Computation of Capital Gains Introduction Capital gains are computed based on the holding period, sale value, cost of acquisition and improvement, transfer expenses, reconstitution adjustments, and exemptions under Sections 54 to 54GB. Steps to Compute Capital Gains Formula for Computation Particulars Rs. Full value of consideration xxx Less: (a) Expenditure incurred wholly and exclusively in connection with transfer… Read More »
Capital Gains on Transfer of Asset Acquired from Previous Owner Introduction When a capital asset is acquired through specified circumstances (e.g., inheritance, gift, or reorganization), the period of holding and cost of acquisition are determined with reference to the previous owner. Computation of Capital Gains Scenarios of Acquisition from Previous Owner Partition of HUF Gift… Read More »
SBI Self-Declaration by returning NRI for claiming exemption from TDS on interest income on FCNR (B) / RFC deposits SBI Self-Declaration by returning NRI for claiming exemption from TDS on interest income on FCNR (B) / RFC deposits The document NRI-21 is a self-declaration form for “Returning NRIs” to claim an exemption from Tax Deducted… Read More »
Transfer of Capital Asset as a Result of Business Restructuring Introduction Transfers of capital assets under schemes like amalgamation, demerger, or business reorganisation are not considered “transfer” under Section 47 of the Income-tax Act, 1961, if specific conditions are met. Key Transactions Exempt from Capital Gains Amalgamation Meaning of Amalgamation [Section 2(1B)]: Amalgamation means the merger of… Read More »
Important GST Case Laws 30.04.2026 Relevant Act Section Case Law Title Citation Brief Summary CGST Act, 2017 Sec 54 CBF Component (P) Ltd v. Union of India Click Here Refund Rights: Rejection order set aside because the authority failed to grant the statutory 15-day period for a reply and denied a personal hearing. IGST Act,… Read More »
Admission of Liability in SCN Reply: Finality of Demand and Non-Maintainability of Writ Facts The Period: The dispute pertained to the period from April 2019 to December 2019. The Notice: The Department issued a Show Cause Notice (SCN) proposing a demand related to delayed tax remittance. The Admission: In its formal reply to the SCN,… Read More »
SBI For operationalizing In-operative NRE / NRO account SBI For operationalizing In-operative NRE / NRO account The document NRI-18.5 is an official State Bank of India (SBI) form designed for “Re-KYC diligence” and for the operationalization of “In-operative” NRI accounts. 1. Account Operationalization If an account is marked as “In-operative,” the holder can request its… Read More »
Conversion or Succession of Entities Not Regarded as Transfer Introduction Transfers of capital assets during the conversion or succession of entities are not considered “transfer” under Section 47 of the Income-tax Act, subject to specific conditions. If conditions are not complied with, the exemption shall be withdrawn. Key Transactions Exempt from Capital Gains Succession of Firm by… Read More »
Transfer of Capital Asset Between Holding and Subsidiary Companies Introduction Transfers of capital assets between a holding company and its subsidiary (or vice-versa) are not regarded as “transfer” under Section 47 of the Income-tax Act, subject to specified conditions. Such transactions are exempt from capital gains tax unless certain conditions are breached. Conditions for Exemption Transfer by… Read More »
ITR FILING ONLINE 2026 2026-27 बड़ा बदलाव ! INCOME TAX NOTICE से बचें BANK ! LATEST UPDATE ITR This video explains a major update in ITR Filing for AY 2026-27 (FY 2025-26) concerning bank account reporting. It highlights that taxpayers must now disclose all active bank accounts held during the financial year, including those closed… Read More »