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Income tax Amendment (18th Amendment), Rules, 2021 - 76/2021 - Income Tax

Extract

..... ty under sub-section (4) of section 45 under the head “Capital gains”,- (i) the amount or a part of it shall be deemed to be from transfer of short term capital asset, if it is attributed to,- (a) capital asset which is short term capital asset at the time of taxation of amount under sub-section (4) of section 45; or (b) capital asset forming part of block of asset; or (c) capital asset being self-generated asset and self-generated goodwill as defined in clause (ii) of Explanation 1 to sub-section (4) of section 45; and (ii) the amount or a part of it shall be deemed to be from transfer of long term capital asset or assets, if it is attributed to capital asset which is not covered by clause (i) and is long term capital asset at .....

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Income tax Amendment (18th Amendment), Rules, 2021 - 76/2021 - Income Tax

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..... money and the fair market value of the capital asset received by the specified person from the specified entity, in excess of the balance in his capital account, charged to tax under sub-section (4) of section 45 does not relate to revaluation of any capital asset or valuation of self-generated asset or self-generated goodwill, of the specified entity, the amount charged to tax under sub-section (4) of section 45 shall not be attributed to any capital asset for the purposes of clause (iii) of section 48. (4) Notwithstanding anything contained in sub-rules (2) or (3), where the aggregate of the value of money and the fair market value of the capital asset received by the specified person from the specified entity, in excess of the balance in .....

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Income tax Amendment (18th Amendment), Rules, 2021 - 76/2021 - Income Tax

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..... nation 1: For the purposes of this rule, the amount chargeable to tax under sub-section (4) of section 45 shall relate to revaluation of any capital asset or valuation of self-generated asset or self-generated goodwill, of the specified entity, if the revaluation is based on a valuation report obtained from a registered valuer as defined in clause (g) of rule 11U. Explanation 2: For the removal of doubt it is clarified that revaluation of an asset or valuation of self-generated asset or self-generated goodwill does not entitle the specified entity for the depreciation on the increase in value of that asset on account of its revaluation or recognition of the value of self-generated asset or self-generated goodwill due to its valuation. Expla .....

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Income tax Amendment (18th Amendment), Rules, 2021 - 76/2021 - Income Tax

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