Capital Gains Flashcards
Section 54B
Transfer of an agricultural land an purchase of an agricultural land
Section 54
Transfer of residential house and purchase or construction of residential house
Section 45
Scope and year of chargeability (Capital Gains)
Section 45(1)
General provision
Section 45(1A)
Receipts from insurance parties
Section 45(2)
Conversion or treatment of a capital asset as stock in trade
Section 45(2A)
Transfer of beneficial interest in securities
Section 45(3)
Introduction of capital asset as capital contribution
Section 45(4)
Distribution of capital asset on a firms dissolution
Section 45(5)
Compensation on compulsory acquisition
Section 46
Capital gains on distribution of assets by companies in liquidation …
Section 46A
Capital gains on buyback etc. of shares
Section 47
Transaction not regarded as transfer
Section 2(1B)
Amalgamation
Section 55
Cost of improvement , Cost of acquisition
Section 50&50A
Computation of capital gains in case of depreciable asset
Section 50A
Cost of acquisition in case of power sector assets
Section 50B
Capital gains in respect of slump sale
Section 50C
Special provision for full value of consideration in certain cases
Section 50D
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
Section 51
Advance money received
Section 54
Capital gains on sale of residential house
Section 54B
Capital gains on transfer of agricultural land
Section 54D
Capital Gains on transfer by way of compulsory acquisition of land and building
Section 54EC
Capital Gains not chargeable on investment in certain bonds
Maximum 50,00,000
Should be invested before due date….
Section 54F
Capital gains in case of investment in residential house
Section 54G
Capital gains for shifting of industrial undertaking from urban areas
Section 54GA
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
Section 54GB
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
Capital Gains Account Scheme (CGAS)
Under sections 54, 54B, 54D, 54F, 54G and 54GA
Section 54H
Extension of time for acquiring new asset or depositing or investing amount of Capital Gain
55AA
Reference to Valuation Officer
Section 111A
Short term capital gains tax in respect of equity shares/ units of an equity oriented fund
Section 112
Tax on long-term capital gains
Section 10(38)
Exemption of long term capital gains on sale of equity shares/ Units of an equity oriented fund
Section 10(37)
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
Section 47(xvi)
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…
Section 10(43)
Amount received by senior citizen as a loan either lump sum or instalment in reverse mortgage is exempt…
Section 72A(6A)
When a company is converted int LLP
fulfilling proviso 47(xiiib)
Accumulated depreciation and losses
OF COMPANY Can be claimed BY LLP
Section 47(xiiib)
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…
