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P2 in Page 7.32 S 54GA Video Lecture | Income Tax for assessment (Inter Level) - Taxation

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FAQs on P2 in Page 7.32 S 54GA Video Lecture - Income Tax for assessment (Inter Level) - Taxation

1. What is the purpose of Form 54GA in taxation?
Ans. Form 54GA is used for reporting the capital gains earned from the transfer of assets in cases where the seller is eligible to claim exemption under Section 54GA of the Income Tax Act. This form helps in calculating the tax liability on such capital gains.
2. Who is eligible to claim exemption under Section 54GA of the Income Tax Act?
Ans. Any individual or Hindu Undivided Family (HUF) who has earned capital gains from the transfer of assets and invests the net consideration in the purchase of new assets, such as industrial parks or special economic zones, is eligible to claim exemption under Section 54GA.
3. What is the time limit for investing the net consideration in new assets to avail exemption under Section 54GA?
Ans. To avail exemption under Section 54GA, the net consideration from the transfer of assets must be invested in the purchase of new assets within one year before or two years after the date of transfer. Alternatively, the taxpayer can also construct a building or develop the infrastructure within three years from the transfer date.
4. Are there any conditions for claiming exemption under Section 54GA?
Ans. Yes, there are certain conditions to be fulfilled for claiming exemption under Section 54GA. The new assets must be held for a minimum period of three years from the date of their acquisition. Additionally, the taxpayer must not own more than one residential house, other than the new assets, on the date of transfer.
5. How is the tax liability calculated on capital gains if exemption under Section 54GA is not claimed?
Ans. If the taxpayer does not claim exemption under Section 54GA, the capital gains earned from the transfer of assets will be taxed as per the applicable tax rates. The tax liability will be calculated based on the nature of the asset, the holding period, and the taxpayer's income tax slab rate.
405 videos|72 docs
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