September 2023

Understanding and Conditions of Section 115F As a Non-Resident Indian (NRI), understanding the tax implications of your investment is crucial. One particular aspect to consider is the exemption of long-term capital gains arising from the transfer of ‘foreign exchange assets’ under Section 115F of the Income Tax Act. Section 115F provides a beneficial provision for […]

Understanding of Section 54 When an individual sells a residential house property, they are liable to pay capital gains tax on the profit made from the sale. However, under Section 54 of the Income Tax Act, 1961, individuals can claim an exemption on the capital gains arising from the transfer of a residential house property

Understanding of Section 54B Agriculture plays a vital role in the economy of many countries, providing food, employment, and contributing to GDP growth. In recognition of the importance of agriculture, governments often introduce policies and incentives to support and promote the sector. In India, one such incentive is the exemption of capital gains on the

As per Section 54D, the Capital Gain arising from the transfer, by way of compulsory acquisition under any law, of land or buildings forming part of an industrial undertaking belonging to the assessee are Exempt, if the following conditions are satisfied: (i)         the transfer is by way of compulsory acquisition of the asset;  (ii)      

Long-term capital gain arising on the transfer of any capital asset being land or building or both is exempt under Section 54EC in the following circumstances: (i)         The asset (i.e., land or building or both) transferred is a long-term capital and hence, there is a long-term capital gain. (ii)        The asset is transferred

In India, the Income Tax Act provides various exemptions to taxpayers to encourage investments and promote economic growth. One such exemption is provided under Section 54F of the Income Tax Act, which deals with the exemption of capital gains on the transfer of assets other than a residential house. Section 54F of the Income Tax

Under Section 54G, the Exemption is available to all categories of assessees in respect of Capital Gain arising on the transfer of fixed assets other than furniture and fixtures of industrial undertaking effected to shift it from an urban area. The conditions for claiming exemptions are as under: (i)         the transfer is effected in

Section 54GA of the Income Tax Act provides an exemption on capital gains arising from the transfer of assets by an industrial undertaking or a ship or a hotel. This section aims to promote the growth of industries and encourage investment in the country. The exemption is available to all categories of assessees in respect

Section 54GB of the Income Tax Act, 1961 in India provides for the exemption of long-term capital gains tax arising from the sale of a residential property when the capital gains are invested in a specified small or medium enterprise (SME). This section encourages individuals to invest in SMEs and thereby promote economic growth. Section

Section 54H of the Income Tax Act, 1961 in India provided for an extension of time for acquiring a new asset or depositing or investing the amount of capital gain in the case of compulsory acquisition of land or buildings. Here we analyze Section 54H under Capital Gains towards Extension of Time for Acquiring New