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Income tax Act, 1961 > Capital Gains > Flashcards

Capital Gains Flashcards

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0
Q

Section 54B

A

Transfer of an agricultural land an purchase of an agricultural land

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1
Q

Section 54

A

Transfer of residential house and purchase or construction of residential house

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2
Q

Section 45

A

Scope and year of chargeability (Capital Gains)

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3
Q

Section 45(1)

A

General provision

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4
Q

Section 45(1A)

A

Receipts from insurance parties

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5
Q

Section 45(2)

A

Conversion or treatment of a capital asset as stock in trade

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6
Q

Section 45(2A)

A

Transfer of beneficial interest in securities

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7
Q

Section 45(3)

A

Introduction of capital asset as capital contribution

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8
Q

Section 45(4)

A

Distribution of capital asset on a firms dissolution

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9
Q

Section 45(5)

A

Compensation on compulsory acquisition

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10
Q

Section 46

A

Capital gains on distribution of assets by companies in liquidation …

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11
Q

Section 46A

A

Capital gains on buyback etc. of shares

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12
Q

Section 47

A

Transaction not regarded as transfer

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13
Q

Section 2(1B)

A

Amalgamation

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14
Q

Section 55

A

Cost of improvement , Cost of acquisition

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15
Q

Section 50&50A

A

Computation of capital gains in case of depreciable asset

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16
Q

Section 50A

A

Cost of acquisition in case of power sector assets

17
Q

Section 50B

A

Capital gains in respect of slump sale

18
Q

Section 50C

A

Special provision for full value of consideration in certain cases

19
Q

Section 50D

A

Fair market value of the capital asset on the date of transfer to be taken as sale consideration , in cases where consideration is not determinable

20
Q

Section 51

A

Advance money received

21
Q

Section 54

A

Capital gains on sale of residential house

22
Q

Section 54B

A

Capital gains on transfer of agricultural land

23
Q

Section 54D

A

Capital Gains on transfer by way of compulsory acquisition of land and building

24
Q

Section 54EC

A

Capital Gains not chargeable on investment in certain bonds

Maximum 50,00,000
Should be invested before due date….

25
Q

Section 54F

A

Capital gains in case of investment in residential house

26
Q

Section 54G

A

Capital gains for shifting of industrial undertaking from urban areas

27
Q

Section 54GA

A

Exemption of capital gains on transfer of certain capital assets in case of shifting of an industrial undertaking from an urban area to any SEZ

28
Q

Section 54GB

A

Exemption of long-term capital gains on transfer of residential property if the sale consideration is used for subscription in equity of a new start-up manufacturing SME company to be used for purchase of new plant and machinery

29
Q

Capital Gains Account Scheme (CGAS)

A

Under sections 54, 54B, 54D, 54F, 54G and 54GA

30
Q

Section 54H

A

Extension of time for acquiring new asset or depositing or investing amount of Capital Gain

31
Q

55AA

A

Reference to Valuation Officer

32
Q

Section 111A

A

Short term capital gains tax in respect of equity shares/ units of an equity oriented fund

33
Q

Section 112

A

Tax on long-term capital gains

34
Q

Section 10(38)

A

Exemption of long term capital gains on sale of equity shares/ Units of an equity oriented fund

35
Q

Section 10(37)

A

When urban agricultural land is compulsorily acquired by any law and compensation is fixed by CG(not SG) or RBI , capital gain on such acquisition is exempt

36
Q

Section 47(xvi)

A

Reverse mortgages is not a transfer so no capital gains

However if there is transfer of ownership for the purpose of recovering loan attracts capital gain…

36
Q

Section 10(43)

A

Amount received by senior citizen as a loan either lump sum or instalment in reverse mortgage is exempt…

36
Q

Section 72A(6A)

A

When a company is converted int LLP
fulfilling proviso 47(xiiib)

Accumulated depreciation and losses
OF COMPANY Can be claimed BY LLP

36
Q

Section 47(xiiib)

A

Shareholder of company becoming partners of LLP in the same proposition as their shareholding in the company

Aggregate profit sharing ratio of the partner should not be less than 50% any time during 5 years

If entity fails to fulfil the condition business loss availed will be charged as income…

Income tax Act, 1961 (11 decks)

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