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WHICH INCOME IS TAXABLE UNDER THE HEAD “CAPITAL GAINS”?
5
WHICH TRANSFERS DO NOT GIVE RISE TO TAXABLE CAPITAL GAINS?
TAXATION OF UNIT LINKED INSURANCE POLICY
TRANSACTIONS BETWEEN A FIRM AND ITS PARTNERS OR BETWEEN AN AOP/BOI AND ITS MEMBERS
COMPUTATION OF CAPITAL GAINS - SHORT-TERM
WHAT IS EXPENDITURE ON TRANSFER OF CAPITAL ASSET
13
ROLLOVER DEDUCTION IN RESPECT OF PROFIT ON SALE OF PROPERTY USED FOR RESIDENCE [SECTION 54]
14
DEDUCTION OF ROLLOVER OF GAIN ON TRANSFER OF LAND USED FOR AGRICULTURAL PURPOSES [SECTION 54B]
ROLLOVER DEDUCTION IN RESPECT OF CAPITAL GAIN ON COMPULSORY ACQUISITION OF LANDS AND BUILDINGS [SECTION 54D]
ROLLOVER DEDUCTION IN RESPECT OF INVESTMENT OF LONG-TERM CAPITAL GAINS FROM LAND OR BUILDING OR BOTH IN SPECIFIED BONDS [SECTION 54EC]
` 898
902
902
906
SHOULD THERE BE TABOO IN INVESTMENT IN NAME OF RELATIVES FOR SECS. 54, 54B AND 54F EXEMPTIONS?
16A.1
16A.4 914
16A.5 914
16A.6 915
16A.7 915
16A.8 916
16A.9 917
16A.10 917
16A.11 - 918
16A.12 - 919
16A.13 919
16A.14 - 920
16A.15 - 921
16A.16 922
16A.17 922
16A.18 922
16A.19 923
16A.20 923
16B
NRIs AND TAXATION OF THEIR INCOME - A BRIEF NOTE
16B.1 925
16B.2 926
16B.3 928 I-31
16B.4 929
16B.5 931
16B.6 933
16B.7 934
16B.8 945
16B.8A vis-à-vis 946
16B.9 947
CAPITAL GAINS NOT TO BE CHARGED ON INVESTMENT IN UNITS OF A SPECIFIED FUND
18
DEDUCTION IN RESPECT OF LONG-TERM CAPITAL GAIN INVESTED IN RESIDENTIAL HOUSE [SECTION 54F]
19
TAX INCENTIVES FOR TRANSFER OF ASSETS ON SHIFTING OF INDUSTRIAL UNDERTAKINGS FROM URBAN AREA/SHIFTING OF INDUSTRIAL UNDERTAKING FROM URBAN AREA TO ANY SPECIAL ECONOMIC ZONE (SEZ) [SECTION 54G/54GA]
Annex 19.1 : Explanation
TAX EXEMPTION FOR CAPITAL GAINS FROM SALE OF RESIDENTIAL PROPERTY IF INVESTED IN CAPITAL OF START-UP COMPANY [SECTION 54GB]
POWER OF CBDT TO RELAX ANY REQUIREMENT FOR CLAIMING DEDUCTIONS
22
TAX COMPUTATION IN RESPECT OF STCG
23
TAX COMPUTATION IN CASE OF LONG-TERM CAPITAL GAINS
24
LONG-TERM CAPITAL GAINS TAX ON LISTED EQUITY SHARES, UNITS OF EQUITY-ORIENTED MUTUAL FUNDS AND UNITS OF BUSINESS TRUSTS
DISTRIBUTION OF ASSETS BY COMPANIES IN LIQUIDATION
SLUMP SALE [SECTION 50B]
APPENDICES
APPENDIX 1: 1301
APPENDIX 2: 1318
APPENDIX 3: 1320
CHAPTER 6B
TRANSACTIONS BETWEEN A FIRM AND ITS PARTNERS OR BETWEEN AN AOP/BOI AND ITS MEMBERS
iii
Also refer to para 4.2A
6B.1 DEFINITION OF “FIRM”, “PARTNER” AND “PARTNERSHIP” 2323 i ii a b iii23 i
Para 6B.1-1
Para 6B.1
6B.1-2
Para 6B.1-3
Para 6B.1-4
Para 6B.1-5
Para 6B.1-6
6B.1-1 “Firm” as defined in section 4 of the Indian Partnership Act, 1932 (also known as “traditional partnership” or “general partnership”)
4. Definition of “Partnership”, “partner”, “firm” and “firm name”
6B.1-2 “Limited Liability Partnership” as defined in the LLP Act, 2008 1 n -
i
6B.1-3 Definition of ‘partner’ in the context of a traditional partnership firm/general partnership firm
4. Definition of “Partnership”, “partner”, “firm” and “firm name”
6B.1-4 ‘Partner by holding out’ is not a ‘partner’ for the purposes of the Act
6B.1-5 Minor admitted to the benefits of partnership
6B.1-6 Definition of ‘partner’ in the context of a Limited Liability Partnership
Para 6B.2
6B.2 CONTRIBUTION OF CAPITAL ASSET TO FIRM/LLP/BOI/ AOP BY PARTNER/MEMBER [SECTION 45(3)]
i ii iii iv i iii1 b `
R.M.
Ramanathan Chettiar Controller of Estate Duty Chief Controlling Revenue Authority Chidambaram -
Ram Brahmin
Prem Raj Brahmin Bhani
Firm Ram Sahay Mall Rameshwar Dayal
Bishwanath Prasad
CIT Hind Construction Ltd. CIT Amber Corpn. Addl. CIT Manjeet Engineering Industries
R.M. Ramanathan Chettiar’s supra -
Manjeet Engineering Industries supra CIT Manjeet Engineering Industries
CIT A.V.
Bhanoji Rao
R.M. Ramanathan Chettiar’s supra
Ajudhia Pershad Shamsunder -
A. Narayanappa
B. Krishnappa
1 b Amber Corporation supra CIT T.M.B.
Mohamed Abdul Khader
Ramanathan Chettiar’s supra
ILLUSTRATION 1: X, Y and Z are partners in a firm. Y transfers a building owned by him to the firm. The market value of the building on the date of transfer (20-10-2017) is ` 8,00,000. His account in the firm’s books is credited by ` 6,00,000 and building account is debited by the same amount. He had purchased the building on 1-4-2001 for ` 2,00,000.
i.e.,
Assessment year 2018-19 ` Less: `
ILLUSTRATION 2: Mr. Tiwari a partner in the firm of M/s. ABC & Co. made a declaration on 2-4-2017 to the effect that certain of his own immovable property will
Para 6B.2 482
thereafter be the property of the firm. The consideration agreed to was ` 18,00,000 against his acquisition cost of ` 4,00,000 on 10-05-2001.
The declaration was followed by book entries by which Mr. Tiwari’s account in the firm was credited with a sum of ` 18,00,000 while a corresponding debit was given to the asset account. Is Mr. Tiwari liable to tax on capital gains?
47 v
6B.2-1 Amount recorded in books does not mean partner’s capital account should be credited
Mafatlal Holdings Ltd. Addl. CIT
6B.2-2 Where capital contribution is stock-in-trade of the firm
14 i Prakash Chand Daddha ITO
6B.2-3 Where transaction covered by section 45(3) is international transaction, capital gains will be computed based on ALP
Canoro Resources Ltd.,
6B.2-4 Where the assessee-proprietor transfers assets to firm and within 3 months the assets are revalued and firm converted into Pvt. Ltd. Co.
Principal CIT Dr. D.
Ramamurthy
6B.2-5 Capital contribution in the form of land which was treated as stock-in-trade a Asstt. CIT Karuna Estates & Developers
6B.2-6 Where land brought in by partners as current assets and also treated as such by the firm
ITO Orchid Griha Nirman (P.) Ltd.