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Income Tax - Highlights / Catch Notes

Home Highlights July 2018 Year 2018 This

Deduction on account of portfolio management (PMS) fees ...

Income Tax

July 16, 2018

Deduction on account of portfolio management (PMS) fees allocated towards the Short term capital gains on sale of shares u/s 48 - the same not being an expenditure incurred wholly and exclusively in connection with the transfer of the shares out of which STCG had arisen to the assessee - expenditure not allowed.

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  1. Portfolio Management Services (PMS) fees paid is eligible for deduction while computing Short Term Capital Gain

  2. Sale of Shares, Units and Securities through Portfolio Management Services(PMS) - taxable under the head capital gains and not under the head income from business or...

  3. Deduction u/s 54EC - short capital gain arising on sale of depreciable asset - it cannot be said that section 50 converts long-term capital asset into a short-term...

  4. Computation short term capital gain (STCG) - allocation of Portfolio Management Services (PMS Charges) towards Dividend and interest income - the basis of allocation of...

  5. Computation of short term capital gain - Deduction of Title Perfection Cost - assessee was eligible for deducting such amount while computing short-term capital gains - AT

  6. Treatment of sale of equity shares under Portfolio management scheme – Business income OR capital gains – Tribunal had erred in holding the transactions to be income...

  7. Exemption u/s 54EC - eligibility of capital gain from sale of depreciable assets being taxable as short term capital gain u/s 50 – overriding provision - benefit of...

  8. Disallowance of business loss - treating the income derived by the assessee from Portfolio Management Services (PMS) transaction as short term capital gain - Merely...

  9. Income earned by assessee on sale/purchase of shares and securities through PMS is to be assessed under the head “capital gains“ and not as business income of the assessee - AT

  10. Short term capital gain on sale of depreciable assets is not profits and gains of any business or profession - HC

 

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