Tag Archives: Capital Gain Tax

Is long-term capital gains tax on equity coming?

Is long-term capital gains tax on equity coming? A Union Budget is approaching, and once again the issue of imposing long-term capital gains tax on equity has come up. A newspaper report earlier this week claimed that such a tax – abolished in 2005 – was actively being considered by the finance ministry. Predictably, there […]

How to calculate capital gains

How to calculate capital gains Calculation of capital gains can be a complex and challenging mission relying on the nature and the number of transactions undertaken by the assessee in a financial year. It is always suggested to take the advice from an professional like a chartered accountant for the same. However, Assessee can also […]

How determine cost of Acquisition of Self Generated Assets

B.C.Srinivasa Setty (SC) The cost of acquisition of a self generated asset is not determinate, Therefore, capital gains not possible to be computed when a self generated asset is transferred.Hence ,no capital gains will arise on the sale of self generated asset.The amount received will be a capital receipt not chargeable to income tax.

Capital gain on conversion of capital Assets into stock-in-trade-Section 45(2) And Section 2(47)

Bai shrinbai k.Kooka(SC) There is no transfer involved when an assesses converts a capital assets into stock in trade of the business carried on by him. The act of conversion is similar to taking out the money from on pocket and keeping the same in the other pocket of the same person. The above judgment […]