Section 97 Income Tax Act 2025 Chargeability of income in transfer of assets. 97.(1) All income arising to any person by virtue of a revocable transfer of assets shall be chargeable to income-tax as income of the transferor and shall be included in his total income. (2) The provisions of sub-section (1) shall not apply,— (a)… Read More »
Section 96 Income Tax Act 2025 CHAPTER V INCOME OF OTHER PERSONS INCLUDED IN TOTAL INCOME OF ASSESSEE Transfer of income without transfer of assets. 96.All income arising to any person by virtue of a transfer,— (a) whether revocable or not, and whether effected before or after the commencement of this Act; and (b) where… Read More »
Section 95 Income Tax Act 2025 Profits chargeable to tax. 95. The provision of section 38(1), (2), (3) and (4) shall apply in computing the income of an assessee under section 92, as they apply in computing the income of an assessee under the head “Profits and gains of business or profession”.
Section 94 Income Tax Act 2025 Amounts not deductible. 94.(1) Irrespective of anything contained in section 93, the following amounts shall not be deductible in computing the income of any assessee chargeable under the head “Income from other sources”:— (a) any personal expenses of the assessee; or (b) any interest chargeable under this Act, payable outside… Read More »
Section 92 Income Tax Act 2025 F.-Income from other sources Income from other sources. 92. (1) Income of every kind which is not to be excluded from the total income under this Act, shall be chargeable to income-tax under the head “Income from other sources”, if it is not chargeable to income-tax under any of… Read More »
Section 91 Income Tax Act 2025 Reference to Valuation Officer. 91. (1) For ascertaining the fair market value of a capital asset for this Chapter, the Assessing Officer may refer the valuation of the capital asset to a Valuation Officer,— (a) if the value of the asset claimed by the assessee is as per the estimate… Read More »
Section 90 Income Tax Act 2025 Meaning of “adjusted”, “cost of improvement” and “cost of acquisition”. 90. (1) For the purposes of sections 72 and 73, “cost of improvement”,— (a) in relation to a capital asset being goodwill24 or any intangible asset of a business, or a right to manufacture, produce or process any article or thing, or right to… Read More »
Section 89 Income Tax Act 2025 Extension of time for acquiring new asset or depositing or investing amount of capital gains. 89. Irrespective of anything contained in sections 82, 83, 84, 85 and 86,— (a) if the transfer of the original asset mentioned in those sections is by way of compulsory acquisition under any law; and (b) if the compensation awarded for… Read More »
Section 88 Income Tax Act 2025 Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone 88. (1) Irrespective of anything contained in section 87, if the assessee has— (a) capital gains arising from the transfer of a capital asset, being machinery or plant… Read More »
Section 87 Income Tax Act 2025 Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area. 87.(1) If the assessee has— (a) capital gains arising from the transfer of capital asset, being machinery or plant or building or land or any rights in building or land used… Read More »