9911796707
TMI BlogIssue of taxability of surplus on sale of shares and securities - Capital Gains or Business Income - Instructions in order to reduce litigationX X X X Extracts X X X X X X X X Extracts X X X X ..... Sub: Issue of taxability of surplus on sale of shares and securities - Capital Gains or Business Income - Instructions in order to reduce litigation reg. Sub-section (14) of Section 2 of the Income-tax Act, 1961 ('Act') defines the term capital asset to include property of any kind held by an assessee, whether or not connected with his business or profession, but does not in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he said principles for guidance of the field formations . 3. Disputes, however, continue to exist on the application of these principles to the facts of an individual case since the taxpayers find it difficult to prove the intention in acquiring such shares/securities. In this background, while recognizing that no universal principal in absolute terms can be laid down to decide the character of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usiness income, b) In respect of listed shares and securities held for a period of more than 12 months immediately preceding the date of its transfer, if the assessee desires to treat the income arising from the transfer thereof as Capital Gain, the same shall not be put to dispute by the Assessing Officer. However, this stand, once taken by the assessee in a particular Assessment Year, shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g consistency in approach on the issue of treatment of income derived from transfer of shares and securities. All the relevant provisions of the Act shall continue to apply on the transactions involving transfer of shares and securities [F. No. 225/12/2016-ITA-II] (Rohit Garg) Deputy Secretary Government of India - Circular - Trade Notice - Public Notice - Instructions - Office o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
