9911796707
TMI BlogCapital Gains exemptions from Tax under section 10X X X X Extracts X X X X X X X X Extracts X X X X ..... e equity shares shall be exempt if these shares are acquired on or after 1.3.2003 but before 1.3.2004 and held for a period of 12 months. 3. Section 10(37) - Capital gain on compulsory acquisition of urban agriculture land - Exemption is available if the following conditions are cumulatively satisfied: Assessee being an Individual or HUF transfers the agricultural land situated in urban area used for agricultural purposes by such HUF or individual or a parent if the individual during the period of two years immediately preceding the date of transfer and the transfer takes place by way of compulsory acquisition under any law. NOTES:- Capital Gains computed with reference to original compensation as well as enhanced compensation are exempt. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xemption of LTCG tax on equity shares, etc. rationalized [Third proviso to Section 10(38) inserted by FA, 2017 w.e.f. A.Y. 2018-19] Nothing contained in this clause shall apply to any income arising from the transfer of long term capital asset, being an equity share in a company, if the transaction of acquisition, other than the acquisition notified by the Central Government in this behalf, of such equity share is entered into on or after 1st October, 2004 and such transaction is not chargeable to STT. Provisions relating to income arising from the transfer of long-term capital asset, being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust [ Fourth proviso to Section 10(38) inserted by FA, 2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsidiary company at values appearing in the books of account of the Indian branch immediately before its conversion. Explanation.- For determining the value of the assets for the purposes of this clause, any change in the value of assets consequent to their revaluation shall be ignored; (d) the foreign bank referred to in section 115JG(1) of the Act or its nominee shall hold the whole of the share capital of the Indian subsidiary company during the period beginning from the date of conversion and ending on the last day of the previous year in which the conversion took place and continue to hold the share of Indian subsidiary company carrying not less than fifty-one per cent. of the voting po ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
