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Where a capital asset is acquired by the Government under any law or where consideration for transfer of capital asset is determined or approved by the Government or RBI, the capital gains shall be chargeable to tax in the previous year in which initial compensation (or part thereof) is received.
Joint Development Agreement means a registered agreement in which a person owning land or building agrees to allow another person to develop a real estate project on such land or building, in consideration of a share in such project, whether with or without payment of part of the consideration in cash or by a cheque or draft or by any other mode.
Profits arising from the transfer of a capital asset may not be charged to income tax in every case. The Income-tax Act allows exemption from capital gains tax if the amount of capital gains or sale consideration, as the case may be, is further invested in specified new assets.
Any capital asset held by the taxpayer for a period of more than 36 months immediately preceding the date of its transfer will be treated as long-term capital asset. Gain arising on transfer of long term capital asset is called long-term capital gain. In this part you can gain knowledge about various provisions relating to tax on long-term capigal gains.
Section 54 provides exemption from capital gains arising on transfer of residential house. In this part you can gain knowledge about various provisions of section 54 relating to emption from capital gains arising on transfer of residential house if the taxpayer purchases/constructs another residential house.
Section 54B provides exemption from capital gains arising on transfer of agricultural land. In this part you can gain knowledge about various provisions of section 54B relating to emption from capital gains arising on transfer of agricultural land if the taxpayer purchases another agricultural land.
Any capital asset held by the taxpayer for a period of not more than 36 months immediately preceding the date of its transfer will be treated as short-term capital asset. Gain arising on transfer of long term capital asset is called long-term capital gain. In this part you can gain knowledge about various provisions relating to tax on short-term capigal gains.
Advisory: Information relates to the law prevailing in the year of publication/ as indicated . Viewers are advised to ascertain the correct position/prevailing law before relying upon any document.
