Read More

Tags: Capital GainDelhi High CourtIndiaLong-Term Capital ManagementSingaporeTaxTax treatyUnited States

Sole transaction in shares liable for Capital Gains – ITAT

Nagindas P. Sheth (HUF), Mumbai; (2) ACIT, Mumbai vs (1) ACIT, Mumbai; (2) Nagindas P. Sheth (HUF), Mumbai CLR View: ITAT has held that the Sole transaction in shares liable for Capital Gains  and will not be liable to be taxed under Business and Profession. INCOME TAX APPELLATE TRIBUNAL, 05 Apr 2011 Capital Gains -Assessee (HUF) earned… Read More

Tags: Capital Gaintax on sale of shares

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