Tag Archives: Section 48

Indexation benefit from period asset was first held by previous owner ITAT

By | November 2, 2016

IN THE ITAT VISAKHAPATNAM BENCH Income-tax Officer, Ward-1(2), Guntur v. Padarti Venkata Rama Chandra Rao V. DURGA RAO, JUDICIAL MEMBER AND G. MANJUNATHA, ACCOUNTANT MEMBER IT APPEAL NO. 216 (VIZAG.) OF 2012 [ASSESSMENT YEAR 2009-10] SEPTEMBER  16, 2016 M.N. Murthy Naik, DR for the Appellant. G.V.N. Hari, AR for the Respondent. ORDER G. Manjunatha, Accountant… Read More »

Payment to brothers for vacating house held as cost of improvement of house

By | October 22, 2016

Held According to both the assessees, their brothers were residing in the house owned by them and while selling the house in order to get vacant possession, payment of Rs. 21 lakhs was made by Shri Nanubhai Keshavlal Chokshi, HUF in his case, and Rs. 31 lakhs in the case of Shri Lallubhai Keshavlal Chokshi,… Read More »

Taxation of Sovereign Gold Bond

By | May 23, 2016

Taxation of Sovereign Gold Bond Section 47(viic) and Section 48 of Income Tax Act 1961 Salient Features of Taxation of Sovereign Gold Bond Section 47(viic) has been inserted with effect from assessment year 2017-18 to provide that any transfer of Sovereign Gold Bond (SGB) issued by the Reserve Bank of India under the Sovereign Gold Bond… Read More »

Amount of Shares Received for Non Compete fee not taxable

By | August 23, 2015

Amount of Shares Received for Non Compete fee not taxable Q Where as per the agreement between the parties consideration was in respect of two independent assets negative covenant in and shares, Whether shares received for negative covenant are capital receipt and hence not taxable ? Section 4, read with section 48, of the Income-tax Act,… Read More »