#section54 #incometaxact #residentialproperty #capitalgains #eligibility The sale of a residential property is exempt from capital gains tax under Income Tax Act Section 54. According to the clause, taxpayers are only eligible for exemption from capital gains tax if they use the sale profits to buy another residential property. Residential property owners frequently sell their homes in order to buy new ones for a variety of reasons, including job transfers, retirement, and so

#specialprovision #computation #capitalgains #slumpsale The section states that: (1) Any profits or gains arising from the slump sale effected in the previous year shall be chargeable to income-tax as capital gains arising from the transfer of long-term capital assets and shall be deemed to be the income of the previous year in which the transfer took place : Provided that any profits or gains arising from the transfer under the slump sale of any capital asset being one or mo

#rule #computation #shortterm #capitalgains #writtendownvalue #depreciation #goodwill The rule states that: (1) For the purposes of proviso to section 50, the written down value of the block of the asset and short term capital gains, if any, for the previous year relevant to the assessment year commencing on the 1st day of April, 2021 shall be determined in accordance with this rule. (2) Where the goodwill of the business or profession was the only asset or one of the assets

#specialprovision #computation #capitalgains #depreciableassets The section states that: Notwithstanding anything contained in clause (42A) of section 2, where the capital asset is an asset forming part of a block of assets in respect of which depreciation has been allowed under this Act or under the Indian Income-tax Act, 1922 (11 of 1922), the provisions of sections 48 and 49 shall be subject to the following modifications :— (1) where the full value of the consideration r

#mode #computation #capitalgains #provisions The section states that: The income chargeable under the head "Capital gains" shall be computed, by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely :— (i) expenditure incurred wholly and exclusively in connection with such transfer; (ii) the cost of acquisition of the asset and the cost of any improvement thereto; [(iii) in case