Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Section 54GA
Section 54GA Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Section 54GA Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is Section 54GA of the Income Tax Act? |  |
Ans. Section 54GA of the Income Tax Act pertains to the exemption of capital gains tax on the transfer of assets in case of shifting of an industrial undertaking from an urban area to a Special Economic Zone (SEZ).
| 2. Who is eligible for the tax exemption under Section 54GA? | |
Ans. Any individual or company who transfers assets as a result of shifting an industrial undertaking from an urban area to an SEZ is eligible for the tax exemption under Section 54GA.
| 3. What are the conditions to be fulfilled for availing the tax exemption under Section 54GA? | |
Ans. To avail the tax exemption under Section 54GA, the following conditions must be fulfilled:
- The transfer of assets should be a result of shifting an industrial undertaking from an urban area to an SEZ.
- The transfer should take place before the due date of filing the income tax return.
- The capital gains should be invested in the purchase of new assets within a specified time period.
| 4. How is the capital gains tax exemption calculated under Section 54GA? | |
Ans. The capital gains tax exemption under Section 54GA is calculated by deducting the cost of new assets from the capital gains arising from the transfer of assets. The amount of exemption is equal to the amount invested in the purchase of new assets.
| 5. What happens if the new assets are transferred within a specified time period after availing the tax exemption under Section 54GA? | |
Ans. If the new assets are transferred within a specified time period after availing the tax exemption under Section 54GA, the amount of exemption claimed earlier will be treated as long-term capital gains in the year in which the new assets are transferred. This means that the taxpayer will have to pay capital gains tax on the amount of exemption claimed earlier.
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Dec 20, 2024 Last updated |
Video Description: Section 54GA for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
The notes and questions for Section 54GA have been prepared according to the Taxation exam syllabus.
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