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HOUSING GAIN EXEMPTION!

Tribunals have held that capital gains from multiple houses and of multiple years can also enjoy complete tax holiday! Section 54 and 54F of the Income-tax Act provide for an exemption in respect of long term capital gains (LTCG), where subject to fulfillment of prescribed conditions, a taxpayer makes investment either in the purchase or construction of a residential house.    RELIEF FOR MULTIPLE HOUSES In the case...

EQUITY VERSUS TAXATION !

Though equity and taxation are often held as strangers, Courts have ensured that they do not always remain so!              Courts have been liberal in their judicial interpretations, while dealing with issues relating to exemption provisions, holding that “a beneficial section has to be construed liberally, having due regard to the object which it intends to serve.”             In a recent matter that came up...

I.T. SEEKS BIGGER ROLE FOR I.T.!

If your taxable income exceeds Rs.5 lakhs, E-filing of your Income-tax Return shall be mandatory from A.Y. 2013-14!          The Income-tax (IT) Department is seeking to place increasingly greater reliance on Information Technology (IT). Under its notification issued on 1st May, 2013, the Central Board of Direct Taxes (CBDT) has made it mandatory for all taxpayers with total income exceeding Rs.5 lakhs to e-file...

TAX RELIEFS ON AGRICULTURAL LAND

Important amendments under Capital Gains Tax & Wealth-tax provisions under the Finance Act 2013  Section 2(14) of the Income-tax Act, which defines ‘capital asset,’ excludes from within its purview an agricultural land situated in India at a place having a population of less than 10,000 as per the last preceding census or at an area not comprised within any municipal limits or within a prescribed distance from...

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