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Income Tax - Highlights / Catch Notes

Home Highlights December 2017 Year 2017 This

Nature of receipt - Capital or revenue receipt - since the ...

Income Tax

December 6, 2017

Nature of receipt - Capital or revenue receipt - since the immovable property itself is capital in the hands of the assessee, therefore the right to 'more enjoyment' of this property should also be capital in nature - AT

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  2. Nature of amount received as compensation towards rent out property - Mense profit - Mense profit is not revenue receipt but capital in nature - not taxable - AT

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  4. Capital gain on property inherited - the property inherited by the respective assessees is their individual property and, therefore, the capital gains, if any, is...

  5. Nature of receipt – Entertainment tax – Revenue or capital receipt - the subsidy in respect of Multiplex located at Jaipur to be capital in nature. - AT

  6. Excise Duty Refund - Revenue receipt or capital receipt - the excise duty refund received is in the nature of capital receipt and is not exigible to the tax - HC

  7. Nature of income in the hands of land developer (vendor) - third party agreement with land owner - the receipt would attract capital gains at his hands - HC

  8. Nature of subsidy received - Capital or revenue receipt - amount given as subsidy to meet any revenue expenditure can safely be termed as revenue receipt - HC

  9. Taxability on allotment fees - Revenue brought it under the service tax to be rental receipt from immovable property - need to be tested by the officers at grass root level - AT

  10. Capital gain on asset sold - LTCG OR STCG - period of holding - merely because there is a change in the nature of immovable property, the principles of determining date...

 

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