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TMI BlogCapital gains.X X X X Extracts X X X X X X X X Extracts X X X X ..... gains arising from receipt of such money or other assets shall be chargeable to income-tax under the head "Capital gains" and shall be deemed to be the income of such person of the tax year in which such money or other asset was received; and (b) for the purposes of section 72, the value of any money or the fair market value of other assets on the date of such receipt shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of such capital asset. (3) The following shall be the circumstances referred to in sub-section (2):-- (a) flood, typhoon, hurricane, cyclone, earthquake or any other convulsion of nature; or (b) riot or civil disturbance; or (c) accidental fire or explosion; or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny time during the tax year, had any beneficial interest in any securities and any profits or gains arise from transfer made by the depository or participant of such beneficial interest in respect of securities, then,-- (a) such profits and gains shall be chargeable to income-tax as the income of the beneficial owner of the tax year in which such transfer took place; (b) such profits and gains shall not be regarded as income of the depository who is deemed to be the registered owner of securities by virtue of section 10(1) of the Depositories Act, 1996 (22 of 1996); and (c) for the purposes of section 72 and section 2(100)(b), the cost of acquisition and the period of holding of any securities shall be determined on the basis of the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as follows:- A = B + C - D, where, A = income chargeable to income-tax under this sub-section as income of the specified entity under the head "Capital gains"; B = value of any money received by the specified person from the specified entity on the date of such receipt; C = amount of fair market value of the capital asset received by the specified person from the specified entity on the date of such receipt; and D = amount of balance in the capital account (represented in any manner) of the specified person in the books of account of the specified entity at the time of its reconstitution; (c) for the purposes of the formula in clause (b),-- (i) if the value of "A" in the said formula is negative, its value shall be deemed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hority, the capital gain shall be dealt with in the following manner:-- (a) the capital gains computed with reference to the compensation awarded in the first instance or as the case may be, consideration determined or approved by the Central Government or the Reserve Bank of India in the first instance, shall be chargeable as income under the head "Capital gains" of the tax year in which such compensation or part thereof, or such consideration or part thereof, was first received; (b) the amount by which the compensation or consideration is enhanced or further enhanced by the court, tribunal or other authority shall be deemed to be income chargeable under the head "Capital gains" of the tax year in which such amount is received; (c) a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ority; and (b) for the purposes of section 72, the stamp duty value, on the date of issue of the said certificate, of the share of such person, being land or building, or both, in the project, as increased by any consideration received in cash or by a cheque or draft or by any other mode shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of such capital asset. (15) In sub-section (14),-- (a) "competent authority" means the authority empowered to approve the building plan under any law; (b) "specified agreement" means a registered agreement in which a person owning land or building, or both, agrees to allow another person to develop a real estate project on such land or building, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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