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Home Acts & Rules Income Tax Act Income-tax Act, 1961 Chapters List Part E Capital gains This
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Section 45 - Capital gains - Income-tax Act, 1961

Extract

..... ther convulsion of nature; or (ii) riot or civil disturbance; or (iii) accidental fire or explosion; or (iv) action by an enemy or action taken in combating an enemy (whether with or without a declaration of war), then, any profits or gains arising from receipt of such money or other assets shall be chargeable to income-tax under the head "Capital gains" and shall be deemed to be the income of such person of the previous year in which such money or other asset was received and for the purposes of section 48, value of any money or the fair market value of other assets on the date of such receipt shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of such capital asset. Explanat .....

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Section 45 - Capital gains - Income-tax Act, 1961

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..... olding of any securities shall be determined on the basis of the first-in-first-out method. Explanation.-For the purposes of this sub-section, the expressions "beneficial owner", "depository" and "security" shall have the meanings respectively assigned to them in clauses (a), (e) and (l) of sub-section (1) of section 2 of the Depositories Act, 1996.] 13[(3) The profits or gains arising from the transfer of a capital asset by a person to a firm or other association of persons or body of individuals (not being a company or a co-operative society) in which he is or becomes a partner or member, by way of capital contribution or otherwise, shall be chargeable to tax as his income of the previous year in which such t .....

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Section 45 - Capital gains - Income-tax Act, 1961

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..... n the first instance or, as the case may be, the consideration determined or approved in the first instance by the Central Government or the Reserve Bank of India shall be chargeable as 15[income under the head "Capital gains" of the previous year in which such compensation or part thereof, or such consideration or part thereof, was first received]; and (b) the amount by which the compensation or consideration is enhanced or further enhanced by the court, Tribunal or other authority shall be deemed to be income chargeable under the head "Capital gains" of the previous year in which such amount is received by the assessee; 8[Provided that any amount of compensation received in pursuance of an interim order of a court, Tri .....

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Section 45 - Capital gains - Income-tax Act, 1961

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..... ion (1), where the capital gain arises to an assessee, being an individual or a Hindu undivided family, from the transfer of a capital asset, being land or building or both, under a specified agreement, the capital gains shall be chargeable to income-tax as income of the previous year in which the certificate of completion for the whole or part of the project is issued by the competent authority; and for the purposes of section 48, the stamp duty value, on the date of issue of the said certificate, of his share, being land or building or both in the project, as increased by the consideration received in cash, if any, shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of the capital ass .....

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Section 45 - Capital gains - Income-tax Act, 1961

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..... l value of such units shall be deemed to be the capital gains arising to the assessee in the previous year in which such repurchase takes place or the plan referred to in that section is terminated and shall be taxed accordingly. Explanation.-For the purposes of this sub-section, "capital value of such units" means any amount invested by the assessee in the units referred to in sub-section (2) of section 80CCB. *********** Notes :- 1. Inserted by the Finance Act, 1964, w.e.f. 1-4-1964. "(1)" deemed to have been omitted with the omission of sub-sections (2) to (4) by the Finance Act, 1966, w.e.f. 1-4-1966 and deemed to have been inserted with the insertion of sub-section (2) by the Taxation Laws (Amendment) Act, 1984, w.e .....

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Section 45 - Capital gains - Income-tax Act, 1961

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  1. DEPOSITORIES ACT, 1996
  2. Section 80CCB - Deduction in respect of investment made under Equity Linked Savings Scheme
  3. Section 54H - Extension of time for acquiring new asset or depositing or investing amount of capital gain
  4. Section 54GB - Capital gain on transfer of residential property not to be charged in certain cases.
  5. Section 54GA - Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone
  6. Section 54G - Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area
  7. Section 54F - Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house
  8. Section 54EE - Capital gain not to be charged on investment in units of a specified fund.
  9. Section 54ED - Capital gain on transfer of certain listed securities or unit not to be charged in certain cases
  10. Section 54EC - Capital gain not to be charged on investment in certain bonds
  11. Section 54EB - Capital gain on transfer of long-term capital assets not to be charged in certain cases
  12. Section 54EA - Capital gain on transfer of long-term capital assets not to be charged in the case of investment in specified securities
  13. Section 54E - Capital gain on transfer of capital assets not to be charged in certain cases
  14. Section 54D - Capital gain on compulsory acquisition of lands and buildings not to be charged in certain cases
  15. Section 54B - Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases
  16. Section 54 - Profit on sale of property used for residence
  17. Section 49 - Cost with reference to certain modes of acquisition
  18. Section 48 - Mode of computation
  19. Section 47A - Withdrawal of exemption in certain cases
  20. Section 47 - Transactions not regarded as transfer
  21. Section 46 - Capital gains on distribution of assets by companies in liquidation
  22. Section 43C - Special provision for computation of cost of acquisition of certain assets
  23. Section 2(31) to (48) - Definitions [Clause (31) to Clause (48)] - "Person" to "Zero Coupon Bond"
  24. Section 2(15A) to 2(30) - Definitions [Clause (15A) to Clause (30)] - "Chief Commissioner" to "Non-resident"
  25. Section 2 - Definitions
  26. Section 194IC - Payment under specified agreement.
  27. Section 155 - Other amendments
  28. Section 115VN - Chargeable gains from transfer of tonnage tax assets
  29. Section 115F - Capital gains on transfer of foreign exchange assets not to be charged in certain cases
  30. Section 10 - Rights of depositories and beneficial owner
  31. Manual - Distribution of assets in the event of Liquidation [Sec. 2(22)(c)]
  32. Manual - Section 32AD - Investment Allowance in Notified Backward Area
  33. Manual - Capital Gains On Transfer By Way Of Compulsory Acquisition Of An Asset - Sec. 45(5)
  34. Manual - Capital Gains On Transfer of Capital Asset By Way Of Distribution on Dissolution Of A Firm/ AOP/ BOI Or Otherwise - Sec. 45(4)
  35. Manual - Capital Gains On Transfer of Capital Asset By A Partner/ Member To Firm/ AOP/ BOI - Sec. 45(3)
  36. Manual - Capital Gains On Conversion of Capital Assets Into Stock-In-Trade - Sec. 45(2)
  37. Manual - Capital Gains On Insurance Claims For Damage Or Destruction Of Capital Asset - Sec. 45(1A)
  38. Manual - Full value of Consideration
  39. Manual - Chargeability - Sec. 45(1)

 

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