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The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts.
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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.
If unquoted shares are issued at premium by a closely held company, the excess of premium over the fair market value of the shares shall be taxable as income from other sources in the hands of the company. However, where listed or unlisted shares are issued or sold at discount, the excess of fair market value of such shares over the issue or selling price shall be taxable in the hands of the shareholders.
Income from other sources is a residuary head of income that includes any income which is not exempt from tax and needs to be included in the total income and not chargeable under the heads Salaries, Income from house property, Profits and gains from business or profession or Capital gains.
A very common and frequent question running in the mind of taxpayers is the taxability of gifts. In this part, you can gain knowledge about various provisions relating to taxability of gift received by an individual or a Hindu Undivided Family (HUF) i.e. sum of money or property received by an individual or a HUF without consideration or a case in which the property is acquired for inadequate consideration.
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.