Taxmann’s Taxation of Capital Gains – As Amended by Finance Act 2021 – 10th Edition April 2021.

Taxmann’s Taxation of Capital Gains provides complete an in-depth & thorough analysis on each aspect of capital gains, with the help of ‘relevant’ judicial pronouncements, Circulars & Notifications, illustrations, checklists of actions to claim deductions & FAQs. This book covers the following:

• Taxation of ULIPs with FAQs
• Taxation of reconstitution of firms/LLPs/AOPs/BOIs with FAQs
• Finance Act 2021 measures [Section 43CA amendments] to boost real estate with FAQs

The Present Publication is the 10^th Edition, as amended by the Finance Act 2021, with the following noteworthy features:

• [Complete Analysis of each aspect of Capital Gains] with the help of relevant judicial pronouncements and Circular & Notifications
• [Illustrations] for easy understanding of various complex provisions
• [Guidance on the Controversial Issues] with supporting Case Laws
• [Charitable Trusts] Separate chapter for treatment of capital gains in case of charitable trusts
• Checklist of actions to claim deductions with extended time-limits for compliances under the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020

The detailed contents of the book are as follows:

• Which income is taxable under the head “capital gains”
• What is ‘capital asset’?
• Types of capital assets: Short-term capital assets and long-term capital assets
• What is ‘transfer’?
• Which transfers do not give rise to taxable capital gains
• Year of taxability of capital gains
• Taxation of unit linked insurance policy
• Transactions between a firm and its partners or between an AOP/BOI and its members
• Computation of capital gains – Short-term capital gains and long-term capital gains
• How to compute full value of consideration
• What is expenditure on transfer of capital assets?
• What is cost of acquisition?
• What is cost of improvement?
• What is indexed cost of acquisition and indexed cost of improvement?
• Rollover deduction in respect of profit on sale of property used for residence [Section 54]
• Deduction of rollover of gain on transfer of land used for agricultural purposes [Section 54B]
• Rollover deduction in respect of capital gain on compulsory acquisition of lands and buildings [Section 54D]
• Rollover deduction in respect of investment of long-term capital gains from land or building or both in specified bonds [Section 54EC]
• Capital gains not to be charged on investment in units of a specified fund
• Deduction in respect of long-term capital gain invested in residential house [Section 54F]
• Tax incentives for transfer of assets on shifting of industrial undertakings from urban area/shifting of industrial undertaking from urban area to any special economic zone (SEZ) [Section 54G/54GA]
• Tax exemption for capital gains from sale of residential property if invested in capital of start-up company – Section 54GB
• Power of CBDT to relax any requirement for claiming deductions
• Tax computation in respect of STCG
• Tax computation in case of long-term capital gains
• Long-term capital gains tax on listed equity shares, units of equity-oriented mutual funds and units of business trusts
• Reference to valuation officer
• Loss under the head ‘capital gains’
• Distribution of assets by companies in liquidation
• How to compute capital gains in case of buy-back of shares/specified securities
• Capital gain and depreciable assets
• Slump sale
• Capital gain on intangible assets
• Charitable trust and capital gains
• Capital gain in real estate transactions

Details