#section54E #incometaxact #capitalgain #capitalassets According to section 54EB of the Income Tax Act of 1961, capital gain on the transfer of long-term capital assets not to be charged in certain cases. There are three clauses in this section. First Clause First clause states that When the capital gain results from the transfer of a long-term capital asset [prior to the 1st day of April, 2000] (the capital asset so transferred being referred to in this section as the origina

#section54D #capitalgain #incometaxact #acquisition The Income Tax Act of 1961, Section 54D, exempts from taxation capital gains that result from the forced acquisition of land, a building, or any right in land or a building (the original asset) that belonged to an industrial undertaking under any capital asset regulation. The section was introduced to give the relief to those taxpayers who has to pay tax on capital gain arises upon compulsory acquisition of their land or bui

#section54B #incometaxact #capitalgain #agriculturalpurposes There are various sections in the Income Tax Act that permit taxpayers to avoid making tax payments. One such example is Section 54B of the Income Tax Act. According to this Section, certain conditions must be met in order for capital gains from the sale of agricultural land to qualify for tax exemption. Rural agricultural land does not qualify as a capital asset and is therefore exempt from capital gains taxes. Urb

#IncomeTaxAct1961, #Section54EA, #capitalgain, #transfer, #longterm, #capitalassets, #investment, #securities, About Section 54EA Capital gain on the transfer of long-term capital assets is not to be charged in the case of investment in specified bunds or debentures.—(1) Where the capital gain arises from the transfer of a long-term capital asset (the capital asset so transferred being hereafter in this section referred to as the original asset) and the assessee has, at any t

#section54ed #capital #capitalgain #securities #income #investment #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. (1) Before 1 April 2006, if the capital gain arises out from the transfer of a long-term asset which is being listed securities or units and the assessee invested the whole or any part of the capital gain in acquiring equity shares fo

#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

#capitalgain #section54ee #investment #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. Section 54EE talks about the long-term capital gain exempted when invested in long-term assets. One can claim this exemption by following a few conditions. There is no exemption on the transfer of a short-term asset. It is available for the transfer of a

#IncomeTaxAct1961, #Section54EB, #Capitalgain, #Longterm, #Capitalassets #Rules, #Sections, #Acts, #Law 54EB of the Income Tax Act 1961, talks about the Capital gain on the transfer of long-term capital assets not to be charged in certain cases.—(1) Where the capital gain arises from the transfer of a long-term capital asset (the capital asset so transferred being hereafter in this section referred to as the original asset), and the assessee has, at any time within a period

#Incometaxact1961, #Section54EC, #capitalgain, #investment, #bonds, #rules, #sections, #law Introduction Section 54EC allows for tax deductions of capital gains after the transfer of original or long-term capital assets. There is a specific set of criteria that has to be met in order to be eligible for the deductions and benefits of Section 54EC. Taxpayers or assesses who acquire capital gains can avail of tax deductions under Section 54EC of the Income Tax Act 1961. This sec

#section14 #headsofincome #incometaxact #salaryincome #pgbpincome #capitalgain #housepropertyincome Section 14 of the Income Tax Act, 1961 states the heads under which the income of an assessee is divided. Section 14 states that to calculate total income and for charging income tax, all income is divided into the following heads:- Salaries Income from House PropertyProfits and Gains of Business or Profession Capital Gains Income from Other Sources. As per the Income Tax Act,