Home Highlights June 2014 Year 2014 This

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1. Correct head of income - profit on sale of land /immovable property - business income or capital gain income - Correct head of income - profit on sale of land /immovable...

2. LTCG or STCG - Sale of ground floor of residential unit - whether it give rise to long term capital gains or short term capital gains - Computation from period of...

3. Whether assessee was liable to deduction u/s 36(1)(iii), on account of interest accrued in respect of capital converted into loan - Held No - Payment of a liability is...

4. Liability to pay capital gain tax - hypothetical income - accrual of income - activity of development was not completed and assessee received nothing in lieu of...

5. Transfer of property and accrual of capital gain - Year of transfer of capital asset - Agreement to sell - It is not the case of the AO that the provisions of sec. 53A...

6. Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

7. Capital gain on property inherited - the property inherited by the respective assessees is their individual property and, therefore, the capital gains, if any, is...

8. Assessability of capital gains of property – Development agreement - no deemed transferred could be inferred and no capital gains could be brought to tax in the hands of...

9. Joint development agreement - Assessment of capital gain for Asst. Year 2007-08 - transfer of property - held as transfer - liable to capital gain - AT

10. Capital gains - Transfer of property - joint development agreement - capital gains on the assessee’s land correctly brought to tax by the AO - AT

11. Capital Gain - Transfer u/s 2(47)(v) - assessment year - AO himself has given credit for the amount of capital gains declared for the assessment year 2013-14, while...

12. Capital gains arising out of land acquisition compensation - date of accrual of capital gains for the purpose of Section 45 - capital gains shall be deemed to have...

13. Capital Gain - Receipt of consolidated amount - where a gain from one of capital assets was a short-term capital gain while from other it was a long term capital gain,...

14. Nature of capital gain - long term vs short term - recognition of consideration given by earlier agreement of development rights in land in the later registered document...

15. Capital gain - sale of property by the legal heir with the co-owners - the assessee (as legal heir of the said property) is liable to capital gains tax during the year...