Taxation Exam > Taxation Notes > Fast Track Quick Revision Income Tax > Capital Gain (Section 45 to 55A )- Part - 2
Capital Gain (Section 45 to 55A )- Part - 2 | Fast Track Quick Revision Income Tax - Taxation PDF Download
| Section 49(4). Deemed cost of acquisition where value is taxed u/h ‘Other Sources’ |
In case of Land and Building is gifted and S 56(2)(vii) is applicable then COA = | Amount taxed under the head OS. |
| In case of Land and Building is sold and S 56(2)(vii) is applicable then COA = | Purchase price + Amount taxed under the head OS. |
|
| In case of JAD PB SAS is gifted and S 56(2)(vii) is applicable then COA = |
Amount taxed under the head OS. | |
| In case of JAD PB SAS is sold and S 56(2)(vii) is applicable then COA = |
Purchase price + Amount taxed under the head OS. |
| Expenses on Transfer |
| Expenditure incurred on transfer of asset. E.g. Brokerage on transfer of asset etc. However STT is ignored |
| Special cases of computation (Deemed Transfer) | |||||
| 45(1A) | 45(2) | 45(3) | 45(4) | 45(5) | |
| Title | Insurance claim on destruction of assets. |
Conversion of capital asset into SIT |
Admission of partner |
Retirement of partner or dissolution of firm |
Compulsory acquisition |
| Full value of consid eration |
Insurance claim |
FMV on the date of conversion |
Amount recorded in books of accounts |
FMV on the date of distribution | Initial compensation |
| YOC | Year of receipt of insurance claim |
Year of sale of SIT |
YOT | YOT | Year of receipt of initial compensation |
| Index ation | Year of destruction to Year of acquisition |
Year of conversion to Year of acquisition |
Year of transfer to year of acquisition | Year of distribution to year of acquisition |
Year of compulsory acquisition to year of acquisition |
|
Section 54 to 54GB AE = Actual Exemption |
Exemptions | YOC = Year of Chargeability | TE = Temporary exemption | YOT = Year of transfer | ZD = Date of sale of original asset |
|
| 54 | 54B | 54EC | 54F | 54GA | ||
| 1. Title | RHP transferred anywhere in the world . RHP acquired in India |
UAL transferred. UAL/RAL acquired |
Any LTCA transferred. 2 specified assets acquired. NHAI+ RECL Lock in 3yrs |
Any LTCA (other than RHP) transferred. RHP acquired. |
Acquired land, building, plant & machinery transferred. Acquired LBPM in SEZ |
|
| 2. Conditions | ||||||
| a | Eligible Assessee |
Ind/HUF | Individual / HUF |
Any assessee | Ind/HUF | Any assessee |
| b | Eligible asset which is being transferred |
RHP+LTCA located in India |
Urban AG land Atleast 2 yr old ST / LT |
Any LTCA | Any LTCA other RHP |
Land, Bldg, Plant of urban area |
| c | Time limit of purchase new asset |
(P)1 yr <-- ZD-- >2(P)/3(C) yr |
ZD-->2 yrs (P) |
ZD-->6 months |
(P)1 yr<- - ZD-- >2(P)/3(C) yr |
(P/C)1 yr<-- ZD-->3(P/C) yr |
| d | Deposit scheme |
Applicable | Applicable | Not Applicable | Applicable | Applicable |
| 3. Amount of exemption |
AE / TE | AE + TE | AE. Max Rs. 50 Lakhs in 2 FY | LTCG --------x RHP NSC |
AE+TE | |
| 4. Consequences 1 Deposited amount unutilised |
TE – AE=LT (YOC = ZD+3yr) |
TE–AE=ST/ LT (YOC = ZD + 2yrs) |
NA | Proportionate (TE– AE)=LT (YOC = ZD + 3yrs) |
TE–AE=ST/ LT (YOC = ZD + 3yrs) |
|
| Consequences 2 New asset transferred within 3 years from the date of acquisition |
LT+ST=ST YOC=YOT |
LT/ST+ST=ST (YOC=YOT) * * Where RAL is transferred no capital gain arises, since not a capital asset. |
LT=LT ST=ST (YOC = YOT) |
LT=LT ST=ST (YOC = YOT) |
LT+ST=ST (YOC = YOT |
|
| Other points | Only 1 RHP exemption can be claimed | As many AL can be purchased for claiming exemption | As many specified asset can be purchased for claiming exemption |
If any other RHP is acquired within 2 / 3 year then exemption shall be withdrawn * |
As many asset can be purchased for claiming exemption |
|
* Also on the zero date the assessee should not own more than 2 RHP to claim exemption u/s 54F
| Cost Inflation Index | |||||||
| 1981-82 | 100 | 1990-91 | 182 | 1999-00 | 389 | 2008-09 | 582 |
| 1982-83 | 109 | 1991-92 | 199 | 2000-01 | 406 | 2009-10 | 632 |
| 1983-84 | 116 | 1992-93 | 223 | 2001-02 | 426 | 2010-11 | 711 |
| 1984-85 | 125 | 1993-94 | 244 | 2002-03 | 447 | 2011-12 | 785 |
| 1985-86 | 133 | 1994-95 | 259 | 2003-04 | 463 | 2012-13 | 852 |
| 1986-87 | 140 | 1995-96 | 281 | 2004-05 | 480 | 2013-14 | 939 |
| 1987-88 | 150 | 1996-97 | 305 | 2005-06 | 497 | 2014-15 | 1024 |
| 1988-89 | 161 | 1997-98 | 331 | 2006-07 | 519 | 2015-16 | 1081 |
| 1989-90 | 172 | 1998-99 | 351 | 2007-08 | 551 | 2016-17 | 1125 |
The document Capital Gain (Section 45 to 55A )- Part - 2 | Fast Track Quick Revision Income Tax - Taxation is a part of the Taxation Course Fast Track Quick Revision Income Tax.
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FAQs on Capital Gain (Section 45 to 55A )- Part - 2 - Fast Track Quick Revision Income Tax - Taxation
| 1. What is a capital gain? |  |
Ans. A capital gain refers to the profit earned from the sale or transfer of a capital asset, such as real estate, stocks, or bonds. It is the difference between the selling price and the cost price of the asset.
| 2. Are all capital gains taxed? | |
Ans. Not all capital gains are taxed. In many countries, including the United States, there are certain exemptions and tax rates that apply to capital gains. For example, long-term capital gains, which are gains from the sale of assets held for more than one year, may be taxed at a lower rate than short-term capital gains.
| 3. What is Section 45 to 55A of the Taxation Act? | |
Ans. Section 45 to 55A of the Taxation Act refers to the specific provisions that govern the taxation of capital gains. These sections outline the rules and regulations surrounding the calculation, reporting, and taxation of capital gains in a particular jurisdiction.
| 4. How is the capital gain calculated? | |
Ans. The capital gain is calculated by subtracting the cost basis of the asset from the selling price. The cost basis includes the purchase price, any additional expenses incurred during the acquisition, and adjustments for factors such as depreciation or improvements made to the asset.
| 5. Are there any exemptions or deductions available for capital gains? | |
Ans. Yes, there are exemptions and deductions available for capital gains in many jurisdictions. These may include exemptions for the sale of a primary residence, certain small business stock, or specific types of investments. Additionally, taxpayers may be eligible for deductions on capital losses, which can offset capital gains and reduce the overall tax liability. It is important to consult with a tax professional or refer to the specific tax laws of the jurisdiction to understand the available exemptions and deductions.
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Nov 16, 2024 Last updated |
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