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Capital Gains exempt from Tax

Income Tax - Capital Gains - 11 - In the following cases, capital gains are not chargeable to tax. Conversely, in the cases given below if assets are transferred at loss, such capital loss is not taken into consideration. CAPITAL GAIN ON TRANSFER OF UNITS U/S 64 [Sec. 10(33)] Long-term or short-term capital gain arising on transfer of units of Unit Scheme, 1964 (US 64) which is transferred on or after 1-4-2002. Means any gain arising from the redemption of units is exempt under Income Tax Act. A .....

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tuated in urban area used for agricultural purposes by such HUF or individual or a parent if the individual during the period of two years immediately preceding the date of transfer and the transfer takes place by way of compulsory acquisition under any law NOTES:- Capital Gains computed with reference to original compensation as well as enhanced compensation are exempt. Capital gains whether long term or short term are exempt. If such urban agricultural land is held as stock in trade then sec10 .....

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der land pooling scheme Sale of Land Pooling Ownership Certificates by the assessee received in lieu of land transferred under the scheme Sale of reconstituted plot or land by the assessee within 2 years from the end of the FY in which the possession was handed over 5. LONG TERM CAPITAL GAIN IN CASE OF SPECIFIED SECURITIES COVERED BY TRANSACTION TAX [Sec. 10(38)] Any income arising from the transfer of a long term capital asset being an equity share in a company or a unit of an equity oriented f .....

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