Legal & Tax

Are you planning to sell a plot of land? Well before you execute your deal, you should know the tax implications on capital gain on sale of land. If your land comes under the definition of rural agricultural land, then it is not considered as a capital asset and hence any income from its sale […]

Tax exemptions are available on capital gain on sale of agricultural land under various sections of Income Tax Act. Tax exemptions would depend on the type of holding, type of land and type of transfer. Let us look at it in detail. Sale of Agricultural Land held as stock-in-trade Agricultural land can either be held

Section 54F of Income Tax Act 1961 provides for tax exemption on capital gains that result from sale of any Long Term Asset (original asset) other than Residential House Property provided that the entire net consideration is invested in 1. Purchase of one residential house property (new asset) within 1 year before or 2 years

Power of Attorney is an important legal document in property and real estate matters and yet is not well understood and given importance by most people. This ignorance sometimes leads to big legal troubles. This comprehensive guide will answer most of your questions related to power of attorney for property in India. Yet, if you

Section 54EC of Income Tax Act 1961 provides for tax exemption on capital gains from sale of any Long Term Asset (original asset) provided that capital gains are invested in specified bonds (new asset) within a period of 6 months after the date of transfer of original asset. For the purpose of Section 54EC: Original Asset

Section 54D of Income Tax Act 1961 provides for tax exemption on capital gains that arises from compulsory acquisition, under any law of capital asset, of land or building or any right in land or building (original asset) belonging to an industrial undertaking. Following conditions should be satisfied to claim exemption under section 54D: 1.

Cost Inflation Index is used for computation of long term capital gain/ loss from the sale of assets such as property, gold, shares, bonds etc. While calculating applicable capital gain tax, the index is used to reduce inflationary gains which eventually reduces the income tax liability. What is Cost Inflation Index? The value of an

Section 54B of Income Tax Act 1961 applies to an individual or Hindu Undivided Family. Section 54B provides for tax exemption on capital gain that arises from sale of agricultural land (original asset) provided that 1. The land was being used by the assessee or his parents for agricultural purposes for atleast last 2 years

Section 54 of Income Tax Act 1961 provides tax exemption on capital gains that result from sale of residential house property. In this article we will discuss about tax exemptions available under section 54 in detail. Conditions to be satisfied under section 54 Who can claim exemption under section 54 of Income Tax Act? Any

Are you planning to sell a property or sold one already? Do you know that capital gains from your property are taxable? But Income Tax Act provides various exemptions & benefits that you can avail to avoid capital gain tax on sale of property. One of such benefits is Capital Gain Account Scheme. In this