WebDec 29, 2024 · Section 45 (5A) is applicable since the assesse is an Individual. The holding period of residential plot shall be taken from 01.01.2000 to 30.04.2024 i.e. Long Term. As per section 55, the COA of plot is Rs. 50,00,000 or FMV as on 01.04.2001, whichever is higher. Therefore, COA of plot is Rs. 65,00,000 WebApr 10, 2024 · Section 45 (3) fails to provide for the former and it only provides for the latter. The chargeability under the head capital gains gets triggered, if two conditions are satisfied: 1. There is a transfer of capital asset 2. Profits or gains [loss] arise on transfer of …
Section 45 (4) of Income Tax Act applies not only in case of ...
WebJun 8, 2024 · Section 45 of the Income Tax Act, 1961 ('Act') is the charging section of the income chargeable under the head 'Capital Gains'. In the ordinary course, a transaction is subject to capital gain in the year of … WebDec 6, 2024 · Section 45(1A) of the Income Tax Act deals with taxability on money and other assets received during any previous year under insurance from an insurer because … shv to orf
Sec. 4945. Taxes On Taxable Expenditures
WebJun 10, 2024 · 45 (1) For the purposes of this Subdivision the following rules apply: (a) where a taxpayer, (i) having acquired property for some other purpose, has commenced … WebIncome Tax Act 80 of 1961 Commencement 1 July 1962 Amendments Amended by Taxation Laws Amendment Act 20 of 2024 Amended by Rates and Monetary Amounts and Amendment of Revenue Laws Act 19 of 2024 Amended by Tax Administration Laws Amendment Act 16 of 2024 Amended by Tax Administration Laws Amendment Act 21 of … WebTransactions not regarded as transfer 18.. 19 47. Nothing contained in section 45 shall apply to the following transfers :— (i) any distribution of capital assets 20 on the total or partial partition of a Hindu undivided family;(ii) 21 [***](iii) any transfer of a capital asset under a gift 22 or will or an irrevocable trust :23 [Provided that this clause shall not apply to transfer … the parts of a bow and arrow