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Income Tax - Highlights / Catch Notes

Home Highlights April 2019 Year 2019 This

Taxability of sale of sub-tenancy rights - Income from Other ...

Income Tax

April 5, 2019

Taxability of sale of sub-tenancy rights - Income from Other Sources OR Income from Capital Gains - when tenancy is recognised as capital asset within meaning of Section 55(2) , as to why sub-tenancy cannot be treated as capital asset more so , capital asset is so widely defined u/s 2(14)

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  1. Capital gains or Income from other sources - Tenancy rights have also been recognized as capital asset within the meaning of section 55(2)(a) of the Act - AT

  2. Addition of surrender of tenancy rights – the amount received against the transfer of tenancy is assessable as capital gain and not income from other sources - AT

  3. Compensation for surrender the tenancy right - tenancy right was a capital asset and surrender of the same was a transfer of a capital asset - HC

  4. Long term capital gain - sub-tenancy right - the assessee had a sub-tenancy right in the property and upon surrender thereof, the assessee received a sum which was...

  5. Receipt on account of surrender of tenancy rights - till the amendment in 1995, the compensation received on surrendering the tenancy rights could not be assessed to...

  6. Taxability as capital gain or not - Surrender / transfer of tenancy rights - Applicability of section 50C for valuation - The AO treated the transaction as a surrender...

  7. Capital gain on tenancy rights - transfer u/s 2(47) - Even if the assessee has not paid any amount for purchase of tenancy rights, the nature of rights would remain...

  8. 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...

  9. Disallowance of depreciation of tenancy rights - the tenancy right is not an intangible asset eligible for deprecation u/s 32.

  10. Depreciation on tenancy rights - The tenancy right cannot be treated as an intangible asset, there is no question of allowing depreciation on it - AT

 

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