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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.
A charitable and religious trust is taxable in accordance with the provisions of Section 11 to Section 13. Section 11 provides for exemption in respect of income derived from property held under trust for charitable or religious purposes to the extent to which such income is applied or accumulated during the previous year for such purposes. The exemption is allowed on fulfilment of conditions specified in Section 11, Section 12, Section 12A, Section 12AA/12AB, and Section 13 of the Income-tax Act.
Section 194R provides that person responsible for providing to a resident, any benefit or perquisite, arising from business or exercise of a profession by such resident, shall ensure that, before providing such benefit or perquisite, tax is deducted from the value of such benefit or perquisite. The tax shall be deducted at the rate of 10% of the value of such benefit or perquisite.
Section 194S provides that any person who is responsible for paying to any resident any sum by way of consideration for the transfer of a virtual digital asset shall deduct tax from such sum. The tax shall be deducted at the rate of 1% of such sum.
Section 194Q provides that every buyer who is responsible for paying any sum to any resident seller for the purchase of any goods is required to deduct tax at source. The tax shall be deducted if the aggregate value of goods purchased from the seller in the previous year exceeds Rs. 50 lakh. The tax shall be deducted at the rate of 0.1% of the sum exceeding Rs. 50 lakh.
Section 194-IA provides that any person buying an immovable property (other than rural agricultural land) from a resident seller shall deduct tax at the rate of 1% from the sales consideration or the stamp duty value of such property, whichever is higher. The tax shall be deducted if the amount of sales consideration or stamp duty value is Rs. 50 lakhs or more.
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.
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.
Where a person resident in India earns income which is also taxable in a foreign country, he may be liable to pay tax on such income in India as well. This results in a double taxation of the same income. To avoid such double taxation, the assessee can claim credit for the taxes paid outside India as Foreign Tax Credit (FTC).
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.
