#section60 #transfer #assets #revocable #irrevocable #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. According to Section 60 of The Income Tax Act, 1961, “All income arising to any persons by virtue of a transfer whether revocable or not and whether effected before or after the commencement of this Act shall, where there is no transfer of

#section61 #revocable #assets #revocabletransfers #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. In order to understand this Section, let’s understand what is a revocable transfer of assets? A revocable transfer is basically a transfer in which the transferor directly or indirectly applies his control or right over the asset transferred o

#section54g #industrialarea #assets #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. According to Section 54G of the Income Tax Act, it talks about the exemption towards the capital gain arising on the transfer of capital assets like plants or machinery or land or building which is forming part of an industrial undertaking situated in an ur

#section54a #investment #capital #assets #capitalgain #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. The sale of any Long-Term Asset other than residential property to an individual or Hindu undivided family will be exempt in full if the entire net sales consideration is invested in- Purchase of one residential house within 1 year before

#Section43CA #IncomeTax #Transfer #Assets #Consideration (1) Where the consideration received or accruing as a result of the transfer by an assessee of an asset (other than a capital asset), being land or a building or both, is less than the value adopted, assessed, or assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer, the value so adopted, assessed, or assessable shall, for purposes of computing profits and

#Section43C #IncomeTax #Acqusition #Assets #Provision (1) If an asset acquired by an amalgamated company under a scheme of amalgamation is sold by the amalgamated company after the 29th day of February 1988 as stock-in-trade of the business it is engaged in, the cost of acquisition of the said asset to the amalgamated company in determining the profits and gains from the sale of such asset shall be the cost of acquisition of the said asset to the cost of acquisition of the