Section 54, 54EC, 54F: Exemption from Long Term Capital Gains Tax
At the time of sale of any Long Term Capital Asset, the Gains are usually very large and are taxed @ 20%. The Resultant Figure to be paid as Tax… Read More
Income Tax
Computation of Short Term & Long Term Capital Gain Tax on Property
At the time of Sale of any Real Estate Property, Tax is liable to be paid on the Gains earned on the sale of the Real Estate Property. Such Gains… Read More
Tax Implications of Dividend Stripping (with Examples)
Dividend stripping is the practice of buying a share/mutual fund units, just before the declaration of dividend and then selling it off right after the receipt of dividend, when the… Read More
TDS on Property Sale @ 1% under Section 194IA
The Indian Finance Minister while announcing the Budget 2013-14 introduced TDS on Property @ 1% on all Immovable Property Transactions over Rs. 50 Lakhs under Section 194IA. Reason for Introduction of… Read More
Why is Cess and Surcharge levied separately?
The Constitution of India grants the power to the Union to raise revenue by levying cess. Article 270 of Constitution of India states that the Government can collect tax in… Read More
Special Provisions for Tax on sale of Shares/Mutual Funds by NRI
When a NRI invests in the stock market of India, he is subject to capital gain tax on the profit earned through trading done in India. There are two types… Read More
What is Take Home Salary and How to increase take home salary?
Take home salary is the amount received by an employee after subtracting all the deductions from his package or CTC (Cost to Company). The formula for computing the take home salary… Read More
Tax on Property Transaction below Circle Rate: Section 50C, Sec 56
This article highlights the income tax treatment on purchase/sale of a property below the Stamp Duty Value under Section 50C & Section 56(2)(x). Before the explaining the treatment, lets first… Read More
Rs. 50,000 Standard Deduction in Income Tax – Budget 2019
A Standard Deduction is basically a deduction allowed in Income Tax irrespective of the expense incurred or the investment made by the Individual. No Disclosures/ Investment Proofs/ Expense Bills are… Read More
7 Special Tax benefits for Senior Citizens – Updated
The Indian Income Tax Act gives certain tax benefits to Senior Citizens and also tries to ensure that income tax e-filing is a hassle free process. The complete list of… Read More