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Income Tax - Highlights / Catch Notes

Home Highlights May 2015 Year 2015 This

Computation of capital gain - Sec. 50C applies only to a ...

Income Tax

May 16, 2015

Computation of capital gain - Sec. 50C applies only to a capital asset being land or building or both, it cannot be made applicable to lease rights in a land. - AT

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  1. Applicability of section 50C - Capital gain - Sale of right in land/contingent right - proof of transfer of capital asset - Section 50C is also applicable on lease hold...

  2. Capital gain computation - assignment of lease rights in the shop - As sec. 50C applies only to a capital asset, being land or building or both, it cannot be made...

  3. Section 50C applies to the seller i.e. transferor of the capital asset being land or building or both - the transferee or the purchaser is outside the scope of these...

  4. Application of circle rate on lease hold rights – Section 50C applies only to a capital asset, being land or building or both, it cannot be made applicable to lease...

  5. Long Term Capital Gain on sale of lease hold property by the assessee - provisions of section 50C of the Act cannot be invoked in respect to the transfer of leasehold rights - AT

  6. Capital gain on transfer of development rights (TDR) - since the impugned capital asset transferred by the assessee upon which long term capital gain has been computed...

  7. Transfer of building - provisions of section 50 are not applicable as the same being a special provision for computation of capital gains in the case of depreciable assets - AT

  8. Determination of value u/s 50C - Validity of order of CIT(A) directing the AO to recalculate the capital gain on sale of land taking total value of property of Rs. 6.05...

  9. Capital gain computation - FMV for determination of cost of acquisition in case of leasehold land - assessee’s leasehold right for a period of 90 years in question is a...

  10. Transfer of development rights – Provisions of sec. 50C are applicable even if the name of the assessee still stand in the record of the municipal record -ITAT

 

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