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Chargeability - Sec. 45(1)

Income Tax - Capital Gains - 01 - SEC - 45(1): CHARGEABILITY Any profit and gains arising from transfer of a capital asset effected in the previous year shall be chargeable to income tax under the head capital gains in the previous year in which transfer took place. EXCEPTIONS TO CHARGING SECTION SEC - 45(1) Exceptions to the rule that capital gain shall be chargeable to tax in the previous year in which transfer took place: Section 45(1A): Capital Gains on insurance claim on damage or destructi .....

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nsation was first received by the assessee. Section 45(5A): Special provisions for computation of Capital Gains in case of joint development agreement (Inserted by F.A. 2017, w.e.f. 1-4-2018):- In case of an assessee being an individual or HUF, who enters into a specified agreemengt for development of a project, the capital shall be chargeable to tax in the year in which the certificate of completion for the whole or part of the project is issued by the competent authority Provided that the stam .....

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