Tag Archives: Income-tax Office

Transfer of inherited tenancy rights attracts capital gains tax with cost of acquisition determined using 01.04.2001 valuation.

By | September 7, 2026
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Transfer of inherited tenancy rights attracts capital gains tax with cost of acquisition determined using 01.04.2001 valuation. Issue Whether the transfer of inherited tenancy rights is exempt from capital gains due to failure of computation provisions, and whether the fair market value (FMV) as of 01.04.2001 can be adopted as the cost of acquisition. Facts… Read More »

Assessee-trust entitled to exemption under Section 11 as loan interest and donations constituted valid application.

By | September 7, 2026
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Assessee-trust entitled to exemption under Section 11 as loan interest and donations constituted valid application. Issue Whether invocation of Section 40A(2)(a) disallowance and denial of Section 11 exemption are justified when advances were for construction or to registered charitable trusts, and donations were made with supporting Section 80G/12A documentation. Facts Borrowings and Advances: Assessee-trust raised… Read More »