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Income Tax - Highlights / Catch Notes

Home Highlights April 2015 Year 2015 This

Rollover of close-ended schemes - units of Mutual Funds under ...

Income Tax

April 10, 2015

Rollover of close-ended schemes - units of Mutual Funds under the Fixed Maturity Plans on extension of their term - no capital gains will arise at the time of exercise of the option by the investor to continue in the same scheme.

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  1. Amendment of section 47 - any transfer by a unit holder of a capital asset, being a unit or units, held by him in the consolidating plan of a mutual fund scheme, made in...

  2. Nature of Income – Mutual funds sold - business income or capital gains - units of mutual funds are not freely transferable nor tradable and thus cannot be categorized...

  3. Redemption of units of mutual funds - capital gain or business income - the intention for purchase of mutual funds was only for the purpose of investment and held for...

  4. Short term capital gain - sale of units of mutual funds - Article 13(4)/13(5) of DTAA of India-UAE - the gains arising from transfer of units of mutual funds should not...

  5. Correct head of income - the nature of gains from mutual fund redemptions - these gains were capital gains, not business income - no substantial question of law arises - HC

  6. Correct head of income - interest on FD and gain of sale of mutual funds invested out of unutilized borrowed fund - interest/gains earned by the assessee company during...

  7. Extension of deadline for implementation of the circular on Stewardship Code for all Mutual Funds and all categories of AIFs due to the CoVID– 19 pandemic - Circular

  8. SEBI powers to issue directions and levy penalty - trustee’s decision to wind up a scheme of the mutual fund - Interpretation of the term ‘consent’ in Regulation...

  9. Long Term Capital Gains - sale of mutual fund units of HSBC - options to pay tax on LTCG @20% or 10% with or without indexation - Merely because the assessee has not...

  10. LTCG - Exemption claimed u/s. 54F - Failure to deposited in capital gain deposit scheme - The appellant sold a property, deposited the sale proceeds in a capital gain...

 

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