The quantum of exemption under this section shall be the lower of: Capital gain; or Cost of new asset (limited to INR 100 million or US$1.1 million) Further, taxpayers can park the sale proceeds temporarily in the Capital Gains Accounts Scheme (CGAS) deposit till they find a suitable prope...
If one is unable to buy the benefit Before due date of filing of Income Tax Returns for that yearonehas to open a Capital Gains scheme account with any scheduled bankin order to convince the government that he intends to invest the so earned capital gain in some array but needs some more...
De-jargoned | Capital Gain Account SchemeBySaurabh Kumar
You may also note that section 54 would require an investment in capital gain account scheme if the reinvestment is not made before the time stipulated in filing the return u/s 139(1). If you are using your entire sale proceeds to buy a house property you may end up paying no tax on...
Use Capital Gain Accounts Scheme for unused moneyRaghunath Rao
Capital Gains Tax is charged when you sell or dispose of an asset which has grown in value and you have made a profit from the sale. Here we look at how
“While virtual banks are not expected to maintain physical branches, they should endeavour to take care of the needs of their target customers, be they individuals or SMEs,” it says, adding that virtual banks should not impose any minimum account balance requirement or low-balance fees on the...
Presumably on your tax return, you account for your ‘notional distributions’ in the dividend tax section, while the accumulation fund’s gain is in the capital gains section. Notional distributions aren’t capital gain so don’t need to be accounted for there. ...
Capital gain tax is exempted on the capital that is invested in the bonds provided by the government. Under Section 54 EC, this scheme is only available for long-term capital assets. In the News Income Tax Return Filing: Here’s how to file your tax return quickly without expert assistance...
Capital gains can also be invested in Capital Gains Account Scheme to claim exemption from the tax. The money invested in this scheme is locked away for a certain period as determined by the bank. Agriculture land is not considered as a capital asset and thus no tax is levied on its sale...