Determination of capital gains - deduction u/s 48 - sale ...

Court Rules Mortgage Repayment Not Deductible u/s 48 for Capital Gains Tax Calculation.

July 9, 2016

Case Laws Income Tax HC

Determination of capital gains - deduction u/s 48 - sale proceeds, to clear the mortgage debt - cost of acquisition - no deduction can be claimed under Section 48 of the Act, even if the said amount had been utilised for repayment of the loan extended by the bank to the company and the firm. - HC

View Source

← Previous Next →

Determination of capital gains - deduction u/s 48 - sale ...

Court Rules Mortgage Repayment Not Deductible u/s 48 for Capital Gains Tax Calculation.

July 9, 2016

Case Laws Income Tax HC

You may also like:

Sale of land – repayment of the mortgage debt - assessee cannot claim the redemption amount as deduction under the unambiguous provisions of section 48 to arrive at the...

The ITAT Mumbai addressed errors in capital gain computation. The Assessee's claim of ₹ 859,680 was accepted over the AO's ₹ 791,221. An application u/s 154...

The ITAT examined whether the takeover of immovable properties by a financial institution from the guarantor, against loans granted to companies where the guarantor...

Capital gain computation - allowability of the interest for purchasing a capital asset - interest cost for the period for which the capital asset was retained or held by...

Income from other source OR Capital gain - Correct head of income - relinquishing the right acquired under the Agreement by the Assessee - income from relinquishing...

Capital gain for sale of rosewood and silver oak trees - computation of cost of acquisition and indexation - capital gain has to be assessed on the basis of Section 48 - HC

The Karnataka High Court determined tax and penalty in a case where the original tax invoice was not carried during goods transportation. The court relied on a previous...

Taxability of capital gains - CIT(A) rightly held that asseessee being the legal owner has to be taxed for the capital gains arising from the sale of mortgaged shop - AT

Long term capital gain - sub-tenancy right - the assessee had a sub-tenancy right in the property and upon surrender thereof, the assessee received a sum which was...

Computation of capital gain u/s 48 - Deduction of property tax - payment of Property Tax could not be said to have been incurred wholly and exclusively in connection...

The ITAT ruled that settlement deeds executed between the appellant and his brother constituted a family arrangement rather than a taxable transfer under s. 2(47) r.w.s...

Capital gain computation - expenses incurred towards fees paid to KPMG, Khaitan & Co. Bank Charges and other miscellaneous expenses in relation to the transfer of...

The Income Tax Appellate Tribunal (ITAT) ruled that when an assessee promptly computed and paid advance tax u/ss 234A, 234B, and 234C of the Income Tax Act, and an...

Reopening of assessment - determination of the 'income chargeable to tax' - The amount of “capital gain” is to be considered or the “entire sale consideration” to be...

Computation of Long-term Capital Gains - non considering the INDEX COST of assets purchased u/s. 48 - The benefit of indexation while computing long term capital gains...

Quick Updates: