Taxmann’s Taxation of Capital Gains

© Taxmann Price : ` 2295 Law stated in this book is as amended by the Finance Act, 2022 Published by : Taxmann Publications (P.) Ltd. Sales & Marketing : 59/32, New Rohtak Road, New Delhi-110 005 India Phone : +91-11-45562222 Website : www.taxmann.com E-mail : sales@taxmann.com Regd. Office : 21/35, West Punjabi Bagh, New Delhi-110 026 India Printed at : Tan Prints (India) Pvt. Ltd. 44 Km. Mile Stone, National Highway, Rohtak Road Village Rohad, Distt. Jhajjar (Haryana) India E-mail : sales@tanprints.com Disclaimer Every effort has been made to avoid errors or omissions in this publication. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. It is notified that neither the publisher nor the author or seller will be responsible for any damage or loss of action to any one, of any kind, in any manner, therefrom. It is suggested that to avoid any doubt the reader should cross-check all the facts, law and contents of the publication with original Government publication or notifications.

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About the Author

,t ,r set i c ci e h e d fi v r ue df i eoAw D t s e x on i l aH h i p T s mp, .n s tn i oui a ctd rG eue ns Aca l ay nl yni t o he r cp t sa o i a t lC r i a u Kd i t r a n .et t S o m s s Su m t ddn e n ie ne . adl s i t e ndrbx n uanesa o ahyT 4 h a t c7 o t s w c9 c a le da A1 h r dn nsi e a d ei h an r s h e, l e I s s e t t r r t r n s ua o i a e t hoehrc e Ccy,t a s n fy8k r 4 i c t o nd n ns ta ya o l i tabnC mnlfas e nk o auh o f or t st i cn ac t i ao mAId zW . i ul o i d a d a a re nl i n f c a grna e es e np nr t hr i e sx l a i e Ct sa a hn i nh HCi T i lnsrrrfy i a l oeeoi li euf c d o c e sebignpgm. r o n a i p nur c i h Ft ssai d t e / gpl ssavi r o f t h e n n i n o hno wi s h o s i e t het tt i i v ma dnHdnrni ai eeaewer e t . l m s e s a b t eee t oe e d p i ndsu Hmi otS s i pas l e n z u .t h e s cyo n af eivn eg lc or l e i i n H e a e t d oM me i r s a .a t e t s a m s m a gn f i e Fu i l e y i u s a h l r o r , q i a st do t j e c lc ss s a e eni d pii Aa i pev expkc a i spd a e n l exi ,pt a fs ktct n r o s-o dAdi oc t A ef h anxna t my eaaaGgxi r na t or gTha li a twce s n n ci t snp si ur i e i I n Io pa oa h ni eatmRer r r aa sl o N s Ce i e c hP f gpvropnfto f nxoltsIoo g i a at r n cnnee e 5 o h i m i ntgt f i 9s t t t n ai nl o y a 1 fc a l n i l o at p c a e a u g nri l nnr o xl ba T sbsIi aa i nunft, r t c o f o t t t oPi i o en n np i t n s i e otssc a i a o ’ e o r c m i n Gccl s e t en e a yad nb lo g asxdn a gt uana t m u r o i a n s u p xiTxr i r t e , oa an r o a r y aA Ce dCTvt a t -

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n uo nt i i t a n x oa ct n ai na og l f a lt e i s p ma ic h f go nt i c t e a j db pu us ne oh pt en eo ks e ds l i u r oa hh sc ei nh ow te a u hs . t se sir e hu vc t ea a i en l e n bsi a yi se l u msq rai fib n s u eu s Ho i -

I-5

Preface

s i v à s i v

I started writing articles in the year 2003 but did not pursue it beyond a certain point though I was contributing articles in Taxmann group of publications also. However, it was in January 2012 that Taxmann group encouraged me to write articles on a regular basis and moulded me. In fact, I learnt a lot with regard to presentation of facts sections and case laws after I started contributing articles on a regular basis from the beginning of 2012 though capital gain tax planning has been my niche area since I started focussing on the subject in early part of 2003 or so.

When I was offered the task of revising, if I may be permitted to say so, the well written book of “Taxation of Capital Gains” I immediately accepted it though I was very well aware of difference between writing an article and revising a book. But when a person associates himself with an esteemed organization like Taxmann who had already done extensive research on the difficult but interesting topic of capital gains, the job undertaken does not appear to be very difficult though revision of any tax book in India requires lot of reading and updating on account of frequent amendments.

I thank Taxmann group of publications for their excellent support whenever the need was felt by me.

I will be failing in my duty if I do not wholeheartedly express my deep sense of gratitude to my people at home especially Vaibhav Ramanathan and my dear brother CA. S. Raja who meticulously went through the draft and suggested corrections wherever they were needed. i a n n e h C 2 2 0 2 l i r p A t s 1

tm9 n 4 ao4 t c1 . n l 0 ui oa7 cm0 cg4 8 A@9 dh0 ei s r r e k t r r a u hi y Cr a

S. KRISHNAN

I-7

Chapter-heads PAGE

About the Author Preface Contents

I-5 I-7 I-11

CHAPTER 1

: WHICH INCOME IS TAXABLE UNDER GAINS”?

CHAPTER 2

: WHAT IS “CAPITAL ASSET”?

CHAPTER 3

: TYPES OF CAPITAL ASSETS: SHORT-TERM CAPITAL ASSETS AND LONG-TERM CAPITAL ASSETS

102

CHAPTER 4

: WHAT IS TRANSFER?

127

CHAPTER 5

: WHICH TRANSFERS DO NOT GIVE RAISE TO TAXABLE CAPITAL GAINS?

281

CHAPTER 6

: YEAR OF TAXABILITY OF CAPITAL GAINS

352

THE HEAD “CAPITAL

1 8

CHAPTER 6A : TAXATION OF UNIT LINKED INSURANCE POLICY

367

CHAPTER 6B : TRANSACTIONS BETWEEN A FIRM AND ITS PARTNERS OR BETWEEN AN AOP/BOI AND ITS MEMBERS

390

CHAPTER 7

: COMPUTATION OF CAPITAL GAINS - SHORT-TERM CAPITAL GAINS AND LONG-TERM CAPITAL GAINS

450

CHAPTER 8

: HOW TO COMPUTE FULL VALUE OF CONSIDERATION

457

CHAPTER 9

: WHAT IS EXPENDITURE ON TRANSFER OF CAPITAL ASSET

511

CHAPTER 10 : WHAT IS COST OF ACQUISITION?

532

CHAPTER 11 : WHAT IS COST OF IMPROVEMENT?

610

CHAPTER 12 : WHAT IS INDEXED COST OF ACQUISITION AND INDEXED COST OF IMPROVEMENT

629

CHAPTER 13 : ROLLOVER DEDUCTION IN RESPECT OF PROFIT ON SALE OF PROPERTY USED FOR RESIDENCE [SECTION 54]

637

CHAPTER 14 : DEDUCTION OF ROLLOVER OF GAIN ON TRANSFER OF LAND USED FOR AGRICULTURAL PURPOSES [SECTION 54B]

698

CHAPTER 15 : ROLLOVER DEDUCTION IN RESPECT OF CAPITAL GAIN ON COMPULSORY ACQUISITION OF LANDS AND BUILDINGS [SECTION 54D]

719

I-9

S D A E H R E T P A H C

I-10 PAGE

CHAPTER 16 : ROLLOVER DEDUCTION IN RESPECT OF INVESTMENT OF LONG-TERM CAPITAL GAINS FROM LAND OR BUILDING OR BOTH IN SPECIFIED BONDS [SECTION 54EC]

736

CHAPTER 16A : SHOULD THERE BE TABOO IN INVESTMENT IN NAME OF RELATIVES FOR SECS. 54, 54B AND 54F EXEMPTIONS?

753

CHAPTER 17 : CAPITAL GAINS NOT TO BE CHARGED ON INVESTMENT IN UNITS OF A SPECIFIED FUND

767

CHAPTER 18 : DEDUCTION IN RESPECT OF LONG-TERM CAPITAL GAIN INVESTED IN RESIDENTIAL HOUSE [SECTION 54F]

771

CHAPTER 19 : 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]

830

CHAPTER 20 : TAX EXEMPTION FOR CAPITAL GAINS FROM SALE OF RESIDENTIAL PROPERTY IF INVESTED IN CAPITAL OF START-UP COMPANY [SECTION 54GB]

848

CHAPTER 21 : POWER OF CBDT TO RELAX ANY REQUIREMENT FOR CLAIMING DEDUCTIONS

862

CHAPTER 22 : TAX COMPUTATION IN RESPECT OF STCG

864

CHAPTER 23 : TAX COMPUTATION IN CASE OF LONG-TERM CAPITAL GAINS

866

CHAPTER 24 : LONG-TERM CAPITAL GAINS TAX ON LISTED EQUITY SHARES, UNITS OF EQUITY-ORIENTED MUTUAL FUNDS AND UNITS OF BUSINESS TRUSTS

870

CHAPTER 25 : REFERENCE TO VALUATION OFFICER

937

CHAPTER 26 : LOSS UNDER THE HEAD “CAPITAL GAINS”

952

CHAPTER 27 : DISTRIBUTION OF ASSETS BY COMPANIES IN LIQUIDATION

963

CHAPTER 28 : HOW TO COMPUTE CAPITAL GAINS IN CASE OF BUY-BACK OF SHARES/SPECIFIED SECURITIES

975

CHAPTER 29 : CAPITAL GAIN AND DEPRECIABLE ASSETS

982

CHAPTER 30 : SLUMP SALE [SECTION 50B]

996

CHAPTER 31 : CAPITAL GAIN ON INTANGIBLE ASSETS

1025

CHAPTER 32 : CHARITABLE TRUST AND CAPITAL GAINS

1035

CHAPTER 33 : CAPITAL GAIN IN REAL ESTATE TRANSACTIONS

1044

APPENDICES APPENDIX 1

: TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020

1083

APPENDIX 2

: SECTION 3 OF THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020 - RELAXATION OF CERTAIN PROVISIONS OF SPECIFIED ACTS - NOTIFIED DATES FOR EXTENSION OF DUE DATES OF VARIOUS COMPLETIONS OR COMPLIANCES UNDER SPECIFIED ACTS

1100

Contents

E G A P

About the Author

I-5 Preface

I-7 Chapter-heads

I-9

1

r e d n u s n i a g l a t i p a c g n i x a t r o f d e l l fi l u f e b o t s n5 o4 i n t i o d i t nc oe Cs

s n i a g l a t i p a c e e r f x a T

y t i l i b a x a t r o f s r e t t a m t e s s a l a t i p a c a f o n o i t a c o? l s / n s i ua t g i s l ra e t i hp t a e hc f Wo

WHAT IS “CAPITAL ASSET”?

) ( 2 2 n n o o t i i t c c e e s s e f e n o i s s t ) e e s s ( s s a e a s l u e a h t a t i l p a c y c n b i d f n l o e o h n i t d o i i n t n i fi i n k fi e y e d n e d h a f t f o f o w o y e e r t i m e v r e p e h o v c r O S P

r o t s e v n i l a n o i t u t i t s n i n g i e r o f a y b d l e h s e i t i r u c e S

1 2 0 2 .

2 0 .

1 0 r e t f a r o n o d e u s s i s m u i m e r p h g i h h t i w s P I L U

’ t c e f f e l a n o s r e p ‘ t o n , ’ t e s s a l a t i p a c ‘ s i y r e l l e w e J

I-11

42

2.4A

12

2.3

44

2.5

41

2.4

8

2.2

14

8

14

2.1

6 1.4

2 1.2

4 1.3

1 1.1

A 6 4 d n a 6 4 , 5 4 s n o i t c e S s n o i t c e s g n i g r a h C

WHICH INCOME IS TAXABLE UNDER THE HEAD “CAPITAL GAINS”?

2

S T N E T N O C

E G A P

s t c e f f e l a n o s r e p t o n , s t e s s a l a t i p a c e r a s g n i t n i a P

s t c e f f e l a n o s r e p t o n , s t e s s a l a t i p a c e r a s e r u t p l u c S

o r p / s s e n i s u b r o) ] f ( de l e s hu a sl l c a i b r e u t s a [ mt s e ws s aa r l ra ot i sp e a r oc t t s o en l e b r aa mn uo si s ns oe Cf ] ) ( e s u a l c f o ) ( e s u a l c b u s [ s t c e f f e l a n o s r e P s d n a l l a r u t l u c i r g A

) ( e s u a l c b u s [ 5 1 0 2 , S M G r e d n u d e u s s i s e t a c] fi) i t r ( e ce s tu i s a ol pc ef Do 2.14

l a r u r d n a e d a r t n i k c os tt s e s ts pa el ca t xi ep ( a yc t e r r ea p) od rn pa l l ea l r b u at vl ou c mi r mg Ia

99 2.15

s t e s s a l a t i p a c e r a s n i o c r e v l i s / s n g i e r e s t vc oe sf / f ne ol i a l l n u o bs /r s e r p a t bo rn e vd l n i S a s t e s s a l a t i p a c t o n d n a s t c e f f e l a n o s r e p e r a s l i s n e t u r e v l i S

TYPES OF CAPITAL ASSETS: SHORT-TERM CAPITAL ASSETS AND LONG-TERM CAPITAL ASSETS

m r e t g n o l d n a s n i a g l a t i p a c m r e t t r o h s n e e w t e bs n ni oa i g t c l a nt i i t p s i a Dc

3.3

d n a ) t e s s ( a 2 l a n i t o p i t a c e c s m f r o e t n t o r i o t i h n s fi o e t D n i - t ) s e s a le t a t s i s p a al ca fi t o p na oc i t m a cr fit e i s g s a n l o C l

3.4

4 2 r o f d l e h f i A C T S s a d e d r a g e r e b l l i w h c i h ws s se t e l s r s o a s lh a t t i n p ao Cm

106

3.5

s t e s s a l a t i p a c m rr e e t f s t n r oa hr st e sr a o f de l e b hs s ee bl lr l i o ws ht h cn i h o wm s2 t e 1 s r s o a f ld a t l i e p h af Ci

106 ( 2 n o i t c e s f o w e i v r e v O

? t e s s a l a t i p a c a f o d o i r e p g n i d l o h e h t e t u p m o c o t w o H

n i d o i r e p g n i d l o h f o n o i t s a e t i t ur pe p mo or Cp

nr oe i tn u t r l o a sp s i o d t nn oo i rt e u nb t i r r a t s pi yd bf do e et r i a u qd cm ao tr e f s d s e a n fo o k gc ne i r d l e o hb o ft o dm or i fi r e f Po

e l b a v o m m i f o e s a c

g n o l s a y f i l a u q o t s t e s s a s u o i r a v r o f d o i r e ps t ge ns i s d a l o l a ht i mp ua mc im n r i e Mt

125

3.9

121

3.8

120

3.7

107

3.6

s t c e f f e l a n o s r e p t o n , s t e s s a l a t i p a c e r a s g n i w a r d / t r a f o k r o W

105 42A

42A

3.2

99

100

vi

102 3.1

t o n d n a ’ s t e s s a l a t i p a c ‘ e r a s n o i t c e l l o c’ s lt a c ce i f g f oe l l o a en ao hr s ce rp A‘ 2.13

14

68 2.12

100 2.16

65 14

ii

2.11

65 i

2.10

48 2.8

-

48 2.9

47 2.7

47 2.6

I-12

3

105

E G A P

WHAT IS TRANSFER?

/i t Ps Ln Lo /c e mr rh fit i t m w c o a r n e f o rt h e i t c f be o mn ) en mo ( /c 2 n r i n ef n o t i i t r r c a e e p f s s y n n b a i r tt ’ e r sd e s f en s a n l mo a a t et i r i e t u ‘ p dl f as o o cis s n fIi o oOd t i / Bn t p i i / n e o Pi fi c t e eOu D RAt

, ty ) n A en 1 da ( np s em n po o i ec t dn c rg e s oi e dr b eo u t f s c f r eo e f f d s n e e sr u t a h s h r gs e i r f f s fo n o r a5 re r e f t 4 f s s e n nn bo a ar ot i r t t t c m de o es r mf sf o e r g e ) e 4 n d( f i s nw sd n ao o n r i fl t a t tr c ) c 3 o a( en s r , n) i o a d A p r nu 2 T( I s t i n o s r e d l o h e r a hy sn sa t p i om t o yc ne ah pt my ob c’ r ae f ys bn sa t r e t s ‘ s t a o fn o s ni on i o t i u t ba i d r i t u s i q i Dl ’ r e f s n a r t ‘ f o g n i n a e M

e l a s y b r e f s n a r T

e g n a h c x e y b r e f s n a r T

t n e m h s i u q n i l e r y b r e f s n a r T

” s t h g i r f o t n e m h s i u g n i t x e “ e s a r h p e h t f o s i s y l a n A

w a l y n a r e d n u t e s s a l a t i p a c a f o n o i t i s i u q c a y r o s l u p m o C

e d a r t n i k c o t s o t n i t e s s a l a t i p a c a f o n o i s r e v n o C

d n o b n o p u o c o r e z a f o n o i t p m e d e r r o y t i r u t a m e h T

4.14

e l b a v o m m i f o e l a s f o t c a r t n o c a f o e c n a m r o f r y et r pe tp r o ar Pp

4.15

e h t h g u o r. ht c t e ss , e i e t i r n e pa op rm po c e, l s b e at i ve oc i mo ms ie v i nt i a r se t p h o gi r o c ff o o rm e f u s ni ad re Tm

215

4.16

s n o s r e p f o n o i t a i c o s s a r e h] t I o O rB o[ ml s ra fiu ai d ov t i d nn oi sf r o e py ad yo bb r ro e f ] s nP aO r A T[

n o i t u l o s s i d n o s t e s s a l a t i p a c f o n o i t u b i r t s i D

n o y n a p m o c e h t y b s t e s s a r e h t o r o y e n o m f o n on i o t i u t ba i d r i t u s i q i Dl

t n e m e g n a r r a / t n e m e l t t e s y l i m a F

d e v l o v n i ’ r e f s n a r t ‘ r e h t e h W s n o i t c a s n a r t r e n t r a p / m r i F

s n o i t c a s n a r t y n a p m o c / r e d l o h e r a h S

r e f s n a r t f o e t a D

256

4.22

249

4.20

? s e s o p r u p s n i a g l a t i p a c r o f ’ r e f s n a r t ‘ s i t a h W

253

4.21

215

4.19

215

4.18

211 4.12

215

4.17

211

215 4.13

168 4.11

152 4.9

148 4.7

152 4.10

150 4.8

147 4.6

147 4.5

146 4.4

146 i.e.,

4.3

129 4.2A

-

127 4.2

47

127 4.1

S T N E T N O C

I-13

4

211

S T N E T N O C

E G A P

WHICH TRANSFERS DO NOT GIVE RAISE TO TAXABLE CAPITAL GAINS?

e l b a c o v e r r i r o l l i w a r o t f i g a r e d n u t e s s a l a t i p a c f o r e f s t ns au r r Tt d n a y n a p m o c t n e r a p a n e e w t e y bn sa t p e s m s a o lc a y t r i a p i ad ci s fb o u ss r % e f 0 s 0 n1 as r t Ti

293 5.5

l a m a o t y n a p m o c g n i t a m a g l a m a y b t e s s a ly a n t a i p p am co fc o rd e e f t s na am r a Tg -

304 5.6

m a g l a m a y b y n. ao pc n mg oe i cr no af i d d e nt I a nm aa nl g i a dm l e ha o st e . r o a hc sn g fi o e rr e o f f s g nn ai r t Ta

307 5.7

k n a b a h t i w y n a p m o c g n i k n a b f o n o i t a m a g l a mn ao i nt ou t ri e t f s s n ni ag r n Ti

y n a p m o c n a i d n I g n i t l u s e r o t y n a p m o c d e g r e m e d y b r e f s n a r T g n i t l u s e r o t y n a p m o c n g i e r o f d e g r e m e d y b sy e r n a a hp sm fo o rc e n f g s i ne ar r o Tf

s k n a b e v i t a r e p o o c f o n o i t a z i n a g r o e r n i r e f s n a r T

o c f o r e g r e m e d r o n o i t a m a g l a m a n i s e r a s hk sn a fb o e rv e i f t s a nr e ap r To

n o i t a m a g l a m a f o e m e h c s a n i r e d l o h e r a h s a y b r e f s n a r T

o t S R D G / s d n o b f o t] n e) d i s ( e 7 r 4 n n oo ni t yc be S a[ i t d n ne I d i es de i r st n u o on rr e e f s h no t an r Ta

5.14

e n o y] b) a i d ( n7 I 4 en do i i s t t c u e oS s[ dt nn oe d bi s de er t a n no i mn r oe nh et do en ea po ut rt n fe o d rs i e f e s r nn ao r Tn

d n u f l a n i g i r o e h t y b t] e ) s s a l a ( t i 7 p a4 cn o ai t fc o e ,S n o[ i d t a n cu of l e g r n ai t l nu i s , r e e r f s e nh at r o Tt

316

5.14C

] s) r e d l o ( h7 e4 r a n ho st i ec he t S o[ t n o di nt ua fc o tl n e ar t f l u o sl t e u r s ee hr t a fs o a sd e r n a u hf sa l fn o i tg n i r eo me th o t l l f A o

316

5.14D

r e d n u p u t e s n o i t u t i t s n i n a o t L C F I I y b t e s s t a n fe o m ra e i l f r s na aP r f t o yt nc Aa

viiab

stn dno nei t odc i bs e eS dr [ et nC a oS nn F i maI oyy nbn esa e di n i t ei d er e put uca rec s / o Rdl e Deg fi Gi n t /o a Sn h B/c x Cse e Cv k i Ft c /a o Si vt s Br Eed d e C/ s F. i n o fc g] o o) rnc e ae f i s ndr n a aI ( n7 r fo To 4

5.14B

318

viiac

viiad

315

5.14A

314

viiaa

314

viia 5.13

311 5.11

312 5.12

310 5.10

n o i t i t r a p l a i t r a p / l a t o t n o F U H a y b n o i t u b i r t s i D

5.4

307 -

310 5.9

s n i a g l a t i p a c e l b a x a t o t e s i r e v i g t o n o d h c i h w s r e f s n a r T

5.3

-

288 5.2

307 5.8

281 5.1

I-14

5

289

E G A P

] u) t u ( m7 e4 dn fo i ] oc t ) e e s r S ( u[ 7 o e 4 cg n n na o ih i Ic t Ox c e B e S / k [ c y Po n Ot a As p f y m bo n o to e c s i t y s a b az i t m la a t r i r fi p o ap f c r o o n fc o o/ i r n s e s o f i e s t c n a c a z i u r l S Ta e g n a h c x e k c o t s d e z i n g o c e r n i t h g i r p i h s r e b] m) e m ( f7 o 4 rn e o f i s t nc ae r S T[ 5.24

s e v i g r e h t e h W P L L o t p i h s r e n t r ? a s pn i la a g r e l a nt ei gp a mc oe rl f b na ox i a s t r e o vt ne oi s Cr

331 5.25

o t n i y n a p m o c c i l b u p d e t s i l n u / y n a p m o c] e) t a v( i r 7 p4 fn o o ni t oc i s e r S e v[ nP oL CL

] )

o t n i s e r a h s V P S f o n] o) i s r e ( v7 n4 on co i nt c oe sS n[ i t a s gu lt r a t s i s p e an ci s fu o b nf oo i t s a t xi an Tu

s d n u f l a u t u m f o s e m e h c s r a l i m i s f o r e g r e m] n) o y t i ( l 7 a 4 r t n u o ei nc t xe aS T[

350

5.31

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363 6.13

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363 6.12

363 6.11

362 6.10

357 6.8

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10.22

ay n na i yp nm ao pc md e og cr ge nm i t e l d u sn e i r s e er ha t h ns i l sa e n r i g a i hr so ff o o t ns oo i t c i s d i u n qa cr ae g fr o e tm s oe Cd

594

10.22A

e r a A 7 4 n o i t c e s f o s n o i s i v o r p e h t e r e h w n o i t i s i u q cl e ab fa o c i tp l s op Ca

d e s a h c r u p s t e s s a e l b i g n a t n i f o n o i t i s i u q c a f o t s o C

s t i f o n o i t u b i r t s i d n] o) r e ( d) l ( o ) h2 e5 ( r a 5 hn so at i yc be S d[ en r i o u i t qa cd ai tu e q s i l s a n li a s t t i e p s as Ca

t n e r a p n e ey wt l tn e e bu sq r e e f s s b nu as r t d fe o t a nl o oi i t v p e mr ea xy er a ri od f i ss nb ou i s t i % d n0 o0 c1 s et r i e d hn Wa

. c t e s t i l p s k c o t s n o d e r i u q c a s e r a h s f o n o i t i s i u q c a f o t s o C

s e r a h s s t h g i r f o n o i t i s i u q c a f o t s o C

o g a g n o l y r e v d e r i u q c a t e s s a l a t i p a c f o n o i t i s i u q c a f o t s o C

t f i g s a d e x a t y t r e p o r p e l b a v o m m i f o n o i t i s i u q c a f o t s o C

602

10.29

b iii

599

10.28

597

10.25

596

10.24

598

10.27

A O C r e h t e h W l l i w r e d n u d i a p s m u S

567

596

-

597

10.26

A O C r e h t e h W s e u d x a t e m o c n I

10.16

2

596

10.23

t e s s a l a t i p a c e h t h t i w n o i t c e n n o c o n g n i v a h t n e m y a P 10.15

nil

566 10.14

565 -

10.13

565 10.11

564 10.8/9

565 10.12

564 10.10

563 10.7

S T N E T N O C

I-21

566

S T N E T N O C

E G A P

] B 0 5 n o i t c e S [ e l a s p m u l s f o e s a c n i n o i t i s i u q c a f o t s o C d e v i e c e r s i n o i t a s n e p m o c d e c n a h n e e r e h W

. c t e s e e r t , s t l o c , s e v l a C s t e s s a n i a t r e c f o n o i t i s i u q c a f o t s o C f o n o i t p m e d e r n o e e s s e s s a t n e d i s e r n o n y b d e r i u q c a ss e r R a hD SG s d n u f l a u t u m f o s e m e h c s r a l i m i s f o r e g r e m n o y t i l a r t u e n x a T WHAT IS COST OF IMPROVEMENT?

n o i t i n fi e D n - o i t t n c e u m d e e v d o f r o p e m c i n f a o w t o s l o l C A

e e s s e s s a n a h t r e h t o s n o s r e p y b d e r r u c n i s e s n e p x E

e l t i t f o t n e m e v o r p m I

e r p y n a n i d e r 8 r 1 e f 7 s 1 n0 a2 r t o dt n3 a9 12 89 99 11 4 s Y 1 eA r o ot f t e n ba v de el r e i r u r qa ce ay ss t e u s o s i Av

e r p y n aY nA i t dn ee r u r e q f e s s nb au r s t dr no a9 1 188 91 10 2 4 Y 1 eA r o ot f t e n ba v de el r e i r u r qa ce ay ss t e u s o s i Av

624

11.7

19 01 08 21 3 0 2 1 3Y eA r o ot f t e n ba v re ol e nr or a te u by s 1u 8o 9i 1v e 4 r p 1 y rn e a t f nY a i ddA ee t r r n i r e u e u qf q cse ans a b st r t u e ds s s nr Aao

1 0 0 2 4 1 r e t f a d e r i u q c a s t e s s A

n o i t c u d e d s a e l b a w o l l a t o n e r u t i d n e p x E

e r e h w t e s s a l a t i p a c] 6 a5 fd o n ra e f 1 s 5 ns an r t o i rc t oe f S e[ cd ne at vi e df ar o ff o s yi t e i l c i n b aa xv ad Ta

WHAT IS INDEXED COST OF ACQUISITION AND INDEXED COST OF IMPROVEMENT

f e i l e R s n i a g m r e t g n o l g n i t u p m o c r o f t fi e n en bo i t na o fl i t n a xi em do nf r I

629

12.1

625

11.10

h c i h w n o s] t e A s 0 s 5 a n eo l i b t ac i e c S e[ r s pe et da fr o M eL s S a ct a nd i ne ow i o t l i l s a i u n qo ct i aa i fc o e r tp s oe Cd

11.6

624 -

625

11.9

,2 ) s e ( i 6 t5 i r un co et i s c de ns ar se e d r n a hu ss ,f t n i og i l l s u a bd ,e y r x e a l t l e . c wt ee j s fe o r nu ot i p t l i ) s u i c ( u s / q, ) cs ag fn( o i/ t tn s i) oa Cp(

11.5

622 -

619 11.4

612 11.2

625

11.8

612 11.3

610 11.1

608 10.34

609 10.36

609 10.35

607 10.33

x

viia vii

607 10.32

606 10.31

604 10.30

I-22

11

12

E G A P

f o g n i n a e M t n e m e v o r p m i / n o i t i s i u q c a f o t s o c d e x e d n I

d n a t e s s a f o g n i d l o h f o d o i r e p o t d e k n i l t fi er ne en bw no os i t t i a o xt et do nn I t n e m e v o r p m i / n o i t i s i u q c a f o t s o c d e x e d n i f o n o i t a t u p m o C

ROLLOVER DEDUCTION IN RESPECT OF PROFIT ON SALE OF PROPERTY USED FOR RESIDENCE [SECTION 54] l l e h s t u n a n i 4 5 n o i t c e s f o s n o i s i v o r P

e h t r e d n u n o i t c u d e d g n i l i a v a r o f e dm ee l l h fi l c u s f4 e5 bn o oi t t c se ns or i t a i l d u ng oe Cr ] 4 5 n o i t c e S [ e s c r n a e e d y i 3 s e n r i h r t o i f w d e e s s u u o y h t r l e a i p t o n r e p d i f s o e e r l a w s e n n o f t o fi e o l r a P S e m e h c s s t n u o c c a s n i a g l a t i p a C

13.6

r o g n i t i s o p e d r o t e s s a w e] nH 4 g5 nn i r o i i u t qc ce aS [ rn oi f a eg l ma it t i p fa o c ng on i s i t ns ee t v x n Ei

13.7

.w f . e o . l we b Rs Ti If ei e l l fi e or t r de t ef r a i u qe em r o fc e n i l i e l r a 4t 5ot i ntm osi i i l h t c n f ei o s i t gnp nem v i l ee i a x v1e a2d e0 l o e2 s h 0s s 2e e s r Yh s AAt

687

13.8

es eg s n s i e d s e s e a c ro a r bp tt o n ne lm l i s ws e s Rs Ta In ni i 4 s5 ns i a / gu ln a t o i i p t ac cu d fe o d eg r un si om l i c a s l i c d m n o or Nf

688

13.9

r a b t o n l l i w F 4 5 n o i t c e s f o n o i s 4 i 5 v on ro pt i c ge ns or re wd n ru e dn no ut i c mu id a e l C d

t n a t r o p m i o s l a e r a s e s a c g n i w o l l o f e h T

DEDUCTION OF ROLLOVER OF GAIN ON TRANSFER OF LAND USED FOR AGRICULTURAL PURPOSES [SECTION 54B]

f e i r b n i B 4 5 n o i t c e s f o s n o i s i v o r P

s e s o p r u p l a r u t l u c i r g a r o f d e s u d n a l f o r e f s n a r t n o n i a G

B 4 5 n o i t c e s r e d n u n o i t c u d e d f o m u t n a u Q

s r a e y 3 n i h t i w d n a l w e n f o e l a s f o s n o i t a c i l p m i x a T

B 4 5 n o i t c e s r e d n u n o i t p m e x e e h t m i a l c n a c o h W

705

14.5

700

14.3

m o c r o f e l b a l i a v a t o n s i t fi e ns en bi a ng ol i a t t a xi ep da nc i m hr e ct i h g wn o nl i g sn e i s t a u Cp

704

14.4

698

14.2

681 13.4

689

13.10

683

688

13.5

651 13.3

650 13.2

637 13.1

632 12.4

634 12.5

630 12.3

629 -

12.2

698

14.1

S T N E T N O C

I-23

13

686

14

S T N E T N O C

E G A P

14.6

i d e m m i s r a e y o w t n i s e s o p r u p l a r ur t l e u f s cn i r a g r at rg on f i d de nc ae l r fp o y l ee s t Ua

705 14.7

e m a n s ’ e e s s e s s a n? i n eo bi t dc l u u od he sd dB e4 s 5 a n ho ci r t uc e ps dr no af l y f wi l ea nu rq e o ht t e y hn l Wo d n a l d l o f o e l a s e r o f e b d n a l w e n f o e s a h c r u P e m e h c s s t n u o c c a s n i a g l a t i p a C 14.10

r o g n i t i s o p e d r o t e s s a w e n g n i r i u q c a rn oi f a eg l ma it t i p fa o c ng on i s i t ns ee t v x n Ei 14.11

es eg s n s i d e s e s e a c o rr a bp t tn o e nm ls l i s we s Rs Ta In i nB i s4 n5 i s a / gu ln a t o i i p t ac cu d fe o d eg r un si om l i c a s l i c d m n o or Nf

711 14.12

r e d n u n o i t c u d e d r a b t o n l l i w n o i s i v o r p g n o r w r e B d4 n5 un o mi t ic a l e C s

711 14.13

.w f . e o . l we Rb s Ti If ee l i fi l e or t r de et r f i a u qe em r fo e c i l n e i r l Ba 4t 5oi t t nsm oh i i i l t n c fo ei s i t gnp nem v i l ee i a x v1e a2d e0 l o e2 s h 0s s 2e e s r Yh s AAt e c n a v e l e r f o s e s a c r e h t O

ROLLOVER DEDUCTION IN RESPECT OF CAPITAL GAIN ON COMPULSORY ACQUISITION OF LANDS AND BUILDINGS [SECTION 54D]

l l e h s t u n a n i D 4 5 n o i t c e s f o s n o i s i v o r P

s nd i n Da 4l 5f so / n uo i nt os i i i t c u uq dc ea dy r go ns i l mu ip a l m c ro oc f n do en l l i fi a l g u fl ea t i bp s oag t cn s i nfd o l ot i i u t c i eb d p ns d oe n Cr a

n o i t c u d e d f o m u t n a u Q

s r a e y 3 n i h t i w t e s s a w e n f o e l a s n o s n o i t a c i l p m i x a T

D 4 5 n o i t c e s r e d n u n o i t p m e x e e h t m i a l c n a c o h W

f o g n i n a e M g n i k a t r e d n u l a i r t s u d n I

n o i t a s n e p m o c d e c n a h n E

s t e s s a e l b a i c e r p e d f o e s a c n i n o i t p m e x E

e m e h c s s t n u o c c a s n i a g l a t i p a C

r o g n i t i s o p e d r o t e s s a w e n g n i r i u q c a rn oi f a eg l ma it t i p fa o c ng on i s i t ns ee t v x n Ei

.w f . e o . l we Rb s Ti If ee l i fi l e or t r de et r f i a u qe em r fo e c i l n e i r l Da 4t 5oi t t nsm oh i i i l t n c fo ei i s t gnp nem v i l ee i a x v1e a2d e0 l o e2 s h 0s s 2e e s r Yh s AAt

733

15.11

732

15.10

730

15.9

728

15.7

726

15.5

729

15.8

726

15.6

725

15.4

720 15.2

721

15.3

719 15.1

707

711

14.9

712 14.14

707 14.8

I-24

707

710

15

S T N E T N O C

I-25

E G A P

ROLLOVER DEDUCTION IN RESPECT OF INVESTMENT OF LONG-TERM CAPITAL GAINS FROM LAND OR BUILDING OR BOTH IN SPECIFIED BONDS [SECTION 54EC] l l e h s t u n a n i C E 4 5 n o i t c e s f o s n o i s i v o r P

C E 4 5 n o i t c e s r e d n u n o i t c u d e d r o f s n o i t i d n o c e r P

s? ds ny oa bd d0 e8 fi1 i r c o es ph st nn i o tm n er a md tn s e e l va nc i r6 os f n sa he t m n oC mE 4 65 fn o o i t tc i me is l r e e d mn iu T d e s a h c r u p e b d l u o h s s d n o b h c i h w n i e m a N

C E 4 5 n o i t c e s r e d n u t n e m t d s e e r v i n u i q r e o r f t s o d n n s o u b x d e e n fi t i c c e e r p i S D

16.10

r o g n i t i s o p e d r o t e s s a w e n g n i r i u q c a rn oi f a eg l ma it t i p fa o c ng on i s i t ns ee t v x n Ei

16.11

Rw Tl o Ie eb l s fi i f oe t i l e dr er r i e u t qf ea r e fm e o i l c e n r i l Ca t Eo 4t 5s it nh i oi fm i i t l n c een s vi o et g1 p n2 i m l -e i 0 a 2x v0 e a2 d e l eYo A s h s . s f e . e s e r . s h Awt

750

16.12

t en ee s s m e s s s s e a s rs a a bn ti o C nE l l4 i w5 n Ri o Tt Ic e ns i r se nd i a n gu ln a t o i i p t ac cu d fe o d eg r uns sig omn l i i c a d s l i e c d e mc n o or or Nf p

751

16.13

r e d n u n o i t c u d e d r a b t o n l l i w n o i s i v o r p g n o r w rC e E d4 n5 un o mi t ic a l e C s

751

16.14

rd oe f t a Cr Ee 4n 5e ng oe i r ta c ew s t f ro e ds no ut e mu id a l t c su wb s od hn so Rbd T e IIt A c fH e o j e eNr l fi n s Lii t m Mn i Xel a emc t r r s e o e hv r r ne Wi

SHOULD THERE BE TABOO IN INVESTMENT IN NAME OF RELATIVES FOR SECS. 54, 54B AND 54F EXEMPTIONS?

n o i t c u d o r t n I

e d a m t n e m t s e v n i n e h w 4 5 n o i t n c o es s d rn e a dr ng u, n do es i n f eo de nm oa i t n p e mh et xn Ei

753

16A.2

744

m s r r e a t e g y n r 5 o a l e f s y o i d 0 l o a i i 5 r c n n e o a p i t n n c ? fi i es e a k ss c ro n o e p i l d r s n nu h i h up k t a i C g l nE 0 w i 4 s5 t i 5 e s rn - s ao si t a n n t d i c e e ae m fi g s i t c lr s a e o e t f p i v s p s n f an i i n o ca r o r e g e l g f h a n s t t n e i i l a hp i e r a C T Wc

753

16A.1

748

752

16.9

es eg s n s i d e s e s e a c o rr a bp t tn o e nm ls l i s we s Rs Ta Ii n nD i s4 n5 i s a / gu ln a t o i i p t ac cu fd o e d eg r un si om l i c a s l i c d m n o or Nf 16.4

747 16.8

744 16.6

744 16.5

737 16.2

746 16.7

740 `

16.3

736 16.1

734 15.12

16

749

16A

S T N E T N O C

E G A P

16A.3

e d a m t n e m t s e v n i n e h w r 4e 5t h ng ou i t a c ed s d re e i r dr na um dn eu i n f eo de nm oa i t n p e mh et xn Ei

755 16A.4

e d a m t n e m t s e v n i n e h w B 4 5r e nt oh i t g c u ea s rd e d de i nr ur da em i n f eo de nm oa i t n p e mh et xn Ei

756 16A.5

n i d e s a h c r u p y t r e p o r p n e h w 4 5 n o i t w c el a s rn e i dr nt e us i ns of i o t p me em xa en e oh Nt

756 16A.6

n o s d n a r g d n a n o s f o e m a n e h t n i d e s a f he i cl r e ur p sB d4 n5 at o l l a d r e l ut t i l t u n ce i r t g o An

757 16A.7

d e l t i t n e t o n e f i w f o e m a n e h t n i d e s a h c r u p d n a l f le a i r l ue t r l u B c4 i 5 r g o At

757 16A.8

f o e s a c r ee ht t h g nu i Fa 4d 5d n na on i t o c s ef s o rs e de nm ua n ne oh i t t p n mi ee xd ea fm o t ln a e i n m es t de v on Ni

758 16A.9

o t d e l t i t n e F U H f o r e b m e m f o e m a n F e4 h5 t nn i o et i dc ae ms r te n d en mu tf s e e i vl e nr I

759 16A.10

l a u d i v i d n i s i h n i FF U4 H5 fn o o i at t c r e a s kr fe o d en mu af ne i ee l hr t no i t ed de at l mt i tn n e ey mi t tc s a e p va nc I

759 16A.11

t s e v n i n e h w F 4 5r ne t oh i t g c eu s a rd e r do nn ui dm ef i o n ee dm ea bn te o nh nt an ci e nd oa i t m p mt en xe Em

760 16A.12

r pe ot rh pg nu ea hd d we Fw 4o 5d ni ow i t t n c e ed s n re e dp ne ud f do ee i n m ea dn ee bh tt o n ni nd ae cs a nh oc i r t p u mp y et xr Ee

761 -

s r i e h l a g e l o t e l b a l i a v a 4 5 n o i t c e s r e d n u n o i t p m e x E

16A.14

r u p y t r e p o r p n e h w 4 5 n o i t c e s r e n do ns uf eo l e b am l a i a n ve ah nt on i i t p d e ms ea xh Ec

16A.15

t s e v n i n e h w 4 5 n o i t c e s r e d ne ui f dw ef i n o ee dm ea bn te o nh nt an ci e nd oa i t m p mt en xe Em

763

16A.16

f o e s a c e h t n i d e i n e d e b t o n n a c 4 5 n o i t c e s r e t dn ne um t ns oe i v t p n i mt ei n xo Ej

764

16A.17

n e h w t c a e h t f o F 4 5 n o i t c e s e rm e da nn u’ s e ef l i b aw l i n a i ve ad la l i t m s t nn oe i t m p t ms e ev xn Ei

764

16A.18

s e m a n e h t g n i d u l c n i e l b a l i a v a B 4 5n e nr od i l t i c h ec s r ro e j da n um d nn oa i t p e f mi ew xf Eo

764 -

762 -

s k r a m e r g n i d u l c n o C

CAPITAL GAINS NOT TO BE CHARGED ON INVESTMENT IN UNITS OF A SPECIFIED FUND

p o r d k c a B

767

17.1

765

16A.19

-

761 16A.13

I-26

17

E G A P

DEDUCTION IN RESPECT OF LONG-TERM CAPITAL GAIN INVESTED IN RESIDENTIAL HOUSE [SECTION 54F]

? ” e s u o h l a i t n e d i s e r “ a s i t a h W

n a h t r e h t o t e s s a l a t i p a c m r e t g n o l f o r e f s n ae r s Tu :o ) h (l a ni ot i n t i e d d ns i oe Cr

e n o n i ) n o i t c u r t s n o c / e s a h c r u p ( t n a ei md n ti s e n vi ne I s :u ) o h (l a ni ot i n t i e d d ns i oe Cr

e e s s e s s a , t e s s a l a n i e g s i r u oo fh o l ra e i f t s n ne ad r i t s f e o r ee t n a do en ha t h nt Oe r :o ) (m nt oo i n t i s d nn ow Co

788 18.8

l a i t n e d i s e r d n 2 f o n o i t c u r t s n o c / e s a h c r u p o N : ) ( n o i t i e d s nu oo Ch t n u o c c a S A G C n i d e t i s o p e d e b o t n o i t a r e d i s n o c t e n d e z i l i t u n U

n o i t c u d e d f o m u t n a u Q

n o i t a r e d i s n o c t e N

e s u o h w e n f o e s a h c r u p f o e t a D

l l e w d d n o c e s n i t n e m t s e v n i d n a d n a l t n a c a v d n o c e s t i fn o eu l g a n Si

r o n i m r o f n o i t p m e x E

e s u o h f o n o i s n e t x e r o f n o i t c u d e d o N

e s u o h l a i t n e d i s e r w e n f o r e f s n a r T

n i d e s a h c r u p e s u o h w e? e nf i fw i es l i b ah l d i a n va ae e ss i s ne os i s t a c uf do es de rm e a hn t t e n hi o Wj

e m e h c s s t n u o c c a s n i a g l a t i p a C

r o g n i t i s o p e d r o t e s s a w e n g n i r i u q c a rn oi f a eg l ma it t i p fa o c ng on i s i t ns ee t v x n Ei

.w f . e o . l we b R s Ti If ee l i fi l e or t r de et r f i a u qe em r fo e c i n l e i r l Fa 4t 5oi t t nsm oh i i i l t c n fo ei s i t gnp nem v i l ee i a x v1e a2d e0 l o e2 s h 0s s 2e e s r Yh s AAt

802

18.20

801

18.19

797

18.16

798

18.18

797

18.17

797

18.15

n o i t c u d e d r o f s n o i t i d n o C

18.7

792 v

797

18.14

e s u o h l a i t n e d i s e r n i d e t s e v n i n i a g l a t i p a c m r e t g n o L

777 iv

796 -

18.13

796 18.11

f e i r b n i F 4 5 n o i t c e s f o s n o i s i v o r P

18.6

iii

796 18.12

795 18.10

s d n u f d e fi i c e p s n i t n e m t s e v n i n o n o i t p m e x e] E sE n4 i a 5 gn lo a i t t i c p e aS C[ 18.5

777 ii

772 18.4

772 18.2

794 18.9

772 18.3

771 18.1

767 17.2

S T N E T N O C

I-27

18

S T N E T N O C

E G A P

18.21

es eg s n s i d e s e s e a c o rr a bp t tn o e nm ls l i s we s Rs Ta In i nF i s4 n5 i s a / gu ln a t o i i p t ac cu d fe o d eg r un si om l i c a s l i c d m n o or Nf

803 18.22

ly a en pa po at e nd i a em m s ia t tw s r m fii a el hc t o rn od f n ea dt ar mu o mc ih a g l i c h fe i w r oo nf l oe e i t bb c y uAt i d0r e6o d2h st o/ u Nua s e i d u t s e s a c d n a s n o i t a r t s u l l I e c n a v e l e r f o s e s a c r e h t O

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] f e i r b n i A G 4 5 / G 4 5 n o i t c e s f o s n o i s i v o r P

s g n i k a t r e d n u l a i r t s u d n i f o g n i t f i h s n o s t e s s a ] G f4 o 5 rn e o f i s t nc ae r S T[ G 4 5 n o i t c e s r e d n u n o i t c u d e d r o f s n o i t i d n o C

G 4 5 n o i t c e s r e d n u n o i t c u d e d f o m u t n a u Q

s n o i t a c i l p m i x a t s r a e y e e r h t n i h t i w t e s s a w e n f o e l a S

y n a o t a e r a n a] bA rG u4 m5 n oo ri f t c ge nS i [ k ) aZ t r E e S d( ne un lo a Z i r t c s i um do nn i o fc o E gl ni a i t c f e i h p SS

e m e h c s s t n u o c c a s n i a g l a t i p a C

s ei l fi f e i ol t e r dr ee r i t f u qa ee r m fo e c i l n e i r l a At Go 4t 5si t i /h m Gf i l 4i 5nn o net i v oe p i t m 1 c 2e es x 0 g2e n0l d i 2o l i a Y h vA s e a. r fh e. et e. s ww s e o Rl s s e Tb AI

t en ee s s m e s s s s e a s rs a a bn ti o A nG l4 l i 5 ws / Ru Tr Io nG i s4 n5 i s a / gu ln a t o i i p t ac cu d fe o d eg r uns si g omn l i i c a d s l i e c d e mc n o or or Nf p

) 1 ( G 4 5 n o i t c e s o t

r e d n u s a e r a n a b r u d e fi i t o N

TAX EXEMPTION FOR CAPITAL GAINS FROM SALE OF RESIDENTIAL PROPERTY IF INVESTED IN CAPITAL OF START-UP COMPANY [SECTION 54GB]

s ge nr i l a l h e s s y mi t ou rq f e sn ni i d a e gt s le a v t i n p i as ci e mm ra e s t e g h nt of l iy ryn or ta f ep npm ooo r i t pc p l p ma u i et t xn r eea dt i s xs ae f Tr o

848

20.1

845

Explanation

Annex 19.1 :

844

19.9

843 19.8

838 19.6

833 19.4

841 19.7

838 19.5

832 19.3

832 19.2

806 18.24

830 19.1

804 18.23

I-28

803

19

20

E G A P

20.2

fi s o h tc c ei ph sw e y r n na i fp e m i l o e c r xa af t o gs ne i r l i a a h vs an ri ot f n de em fit s s ie t v a s n” eip byu obr t s t n a si t na s oge i l l t i b a d i t g nii p l oa e Cc “

848

20.3

sg e n i i n n oa i ml p gx ne i t f s o e v nw i e di nv af yo t t r n e pi8 oo6 rpn pmo i lo t a c i re t f n s etr dne e i d i s c e n fi r u f se i ” h e tc gi r ni su i l o l ss e e s f r ra o e he t sc o r mt su oi o rns Pi “

851

20.4

Rw Tl o Ie eb l s fi i f oe t i l e dr er r i e u t qf ea r e fm e o i l c e n r i l Ba t Go 4t 5s it nh i ofm i i til n c een v s o i et g1 p n2 i m l i-e 0 a 2x v0 e a2 d e l eYo A s h s . s f e . e s e r . s h Awt

851

20.5

s eg en s s i d e s e s e a c o rr a p bt tn o e nm l s ls i we s s Ra Tn Ii nB i G s4 n5 i a s g/ lu a n t i o p i t ac cu fd o e ed r g un si om l i c a s l ic d m n o or Nf o r p 8 6 n o i t c e s o t t n e m d n e m a e u d g n o L 2 2 0 2 , l l i w B eo cn nd e as no i F p e t a d n o s a B G 4 5 n o i t c e S

POWER OF CBDT TO RELAX ANY REQUIREMENT FOR CLAIMING DEDUCTIONS

) ( ) 2 ( 9 1 1 n o i t c e s r e d n u T D B C f o r e w o P

B G 4 5 o t 4 5 s n o i t c e s o t s e i l p p a ) ( ) 2 ( 9 1 1 n o i t c e S

r e p a p n i a l p n o f e i l e r r o f n o i t a c i l p p A

TAX COMPUTATION IN RESPECT OF STCG

s n i a g l a t i p a c m r e t t r o h s n o x a T

d n u f d e t n e i r o y t i u q E

TAX COMPUTATION IN CASE OF LONG-TERM CAPITAL GAINS

G C T L n o n o i t a t u p m o c x a t f o e m e h c s l l a r e v O

s t i n u d n a s e i t i r u c e s , s e r a h s m o r f s n i a g l a t i p a c m r e t g n o l n o x a T

, s e r a h s m o r f n a h t r e h t o s n i a g l a t i p a c s t mn i ru e t d g n na os l e i ni t or u xc ae Ts

866

23.2

B G 4 5 n o i t c e s n o s Q A F

868

23.3

866

23.1

865

22.2

863 21.3

864

22.1

862 21.2

c

862 c

21.1

858 20.7

854 20.6A

-

853 20.6

S T N E T N O C

I-29

852

21

22

23

S T N E T N O C

E G A P

24.1

s e r a h s y t i u 9 q1 e8 d1 e0 t 2 s i l Y mA ot o rp f su ns i F a g lM a d t e i t p n ae ci r mo ry e t t i u g nq oe l f fo o s ni t on i t u a xd an Ta

870 24.2

s mi t on ru f sd nn i a a gs F lM a t i d p e at cn e mr i ro e t y t g i] nu oqA l 2 e1 ff1 o o n so nt oi i t i n t c u a e x,S as [ e t s r t fa s o hu r est y mt s i s eu e hq n ce i s s du we b tf es io Nl

870

24.3

n o i t a x a t f o e m e h c s w e n f o n o i t c u d o r8 t 1 n 0 i 2 e, ht t c dA ne i c h en ba n ei l F a ne oh i t t a y Rb A 2 1 1 n o i t c e s w e n f o y t i l i b a c i l p p a r o f s n o i t i d n o C

x a t f o n o i t a t u p m o C

G C T L f o n o i t a t u p m o C

s t e s s a d e fi 2 i c e 1 p 1 s n o f i o t c ) e A s O s C e ( d i n r o r i e t i v s o i u n q o c t i A c f s e o t w s o e C N

s e e s s e s s a t n e r e f f i d o t n o i t c e s w e n f o y t i l i b a c i l p p A

s e s a c n i a t r e c n i 2 1 1 n o i t c e s f o y t i l i b a c i l p p A

n o i t c e s w e n e h t r e d n u s n i a g l a t i p a c m r e t g n o l f o n o i t a t u p m o C

e d u l c n i d l u o h s e e s s e s s a e hs t n i fa o g el ma t oi cp na i c l s a t a o e t l eb ha Te g :r ) a (h nc oe i t i m d o nc on Ci

897

s t e s s s e a i l d p e p fi a i c A e 2 p 1 s 1 f n o o n t i o c i t e i s s i f u i q x c a a t f f o o t n s o o i t c a n t o u s p Q m A o F C

e

m o r f s d e i s a i p r a s i G T C T T S L f f i i e y l l b n a o c i s l e p i l p p a p s a i A A 2 2 1 1 1 1 n n o o i i t t c c e e ” Se t S :s : ) ) (s ( a n n d oe o i i fi i t t i i d d c e n np os o C“ C

895

t e s s a l a t i p a c m r e t g n o l e b o t s a h t e s s a e h T : ) ( n o i t i d n o C

928

l a t i p a c

922

e l b a l i a v a t o n e r a A I V r e A t 2 p a1 h1 Cn o ri e t dc ne us r se nd on i t u c us n di ea Dg

24.17

s pd an cu f ml ra e u t t g u n om l d oe t t en l e b i r ao ci l t p b pe ad t/ o s nF %T 0E 1G ff o o es t t a i r n xu] a ) t m( 1 lo a 2 nr1 of1 s i s n n s i o e a i t cg c nl e oa S t[ Ci

903

24.16

A 7 8 n o i t c e s r e d n u e t a b e R

s t n e d i s e r n o n f o n o i t a x a T

929

24.20

d

24.15

929

24.19

895

24.14

qua

24.18

c

24.13

889 24.12

b

882 24.11

877 24.8

880 24.10

876 24.7

874 24.5

878 24.9

875 24.6

873 24.4

868 -

23.4

I-30

24

LONG-TERM CAPITAL GAINS TAX ON LISTED EQUITY SHARES, UNITS OF EQUITY-ORIENTED MUTUAL FUNDS AND UNITS OF BUSINESS TRUSTS

873

E G A P

n g i e r o f f o e s a c e h t n i s n i a g l a t i p a c m r ro e t t s g e nv oi n l l fa o n o ni ot i u t t a i t xs an Ti REFERENCE TO VALUATION OFFICER s n o i s i v o r p y r o t u t a t S

e r u d r e e c c o fi r f o p n n o i o i t t a a u l u l a a V V

e d a m e b y a m e c n e r e f e r h c i h w r o f e s o p r u P

n o i t a u l a v f o t p i e t c r e o r p e e r r o s f ’ e r b e c d fi e f t o e l n p o m i t o a u c l s a i v t f n o e e m r s u s t e a s n s a g e n r t i r e d o n hp i e Wr B d e v i e c e r t o n s i t r o p e r n o i t a u l a v e r e h W

t n e m s s e s s a r e t f a e c n e r e f e R

d n a y t i n u t r o p p o g n i v i g t u o h t i w e d a m e b ts o n no s na ae cr eg cn ni s eo r l e c f s e i Rd e c n e r e f e r d n o c e S

l a e p p A

r e u l a v d e r e t s i g e r y b e c n a r a e p p A

. c t e , h t a o n s o e e k c a n t e s i d i m v f e o e n k a o t i t o a c t r fi e i t w c e o R P

26.1

l a t i p a c s a e m a s r e h t e h W ’ s n i a g l a t i p a c ‘ d a e h e h t r e d n u ss s s oo Ll

952

26.2

l a t i p a c ‘ d a e h e h t r e d n u s e s s o l f o f f o t e s d n a d r a w r o f ’ ys r n r i a a Cg

y n a p m o c f o n o i t a d i u q i l n O

t n e m t s e v n i f o n o i t a u l a v e R

e n i u n e g s i e l a s f o n o i t c a s n a r t e r e h W

) ( 2 n o i t c e s r e d n u d n e d i v i d s a d e s s e s s a m u S

f f o t e s d n a d r a w r o f y r r a C

26.6

s u o e n a l l e c s i M

961

22

961

26.7

960

26.5

951 25.14

959

26.4

951 25.13

950 25.11

957

26.3

950 25.12

949 25.10

948 25.9

946 25.6

948 25.8

946 25.5

941 25.3

948 25.7

942 25.4

940 25.2

936 24.22

937 25.1

934 24.21

S T N E T N O C

I-31

25

26

LOSS UNDER THE HEAD “CAPITAL GAINS”

953

S T N E T N O C

E G A P

DISTRIBUTION OF ASSETS BY COMPANIES IN LIQUIDATION n o i t c u d o r t n I

) 2 ( 6 4 n o i t c e s f o e g a r e v o C

s r e d l o h e r a h s f o s d n a h e h t n i t e s s a f o e r u t a N

f o n o i t a c i l p p a d n a y n a p m o c y r a i d i s b u s f o n o6 i t 4 a n do i i u t qc i e L s r o t a d i u q i l y b t e s s a f o n o i t a s i l a e R

m o c a ‘ d n a ’ n o i t a d i u q i l n i y n a p m o c a ‘ ’ nn eo ei t wa td e i bu q ni ol i n t c o ny i t n s i a Dp n o i s i v o r p g n i m e e d A ) 2 ( 6 4 n o i t c e S

n o i s i v o r p g n i g r a h c a s i ) 2 ( 6 4 n o i t c e S

s n i a g l a t i p a c o t y t i l i b a i L

HOW TO COMPUTE CAPITAL GAINS IN CASE OF BUY-BACK OF SHARES/SPECIFIED SECURITIES

? k c a b y u b s i t a h W

] A 6 4 n o i t c e S [ r e d l o h e r a h s r o f k c a b y u b f o s n o i t a c i l p m i x a T

s e i n a p m o c y b d e t u b i r t s i d s t fi o r ps e fr o a %h 0s 2f fo o k c xa ab t gy nu i b d l h o g hu ho t r i h Wt

e r a h s f o e u s s i f o t c e p s e r n i yk nc aa pb my ou cb ef ho t t yc be j db eu vs i e e ch et r ti s n uh c oi mh Aw

CAPITAL GAIN AND DEPRECIABLE ASSETS

n o i t c u d o r t n I

0 5 n o i t c e s f o s n o i s i v o r p y r o t u t a t S

] A 0 5 n o i t c e S [ s g n i k a t r e d n u n o i t a r e n e g r e w o P

r u o v a f s ’ e e s s e s s a n I s n o i s i c e d l a g e L

r u o v a f s ’ e u n e v e r n I s n o i s i c e d l a g e L

r u o v a f s ’ e e s s e s s a n i d e w o l l a y l t r a P n o i s i c e d l a g e L

995

29.6

989

29.4

983

29.2

992

29.5

988

29.3

982

29.1

978

28.4

977 28.3

975 28.2

969 27.7

975 28.1

969 27.8

966 27.6

965 -

27.5

964 27.3

963 27.1

965 27.4

963 27.2

963 27.0

I-32

27

28

29

E G A P

SLUMP SALE [SECTION 50B]

x a t n o n n o t r u o C e s ms ee r n pi us Su eb f ho t fr o e ss f nn oa i s r i t c ef do te s s e a i l c r e a eh et hi n t fy o t i ei l nb Oa t r u o C h g i H a k a t a n r a K e h t m o r f n o i s i c e D t c A e h t f o B 0 5 n o i t c e s f o n o i t c u d o r t n I e l a s p m u l s f o s e r u t a e f t n e i l a S

30.7

e l a s p m u l s n e e w t e e l a b s e p c m n e u r l e s f f g i n d i n e r h e t c s n n o i c l a s p n x o e i t e tl i r n a fi u s e ol a d Cr t ee n mv a e e v r s e p d l e un R Sa 30.8

e h t e d i s t u o s a w r e f s n a r t e h t t a h t d l e ” hl e sa a s wp tm i u nl i s e “ r f e ho ww e sv i e s r a u Cp

1003 30.9

n i h t i w l l e f s n o i t c a s n a r t tt a c hA t de l h e t hf no eB e0 b5 sn a o hi t tc i e ns i e f r o e t hi wb m sa e s e a h Ct e c n a v e l e r f o s e s a c r e h t O

e l a s l e r r a b d n a k c o t s , k c o L

d e t o n e b y a m n o i t a m r o f n i l a n o i t i d d a g n i w o l l o f e h T 42C vis-à-vis

en co i nt ac ne i s F n ei h” t e l ya bs wp om nu tl u s o“ tm h gr ue ot re bh nt? efB eo0 bn5 ton i n to i en i m fi t dec nde ees mh t ao nt a1 s2 a h0) y2 , t hc ( WA 2

r e g r e m e d d n a e l a s p m u l s f o y d u t s e v i t a r a p m o C

CAPITAL GAIN ON INTANGIBLE ASSETS

? t e s s a e l b i g n a t n i n a s i t a h W

s t i m r e p e g a i r r a c e g a t s / s t i m r e p e t u o R

s t n e m e l t i t n e / s e c n e c i l t r o p m I

t c a r t n o c a r e d n u s t h g i R

s t h g i r y c n a n e T

s r u o h m o o L

s t h g i r d l o h e s a e L

t s e r e t n i e f i L

1030

31.7

n o i t c u d o r t n I

1032

31.8

1030

31.6

1028

31.4

1028

31.2

1029

31.5

1028

31.3

1025

31.1

1024 30.14

1018 30.11

1023 30.13

1020 30.12

1014 30.10

999 30.4

1000

1008

30.6

1000 30.5

998 30.3

996 30.2

-

996 30.1

S T N E T N O C

I-33

30

1002

31

S T N E T N O C

E G A P

g n i h t r o e l c i t r a y n a s s e c o r p r o e c u d o r p , e r u t c a f u n a m o t t h g i R n o i s s e f o r p r o s s e n i s u b y n a n o y r r a c o t t h g i R

t e s s a l a t i p a c e r a s e s n mi ea hg ca l s t di np ua fc ls a a ue t l u b ma x fa o t sr t e h f gs i n r a tr n et n mo es gn ai na aG MCHARITABLE TRUST AND CAPITAL GAINS n o i t c u d o r t n I

n o i t c e S [ s e s o p r u p s u o i g i l e r r o e l b a t i r a h c r o f y l l o ] h) w( ) tA s 1 u( r1 T1

n o i t c e S [ s e s o p r u p s u o i g i l e r r o e l b a t i r a h c r o f t r a p) ] n( i ) tA s 1 u( r1 T1 32.4

s e i n a p m o c r o k t n c a e b s c n l i i b t u i s o p p n e i d i t s d o e p x e fi d n s i a t t p e p k e s k n i n i a a g g l a l a t t i i p p a a C C

1038 t e s s a d e g d e l p g n i m e e d e r r o f d e s u n i a g l a t i p a C

e g a g t r o m h s i l g n e g n i r i u q c a r o f d e s u n i a g l a t i p a C

s t c e j b o r a l u g e r r o f d e s u s d e e c o r p e l a s f o t p i e c e r e c n a v d A

t n e m t s e v n i e r r o f t i m i l e m i T

1 1 n o i t c e s f o ) 7 ( n o i t c e s b u S

CAPITAL GAIN IN REAL ESTATE TRANSACTIONS

y t r e p o r p e l b a v o m m I

o t r e f s n a r t e r o f e b y t r e p o r p e l b a vs oe mg a mt in a gv nd i a d l x o a ht fe o z i dm i ox i r a e Pm

f yi s ut bn i eu ml a oi ht 1 rn2 e od 0 f 2 i . %s 6 0e.

0 2r0 h3 oc t o %ut 0s0 1g2 n 0 i ml 2 ol . re1 s f 1 s. t ir 2 me1 p io l m rl o uer ovf bee rdc a ea t ha l p es t f s a e e s lk a ne a i t err s de a f ns ea r n c sa r ne r I t

y t r e p o r p e h t r e f s n a r t t o n s e o d l l e s o t t n e m e e r g a n a g n i r e t n E

n a h t s s e l e b

dS l S u 9 o6 h2 sn o ni ot i c t e a rs ef do i n s o ni oa t cl o fi ov d ti no ev na oo pt m/ o0 c0 0 h, s0 a2 C

`

y t e i c o s e v i t a r e p o o c f o p i h s r e b m e M

1056

33.5

-

1052

33.4

1045

33.2A

1044

33.2

1052

33.3

1042 32.10

1044

33.1

1042 32.9

1040 32.7

t n e t a P

1036

1037

b

1041 32.8

1038 32.6

n i a g n o i t a u l a v e D

32.3

32.5

t s e r e t n i y r a n o i s r e v e r s ’ n a m r e d n i a m e R

32.2

1035 a

1035 32.1

1034 31.14

1033 31.12

1033 31.10

1033 31.13

1033 31.11

1032 31.9

I-34

32

33

E G A P

s n o i t c a s n a r t e g a g t r o M e g a g t r o m e s r e v e R d n a l l a r u t l u c i r g A

s r e f s n a r t d e m e e D

] C 0 5 n o i t c e S [ n o i t a r e d i s n o c e l a s d e m e e D

, ) 3 ( 5 4 , ) 2 ( 5 4 s n o i t c e s r e d n u s r e f s n a r t

CB 09 5d n na o) i t 4 c ( e5 S4

F 4 5 d n a C E 4 5 , 4 5 s n o i t c e s r e d n u s n o i t p m e x E

) s t n e m e e r g a t n e m p o l e v e d t n i o j ( s t n e m e e r g a t n e m p o l e v e D t h g i r e s a e L

e s a e l s r a e y 9 9

s r a e y 7 9 r o f e s a e l b u S

n o i t a r e d i s n o c e t i s o p m o C

s s e n i s u b r e h t e h W n o i t c a s n a r t e l g n i S

y t r e p o r p d l o s f o e s a h c r u p e R

e l a s y b d e w o l l o f e g a g t r o M

e d i s a t e s s i e l a s n o i t c u a e r e h W

s r o t s e v n i f o s t h g i r d n a r o t c e s e t a t s e l a e R

fnnr o e i od a i nt s n orn u e i es t ct a e xfxc aoen n l ra e oo i Rif l (t p a s sxem t aa wl o ae c d LRd r o r-e e i 0f s n h2t t 0ii o o O2 t ,Ne de l nc-p s n aa m t c nn o Ac od i i s t du r a eo i xOf i )c as ir Tn ea v ei op hs sfs o t i f t fvo sc o o e A rst 3P n a d ode ni ns i i ei oa f iu i t tv c r c ode eer fp SCp o s

1100 APPENDIX 2:

1083 t n e m d n e m A d n a n o i t a x a l 0 e 2 R0 (2 s, t wc aA L) s rn e o hs i t i Ov o dr nP an i na ot i r t e a xC af T o

APPENDICES

APPENDIX 1:

1074 33.22

1073 33.20

1070 33.18

1073 33.21

1071 33.19

1069 33.17

1068 33.15

1067 33.13

1069 33.16

1068 33.14

1065 33.12

1065 vis-a-vis 33.11

1064 33.9

1063 33.7

1065 33.10

1063 33.8

1056 33.6

S T N E T N O C

I-35

teyn ln cloe u p e i n cn t v pa i aa ro o l ub g pa t am ,s ia bn lo s a ota r cei u htn7 rdtaao v r en eet a o l dl de 1 ultir l m a ds o c n e r xu noh r Et act f

-

i p a c y n a[ . sh e t vo i b e cr eo r ]y e n o m r o ] t c [A e nh ot sf r o e p) d e( i 2 f i c n eo i pt sc Ae :s ) ( [ y t i t n e d e i f i c e p s m o r f t i s e v i e c e r e H : ) (

fo enI he .r e t fg]z o . f ne tl i e n n to us l l oo ua ct sy e ce r e au l n ld lo i a t r[w i ot m p ) e 4 ats y ( ce s b 5 s a es 4l y ha dnn t e y o nn o t i i a t s ear c i s e et fn a s n eoe fe r ngo c m o f nt se i l i n l e a t nu s ot al i e r s s i na e v evho e eet r brore soyph a t w n henot s e aia u t r r a do e t e l hnlut Tol ipa :swms ) r d e on (p oc i a dong egel i ha d f t i e, t c i t tp ea proa senc

le/ a bm t i l r p l i aa f ( ch y rst o)t i yrn eee nbd ome e i mm f i c h/e cr uep sns fth r c o a ; u ps ” t( s p n i nfi e cooa eseg r r l ma e t mpoi p o ca d n re i f C i s f “ gc i a ne d xa i s pae i sth r a eee sh m h nt ot i a r yce n gb i d rho n ot tu soe) t iblI b f r O o a B roe ptg / rP e ys a ns hO Aa cA

dd ee i v fi i e c ec pe sr hs ca uw st fe o s s ea ml a ot ci np i a ec hh t c eu bs oh t c di eh mw e end din r ea a be ; lyn l a so hus sor sie nvp e i d r a e gpf i l i e a c he t i t p p afs coe y h hi t t ct un y Seb

a l u m r o f e h t y b d e t u p m o c e b l l a h s s n i a g l a t i p a c h c u S

u

ed hi e t f i gc ne i p r us de h et cf ao l p n o st i e u kt ai t t s ]n o c e r e h t h t i [w tn p i o e i t cc ] ee r n hn co uc Sn :i ) r a (e y s u[ oy i t v i t en r pe

u

t en he t u gq ne i s r b uu ds ey cn aa l p r so e 1 k2 a0 t 2 ]0 2 e b t s u m h] [i c th p w i e cn o ei r t hs ce uu Sq n [ :i ) r ra a (e e yy ss uu o oi i v v e er r pp

: n e h t , d e i f s i t a s e r a s n o i t i d n o c e v o b a e h t l l a f I

u

see Para

[ t] e s s a l a t

Para 6B.5-5

-

Condition v

u

-

le t s a n n r o u+ e t ln l ao u al i p cd r i om r n e g ov ec aIr o lno b i r a e dmh r a unrt s aooa Rl

s n o i t i d n o c g n i w o l l o f e h t f i y l p p a l l a h s 5 4 n o i t c e s f o ) 4 ( n o i t : c d ee s i f b s ui t sa s we er Na Condition iii

Para 6B.5-3

Condition iv

u

S R E N T R A P S T I D N A M R I F A N E E W T E B S N O I T C A S N A R T

9 n o i t a u t i S

u

Para 6B.5-2

Condition ii

see Para 6B.4-Ib] u

-

Mode of settlement of partners’ dues

Para 6B.4-1a

14

Condition i see 6B.5-1 u

Section 9B-whether applicable Section 48(iii)whether applicable Section 45(4)whether applicable Situation

430 Para 6B.5

6B.5 MONEY OR CAPITAL ASSET OR BOTH RECEIVED BY PARTNER/MEMBER ON RECONSTITUTION OF FIRM/LLP/AOP/ BOI [SECTION 45(4)]

see Para 6B.5-3

see Para 6B.5-4

u

d e i f i c e p s y b d e v i e c e r t e s s a l a t i p a ct p di ee vc i e e cr eh r c fu o s ef uo l e a t Va td e e kh rt a Mn o rn i a o Fs r =e Cp

lds a a e t i i fh p i r as e s ca n rl t oc r yea ebp nl lr oa e h mht se mmh orw rf i f e smh no t i a rn gf lro a e ge t nn r i t p io ardm a n cp er gg po nn es i i t dh r l i u t t mn se e r ro r e y m eb t hd g 6 t ten3 o a vl r i he o t r f co re a m ermr i phrf pte o h t ab t t i dr r l w oo u t hn oe se ws e sa sb ta I

l 5nhnerl l fda d o 4ocihei n t i w h i ta suett s nr p s trosno sa oe e o )a i tpfrdnnccec. b i o , e c I a o) fr ed pn. y e go t n e s y oul ( ae f i ol 8 les f fi ta i lnn t unml4 o o c b t )euaieilaean t a h t p r d s p 4 t i a o t v s a t a ( s u i n x s r t lo cb ecl na nan c i u t p f o e oyoi eoffers i t h e c d t t t b d s t c e h e c r a na r e s edretno i s r ) s a d i dt ehV 4 ut t n bnu vt ( b a c s 5 u uiiuaotMn o 4 F u sews i c d e sBdpescne n dr 9 e d i e i m h o o es f h i nk tsei i t r t o n t t t x i u oo c o cge c e f t i t e e t i n w o e fnpds t i c n s s n s seeokxi e rl bsnn e a s a btt e o trd ul ofln i ci o u sa soleBm(nR a t 9 ni d wi t sh ur nnon epivns r e o e of nayr ofedd t p i e i ps o gmt -ci n et t i e n e wan u u dci ev vp oneh ornet e s d o c l i r t e h me e r r u d p t , t e bhe e ou dpc y t sa en wf it de m p i h i t tc orndism t / a n u a n i ee dn oi s pen i hp o t a e o t c c dnvs ai gs sse o t a i a n , l e l o r a i s i a i f pspoi f t i d t t i u i i m c i e ret d r d qp ed a s k i op oa a cas r a l rs wt as aca c e f

: g n i w o l l o f e h t e t o N

a y b h t o b r o y e n o m r o t e s s a l a t i p a c y n a f o t p i e c e. r n eo s br te s up d me i f ei r c e e hp Ts

u

Explanation 2

u

t n u o c c A l a t i p a C d e t s u j d A t u b g n i h t o n s i a l u m r o f eB vA oC bA ar eo he t c nn i a ’a l D ‘ B u

tn tlr en dc e en a i h u u vt f i aooe o c l c c r eac coy pba at n sef oea ehot ur n h si T do t k .o g l l fy nni t o o o i i sw ttbkr n d a n e eo t ueht po odtu dg e no ci ed i cf hie i n ac f ot iit c le sw a a er pr t p s i e d e p esn aept e e chda hg t e l t u e i f f f l hoi cfe o c l t te s a t nnp c n o i u seu t eoeb oe cch cu oc nct d aafta s l foi lr a botyaot . n t t s i i te fk ut p e s o n ooe s as s c c toc a n b d ad u a e e e y h oelit nt f a h i a mttc nar i i e f anp e eo n eiaps s e hnceang e o e o t h s h i r f t t r t =e c l a fn e no Dp i ius u

d e i f i c e p s m o r f ) r e n t r a p

u

( n o s r e p d e i f i c e p s y b d e) vP i L e cL e/ r m yr ef i n( oy Mi t t =n Be u

t si i , e Av i ft I a ( g ye t n i t n n ei A df eI i f . i t c e es ps sa l ea t hi t p fa o c sf no i f a f go t le a s t ) i lo p i r aae v ca z st e a ob no en l t b aad xce amm t re eie f m,d e e ov b ci ntl l a I ga =e h Ans u

R E N T R A P Y B D E V I E C E R H T O B R O T E S S A L A T I P A C R O Y E N O M

D C + B = A u

e.g.,

Para 6B.5 431

-

-

iii

6B.5-1 Condition (i): A specified person receives any capital asset or money or both

S R E N T R A P S T I D N A M R I F A N E E W T E B S N O I T C A S N A R T

Words and Phrases Legally Defined

. ’ e v i e c e r ‘ f o s n o i t i n i f e d g n i w o l l o f e h t s e v i g

e h T

Compact Oxford Dictionary

: r e d n u s a ’ e v i e c e R ‘ s e n i f e d ) n o i t i d E d r i h T ( ) ”4 d 1 e9 v1 i e c( e r “ k n. i v h t I , e g a un gi nJ ay l e hv sr i l a g nH Er e yP r ( a ’ . ns i d d rn oa fh o r i re e h t t t a ) o7 mt2 n i at t a se a g4 y2 l ) l a W uS t c aN s( nR aS .e5 . m1 . ‘ t sn y r r a e u e v o i pc l p e c aa d ta t e I k m a t e r d o n i t s p e e i c t i c . r s a u e i ct er i s . d u dc i a ne p as sd r e o n r , a a h h t s i se w r da eh d t s e s i t l n d f e e o t s t s e il i r d p er r o , c n f ft e o v p i i te g p c i e e e b cr ef r o fe o t . ea f t o d a de th a t hs t i

ry eleoe eer dt h ahtf n ea g a t t t a ds e c c hl i fa np eiss f o d n f i sam ee tg f r ro r e t h i e b u sesti bfc c i r o o h e e c s s v t e e e y e s e i a r r t r r r wef s a e e r a a e f vv gpnh hhs i ssn neis ln ohr ei eea s hrltende a a f e t t gs fh co hg eynn t t fnhniaee w n a i m r o T m r e? p ot ii re e t . l he m l t e e e ve o f i hfewr o l o s f r t e hrf cd nee tt s adf e s n nr tOn r e i ae dst a t a , nns sto ?r e r p a s o t e et e i n Sarv t g r h e e .dtn e eat h f meei mrhe t whsf rehe odthuy wno c a n t f oto rt r te h aa-t r d p a ? t f u msdiemseoo t w e e h e v ene os r t e t a dadi c e i r t g f r f a nt sn a s e r e n c i i e e e i i t g y nnf r t f a o f r i r t e nasdisot e i o r n h r t f esalevs s een r erdvnehca i t a r n u t er e sh a e e t r y t e t hqb h a df r gt e eAtA hh a n d , . hi he.e e est sttder d t e v u i s dc wraurinr e e e c ee d e i f cat t e xgff s s s edi s i c i enn t nr l eg o r o a a n yl eee rr e r Ub bdr at cpt

’y e l vu i d e ce eh r t ‘ s de rv oi e wc ee. hre t ea t fec r o i e f gf i s t nn r i e n ac ar ete er mh a h yts r n a et nhn i a w d v rde oe l e dvr nie aeh c et nr i d a en l ba p od et hd e t e id ra e sr pe e f sbs a n n ta a a ct r hs t ed sr e mat u ehc s ee e s x he tt I

di n l e e hm sa a wn s t’ i e , e ) r Ce Sf ( s 2n 8a 2r .t s e a h Ct .f p o my r ot Cn 9e 2y ]b 9 e 5t 9e 1l [ p m o .c v s i n o i t c a s n a r t e h t n e h w t a nt h I

CIT

Howrah Trading Co. Ltd.

2.

verb 1.

u

sdye/doynrn l o nu l dreteef o l e i i oo a n v a n l t i urnp oi c y e s g t t h l i e v m tn v sq-rpi n n on o enaag i e y p l e e ri l t hm to et k i pt n gbg c snwcnla h ean o l t i t e)t l i v ki i t r 4 i s w e t i c rd( we l t e a 5 e oi e ) b pdsr f 4de4 r n f f e t ri a (er ss o n 5 c o i e ott 4haet u dei t e pgnm rpt nnf s mae oscs eoo e k t i a vt nmS tocnp i o c i c i l o. n g . a pe a I , e e rh e tf t c ss O ti nbpme a i e , p o n l B ho o o sp l hc R/ baen it t .P ysrcdo wf ) m r a , i ae oy Boe4O r t d o ( s t a te A cAsa5 t tpe u nn r 4 / d C n o s e t t i oes i em ni A d n famksa nnoi r e si i o i r e cl cet hp f t k t oeaeosc t t e f r c , i n eo s pp mo ds hi e n s t h t o )y a o d n k 4 i csro c n w n t ( br srot i aica 5 f o , t a n u 4too t t t l u e p t u o s t i yiyasi ne i t etehesscns oc n t i a a h h i t dn enuoyt t clr o a c r l n t a mn o gut i eems pac nsi s p O e r h i na fao gBr ,t d .

I d o n 9 , c r u . i e i y r a yonel r r t n h l e c e l i b s o p t o t y x n v /e tpnl i me i h t t a r d aop g r t c eya i ho epsm noe Tt bai bpat sw u

Logan

Pilcher

Prima facie,

432 Para 6B.5

6B.5-2 Meaning of receipt of money or capital asset or both

Receive

6B.5-2a Receipt of capital asset being shares and securities -

R E N T R A P Y B D E V I E C E R H T O B R O T E S S A L A T I P A C R O Y E N O M

r e f s n a. r w t e ei hv t e nv eo hb wa ee t h a t dt er ho t p op t u ks co at bs sm e t e a e l s e r o rl s e a f s n no ai r s t i , c s e r d e bi s mh eT me . fd o a rm e t t s s i r g i ef r s ea hw t

. otnt t n noe i eg a t pa a ,d s s i g h e nh r i t o we t ab n r e dl li n, p i sic i dnwe eotr ni tpe i i c e f h ec e t l ey dl r o sc fb a lo n [ a e ycek t i r a a g e t l d o l s l e ,i ) wone e eaov i l j hl i t fcu c o r bu a e, ,t r t s ]r ) s a c an fo (o n2 c I r nso okl r i oa t c u t ewc s ra fo ( o ey )r r ue (t v ep i l s le uu as cd l h c ,i c s b g h un w si e nl ob i t a s v e uo Qm m i? fn o o i tt p a i r e t cs eg i r e fr o f eo t e a t da ed hr t o sn a o i ns es ke s as t eo bp g dn l i u v i oe hc se er t f a o de t ha cd i h wy t -r se e p s o i r r p a

)rsn sda6yeof i vton 6oui e o h 0 n6ri f a i o 1 n s t s w Ti t I 0 s ti c h c u r n f s 2 e . a i l neI gs a e e t l s aec i s 0 s v s c dn e i xr me r.1a h r ) f se , xnEs e e n fo t 7 a t at.t do o 1 hsT c s d e i o ( ’te t ans h s p t 6ne ] u r s s t gc r i 1 sa a e i h u 0ss n 0 l f a o 1iafhoo 0s r t r e c i ] i 2 r t C 9 t e eo a hx , p/n t e 9nhtei e n h . t o r n c t mwny ma9i o e 1 e f i t o f l r eh[ o u‘ a l s t m t o r p i u s Mfcf ry e pr c i ue eeoede/oAt n m n r e j h 0 i St eu .p wnoos 3uh a s eave estu3 te s hr do eeb2i fb e t . e mdmr eod no s s e a o en s h2n ir oN s ree a ef ue l sg t3a t A d as cs smsnT ent a i oir c a c r : g I y o t e r [ e e i eeser tr j e t b h r d eha a b c t d t i he e heo r c seuO t t s t n h s l a r o dtedt i r i e o r l e e ednt .cd hh f pn e u n e l l t oi hbc edva f ntf rp r e tl dxd de nuno pi phnuue ls u o1 asioo duu bns2 i o o r o n s t n Cht een wa ri a o t T i ,ahw e bneess a r s i i a c owmmetn e c t h o c h o p i e i t i s ges t et gs r h s , d ssdre i s ) p a a r w r a ups e d e t u a g r d e du epj snspn s S t a k r i i o ph oh r a e i o rgog ps a hespsl onCe h p ar s r i t m o n e e e ,ts xr i s eme r wnd) n t a ( i s s C n a t i ewnS a w2 u ph oe i l hp a(t At ol v c ro3 ( Tata

Jt. CIT

Electric Companies (AOP)

de jure

CIT

de facto Mysore Minerals Ltd.

Para 6B.5 433

6B.5-2b Receipt of capital asset being movable property like jewellery/ artistic work/bullion Explanation ii 14 -

6B.5-2c Receipt of capital asset being immovable property -

It appears that date of receipt of possession of immovable property is the date of receipt and not the date of signing the deed or registration thereof.

,yd ,defyen er la te ten r bol er e t e u a t y e y f ha pa srfdb we oleuewea s errecmvahh n i d l e t p l s a e t h a f noe y e i e d cth et l es p e i adt l n s v nn enaabkc c u v a d I o n e a s t . i tnechc . a b r . n . a,ttah . p . e r o f n e f l r t ga me t aoo c r evfvp ase eoaeiertb e t h l n t r r a e i n s el g de do r ae mi hre s ndtenecuh andhwhecT t t yan o hot . t g d m bhan eo e eds ih dset r s r t ea e eaeu f w s r , t h cs s e a d t e ee e l ys ews h xc p t e s nr,it r s g r me a f ee ae e eo r p yt fcr ’ e . b s uto s n p n h j n aei… eortdma h h t t t dcpfeut s r s r c d r seou mfe u r i nuon o o ahsl t c s w e c t cywC c fenher t e y n a t o i o ocbi i d f cugci rys fm e e u e r ssnhlor a d pe rp o banicve v u v rl ewia i fu ses pe h nh h S e n n n t fdto h si ae o rt .r ita lo h … , ra t s d… ty e cfct , f . e i dan s t d s s b r e e e n ny e e s amd t d ahsr s l u r i put a e t s c h s un c e p eea e ex ooh f ht hwt hd cteou t … ‘

the substantial ownership of an asset is to be looked into, rather than examining the religious ownership of the asset

de facto

t a h t d e n i p o e b y a m t i , s n o i s i c e d e v o b a e h t m o r f e u c a g n i k a T

.

date of receipt of possession of immovable property is the date of receipt and not the date of signing the deed or registration thereof

ft srdsd ndr to o n mi o e n n e e i / n n s e a a ss o a d t s d s fn w nygyca a o n o l e e i r telaea a t n a a u yntndt g a i n ooi eoior d l i yppnmpmt a a nt amao c k n i oi p c md cIp o m r ona o teco rnektic o hsn f a ccsdn t t o a n t n e se enr fh t i i hat e t doasrstlu l i e a p l e e a o t f r c a a i f h s hn pe t o r d t t e t r u a d n n r urmVt dl i a e l h r p eaM u t o e dbknm)i c r c i h F i e4wf uto t r l i nthl( t o 5 e g c t e y t t 4l euso an e m r o n r ell l pcebsnooc ai f r h o c c r n ta o i o t dne uw o t i sc eir )t ri t nlea t s e n a e n y i u , st s s f r. i d e i e n e )p r nnrper aes n m n o 4 aa I i o d ( t fr h chn pfost I n 5 .aa 4scimdcui ’ e i do eBwBph nr h r . e s on d9g’ wncobs a t i n n l e t t m i n slrnl t o g r i c e r l e i r i u eata hiwn t e t i s pc r p t f e)o e s uob f s 4 mern g t a o el l l(p soi n ru h i5mohte yr i ocT t w4octnm i i i i l t eo er . ncew i s e s g v b d otb i t t c e i e e l araae l n t cgi s s cfrls i c o t s s i s s n a w l ea i s a a r a p t n s s t u l l l me i d pnr n a a a r ri aek ri n e t t t eo i i i c p fs dp emo nc p hl et aanaocyu Tt s(ccucpabb d. en vo i s e r ce ep r r se i hh t t o o b ro on tm e s o s r a f ld a t n i a p ay cl rn oo yy ei t nt on me d fe i yf i l i n c oe yp as l p m oo t r n f i s n e o s mr oe cp )d 4 ( e 5 i f 4i c ne op i t s c ey Sb : e r e h y h t r o w e t o n e r a s t n i o p g n i w o l l o f e h T

u

l a t i p a c s e v i e c e r r e n t r a p g n i r i t e r . nP eL hL w/ ym l r n i of de h et t c am r o t r t f a y se i )n 4 o ( 5 4m r no ot i t e c s es Sa

u

t o n l l i w ) 4 ( 5 4 n o i t c e s e d a r t n i k c o t . s y l yp l n p oa l sl e i vw i e cB e9 r n ro e i t nc t e r s a py l gn nO i r . i y t l e p r p fa I

oy t e n no om i t i d o dt ay l np i p ea dl l ai r we . t n )g i 4 a ( k k c5c o4a t np s o e sih t e c t ve f i s e o c t , h et n r e o rb n e o nrp t om r a to e ps c gse t nas i l s r a i a t t i e l p a r a t i fc i p ,ra r oc e r vyo ee / wnd oon Hma

,’ s iP r r pLe L n s/ t r r ma e nrp i t f r g a oi n pt r tt i ri e te i hb r t n e o i d y mtt ’ i on l i ro b f d a yyx ee a nh t ot e mdh T rn. oad . t s eu td t e o c n s a s u d r a ft e lt l la a u a n t tr i oo t p o asnn r ce s i s yp) i nr4r , ai(e 5 e h4v st e e v nw o m i i e o ot cr c h ef e, r s s y ,d l ee n n ht ea ah fv th I

ow t e dn ef r o r e y f s e nn ao r t m sr i mo s re i f r a eh r e s hs we v de i ec t c e ar r r t t e a n t er ba tp o g nn i or st i l a e lr l i d wn )a 4 ( y 5 . ny 4a n npa omp i t om c eco Sac

u

-

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S R E N T R A P S T I D N A M R I F A N E E W T E B S N O I T C A S N A R T

.f e o vr oe bf as sn a a r . ” ’t “ t e e vo ts i s e cna sl ei r a ‘ )i t 4 f( p o 5a g4c n f n i o o n i t at p eci e e ms c e ydr n r “ a at nB u i d b r9) on1 o( hi t n t c i o e ws i t c t e n n i s et t nb s i eu s nvs oen cgi n e oi k srl i e l a g” ge t si i rs s wta eel h i t v a t ,i so i p sa h l TA c

u

434 Para 6B.5

6B.5-3 How to apply section 45(4) if say stock-in-trade is also received by partner/member in addition to money or capital asset or both -

e.g.,

-

6B.5-4 Condition (ii): Money or capital asset or both is received from specified entity

R E N T R A P Y B D E V I E C E R H T O B R O T E S S A L A T I P A C R O Y E N O M

f/sy sno ’ ee no e r e n hIad ntX o o t dXlym r a n ets i h part te e n gtt v fei po f nn e i fc a u r i ohsoe t C y c r e c anr r o r p i e fae t i n u edyt dl t nnir eb t a u a t a s c p yypn aa . nmogP r p t aocnL t pceiL a r r r t/ eome i e btoher m r tncte r ef i u o n he noaemt cohs h lc l ttis i wand st n e )ninolm 4 o adasnr u ( a e ot 3e 5 f ) 4lr1r 4 h e 0 ( nav t e5 2h o oi nn, 4b i t T o t c dcc.nr o ee A t o i s n ks u tt i s tr c e e P a a s oes i hp Ln csa t ac rl ssLp ae / i r a g a t emml eg i ec o i r p b r i pn a t pafCat c y l e e aa aor ht hp tb no t I u

-n hw1 i ce 2r i n 0 h a we2e r y s nu a s e oa i u y ct t o s en i e ubev qs e r m i . nsspy s i i t ei e h rT ht s a t n s e.a ge yr n d sami e ueor i f oyrui f i se dc v u e eo e vc p r i i s t pv ae c eeelh p r f hp fet t e f gt ko s n a i ne t n i 5 r o t uu4s i q t n de u u o t mi esi cbt t s auctn s e l p p i s o e c eyfc n o e ka er ) r ar t e h to(ht e c s s uh u1u 2 t masi , 0 l w o t2 c s p 0 l n i 2dA e e o t ceu i .t eb y c tl r i e httnn csson b uuu 2o Sms 2c

r tee dekng5 sfsayrnh t t c n o l e e a l r i n0 n o“ c oi ep t erheu e et o naf i t i 0 s r o t kpy e h f t hLsu nfe a dlot r i Naa cw d 2 m e l n a w e f , t e a r t r a e t i i y s y pteenner enti c ot o n x s 1 c a hhai v ti e fs e A ae a w n b e 2 t t na p o a h w c 0 onodtdc u e ot hr lat be e a l t n s 2 sc n a i etnd hf ad n tnanwi e nh sa.ah ,t rl l oa eieo fny et l l e l l a l i ) e o h h r … c vnt n b a , ke t u 4 t t e ha i t i iii t n ( ah h fuwBi g s t 5 dcp tt m S eweF ct ma h e s sn g i i c y aoa i r l ?i cn en op4n e dmb p ea cr i. b r n i m g r ctn nfd haede ptfeodnra r h c n n e n w e i nni t i i t aed aeett i e f aey c auvgca ” u l n c n F a e ct n e l e m e m p n oin e c e oe a hi i f r t ho feamt r cgi s f wrn bc p s a t a n r t t o r i e r , t s c g r i b n epe o ta s si efu gn t i a enl ee i a i r g u lt d ohbot v q n s g e i y t a i t u i et aeiwd ridna be .rt i e e e e m k A t r w s r i ” e s b y d … i h s n n a i c p l n s tb t o h .e r rye s i t t l T e a e t op a easbr o w nr a . csu v iaet l A c r i hcnai a o w w o ass n p n k a t c e t n oc ” xauai uesprfh. nlay e t n gt n r es l e g fo”no apfn yei mo ni r o iln oef nsoa s g i i l t e b i i e t fd te i i a emot ovn ng tn fk c a o w w s u p a n e i m ewt’ nea et i t ami mdda uha n re tir i e e i h r t m iyen t e t t e qcht h nc co hd x s i n A d e y e t l e e c o obe n n oh o e r .eo cfrosa i rsdwtst i o f t l c e 1 b c t pgaaaae p hcne t2 i ol a hsu u t n r pn rh l a t e t i t ms t ei n e “ p aipdtmb“0 r i w t u i r 2 h r t d y e e n a t s y a taw h s e s e l e ehy t p Ta dt ,“ e t e v l np h r hni r i e i y l a s k e ist daor s w. ta faopa a srsgbpcBdh A innapcat w a e D s r ” e n t i ladaane y e r f y i r n e a n D n r l o dyhywuecow t o ovb n e e o l 5 o i r e s ladbnw i e e i o h p h 3 t t e n r a a t s g t e t f t t , aa m u d n n e c o n u l o t n h n o l t ce,t i s i i e e t i a h r t i i n t o t t r r t F t u ft nmuhwcw a e i ,c a n i s y t e i a a t s n e a l e tsepms n c e h e l h ) y i r h o n r a r C o w 4 dw( dltsamahb te ci n t s hn . a c t . i t e a e ao el ni 5e e i ht on4 a nS n i nr Wa l ov c ci c“ t t i…t i i r

Notes on Clauses on the

Finance Bill, 2005

-

qua

Para 6B.5 435

6B.5-5 Conditions (iii) and (iv): Receipt must be during the previous year in connection with the reconstitution of firm/LLP/AOP/BOI

4

6B.5-6 In connection with the reconstitution

-

e. dm i r c e et dg n oo t l tr l u o cm i f f r i e d t t tr o o nh ss i s ti i ,m r r e i bf f mo es md n /a r e h nn t i r a n pa i og t l a ni t ep va i g c sg i n i tt e l s u s s a e r lr a t e i h p t ae ch fw I fo fet ei hr m, t o s ie t d h s h t s eani hcaw s t thna ta a d heee h rt e t t e b a ns bni e r mIs a ht e?n I s i ri mOa e t /Bgb i r /lm e e a r Pt nO iee t p r mh Aa a / / c W pP r oLnes . i n t Ls s t d/ r e ta i l l a mu pr spr siefos i . f r i se yf)mh t ta eo4rn e r nn(t n ob oo or t ma mi i tt l u co s yl l eh6t 3 o s n s ossra s d fibaoe f u d i dI trse x a a rtOt hoe a wndeBe / r sont Pb i u e t d eOl s u nb i Au t r ol i l/o a t i i t s a nn wPw L t oo t tLi i cui t , s ep,/m e r mmmr ufo ri re i Qo cf ft

. fs i h st nn i o a gm l6 a t 3 i p n aa ch t me rr e o t m g nr oo l f sm a r di ef t e a h et r t h t ei bw dr l e u n ot r wa sp nn i e a ge lb a s t a i p h ar ce n gt nr i a t l p u sg e n r i r et i he Tr : s w o l l o f s a e r a B 9 n o i t c e s f o s t n e i d e r g n i e h T

t e s s a l a t i p a c y n a r a e y s u o i v e r p e h t g n i r u d sh e t vo i e b cr eo r e nd oa sr r t e pn i dek i c f i o c t es pr So ) (

y t i t n e d e i f i c e p s a m o r f s i t p i e c e R ) (

h c u s f o n o i t u t i t s n o c e r r o n o i t u l o s s i d e h t h t i w n o i t c e n ny oi t ct nn i e sd i t e p i f i i e c ce ep Rs ) (

: w o l l o f s e c n e u q e s n o c g n i w o l l o f e h t n e h t , d e i f s i t a s e r a s t n e i d e r g n i e v o b a f I

lnd a i e t i i rf p a i ae c cy e hep chs uty snb d die env o r i s r e r e c e f e s r nps d ae i r i h t ft eio vcb e ap r hs o ee oh t d t a do r et t mhn eti eok dbc o ert bos ler d l o a at hr e t ss s yna i t i k l t a n ct eoi t p ds a erc ; i o n f i o ths c c e i es r h ps e wp Sa

ese dul b oa ai r v x ; t n e a n r t o i i pe s k s ebe ch l l ot f i t o s nwr fidP o ynr t rt iao e ns n f s s eoe s nd r n ae i e r s ipu t f i d dc eB ee i f m mpi o escr e ef dhps c s huen i csh a uft soyG mebd omdn roea v f ci s t sne i f nico i sr er a gas P id ddt e ia nm he ae ch se i t idhe f h o ewt rb nr pl i e rd l ya a nh en As yu

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nd e ot i t a a r ue l n a e vg er f l oe t s er ue h dt ro . e s n nyi n t a r a a g prl a fot l o i lp i tw a n udc oo co cg adi n let a t l t a u i r p s aee cnr e l eg l i hf w t l e ) ns 4 i ( et o5 s 4 a en eu r o di c t nrc i oe ot s ne n s ss e i h eat r y, e t n e ha s t s fa fo I

u

436 Para 6B.6

6B.5-7 Condition (v): Increase in the capital account of partner due to revaluation of any asset or due to self-generated goodwill or any other self-generated asset

Nil

6B.5-8 Capital gains resulting under sub-section (4) if only money is paid to partner/member - Whether LTCG or STCG?

6B.6 INCOME ON RECEIPT OF CAPITAL ASSET OR STOCKIN-TRADE BY SPECIFIED PERSON FROM SPECIFIED ENTITY [SECTION 9B]

i

ii

iii

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ld l a e hi v se nc oe sr r r e o pg dn i eu i f r i c c ec pa sn yi o bt ta r p e d i e d n ci a es ; n r r o e fc f o s fn eo t a a er dl ut d na ove lm sl a u e fe te d e s hh s t c a eu lb s a t of i t o p adl t ceu fms o e e er Vd a Mes Fba u

eg hi n t d rn oi f b Te r Da Bs Ce n i yl . be d de di i l eu p uGp se a s i se eeb h bT d y. l u a) 4 o m( 5 h s4s e n d no n i i l a t e c t de n i se u Gdm n t sar e a B i t p 9 l e u n D co i i f t d f c i n e d a s ff e o o e s lss a e e vs s oo s pa mr eu n Rpo

tn2 sgc mi t ne w3 rf i i f R t o f f o a nT p eek I y i r h 0 t h t ce8 r se s uc1 r r n p s e e / a non ey 0 r t ve r 8 pta r a a lp hvn pa tna o aueo cm d n fi h x o fa vtdo si l T kdyud6 onboe4 e oi o w ] bot d9 y t n a8 t en i r hi e y9 t ydp b1 e t nr r od[ i e re e t sp pw n e o i elo a r r t l t u pn l n o d ei pe i f v eh mi s r a s d e e r nw e e mn i r t sn g tr ta a a ha ye n m t t p r e dtae . e ] l n r pr ) e .r e . eo gv hv vr nnEpa a eo.se H h ’ ecs & [ t r m bte . s . r w j son s i n n f a e t a l n r l u ha en a hu P o( tc pt t I

teo to n h n et n s mf e , p t toi u s h n t uo st i j r i d s te n au no l t eo r c r sa , e s e pc i md en yhh a tty bi e rwmv e o n nnr t o o f r i c t a f pcro e e nd gnt nnr e i oae t s cpd i x ned ei e hr nnte aafs t h o ot i g t ete n yi s er t r y wml e reu pe r d oh i t rt a e po y fsrb r o e o d i rr e p t e i i f n n h s a sp ner ake o m r t ono t ebr c hfa c To pa

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tsddns8ekr5 dnrr ne n8rou7 leei eouu e a r o o 5 9 e k o hd oe xv e aa1h vn b t aa C a mt tg-t f s a t l 4 s e e r f i e a s r g sneyucb m t 1 nx e e h ei i n ni o l .n r Tb adpf mia C y t . a l a fg e u e d y yu T . o l c a . e e s r s t o slae w 5 s e , uhvc e i nael n a 5 n h T y d o i t at 1 t lr ir l i .oa ete a ep a a v c ] e g r t u h t 6 e madeecft nrb i c r e 0 i p no td ’ha y edp s 0 bore e einrtc r 2 e d r s c d r m i f stei i s e e ) e f[ y f t s r v e a n o s d t n i n i t i neteol r l ( f f a r r r a i a r a o r a e d t e b t t f n paropeeien‘ s on oith hhps rlewettaoam a per honcp)rcr e t s i f h y e ( r m et t n ) w t fnlou l r a r o o e b r a i d s p i i o f e ae e r r (ht f i e t i vi 2 uyefh e t d s t n t fn oe r hoba nt no n e t vd a md ro oe m p g a i i e r c o f t c meoo n f c i i r fvetr ef ie r . o n en l psi v hf oe ds rb f pi esert cSatu e e e f s g r i y e hn tn mf s o r mf s t e f o s t e s r s s i ai [ tr b. a nt f a a fOnet s a e nehpfsoegohate o t i s i h t o n aT h s r d i i one r gerynt s v r e t t s f nhe d s y .i t i oge s es l e fn rrc nts n et u ebs a n p s s a ofner d o n o l s e r e s A a e e k e t . maer ht hnewe ] o e d s e ) s . uentotuhT iyh e r c r v d r a t o b . t c v te e t l e a e x no as e n xya fh fh fK ho Adt hi o eo( tebt

u

T E S S A L A T I P A C F O T P I E C E R N O E M O C N I

u

ld l a e hi v se nc oe sr r r e o pg dn ei i u f i r c c ec pa sn yo bt i ta p r i e e cd ei s r ; nr fo e o cf s efn t o a a det r u na l d ov e sl a lm eue dfe aed h r h t t c eu n bs i k of cto odt t l e s u fms o e e er Vd a Mes Fba : t n a v e l e r e r a s g n i l u r l a i c i d u j g n i w o l l o f e h T

u

lnr l ie a hrd san teu y e e s s l s b u a a o li x a v t a i et p r e ap b ce l fh l i o rtw n e i d f s n y nt a i at n r n o t s der ede e i mf p ei d ece e i dp f i hs c c e h uc p su s mse ofh; rots f y n sebi nmd a i o g a e l gcva n i di t e i nsc p ea aar sds C t eid i f mt o ia reh e pe ch ydi e nehh Abwt u

Bharati Engg. Corpn.

CIT

C.C. Transport & Co.

CIT

vi

47 v

Para 6B.6 437

Also see para 6B.2

S R E N T R A P S T I D N A M R I F A N E E W T E B S N O I T C A S N A R T

)7 C9 S5 ( ;1 ) n . l 5a a C1m (nx 9aa 3mT 6x 9 Ra2 TT1 I ] 0 18 3 0] 0 25 0 2 ]9 [ 3 99 91 1[ [ S.V.

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n a i d n I e h t f o 9 3 n o i : t r c e ed Sn .u B s 9a n” om i t r c i ef s f no i n do et i nu i l f o e s ds i td o n“ s se i n nf i oe i t d u t l c o sA s i p d i h ms r re e n t t er ha TP

s r e n t r a p e h t l l a n e e w t e b p i h s r e n t r a p” fm o r i nf oe i t h u t l f o so s n i d o i et hu l To -s s mi d r“ i f fd o e l nl a oc i t s u i l o sm s r i i Df .a 9 f 3o “

tp nen i I meh . p o s i smn h o snei r r i t e t e a ee l nw re t ts r ir e a s e pbr n fde as . o nhee net ms onn a i e e mc t a u ohr l im w t f o sssfr s enof i i d me e pnh o mop i t ocat f p u ri hl o f o p dhi s sr esh s n e i ho s n D r st i t i e . r u a ns a l ge r t p r e nr a i n e t e p t s h r h i f t a t d o l , l sp npa i i e or h ms n i t o e rr u i me f el w o fns rt o tso r e na i eb D op i ni p . t f y oh u o l l s o nnfr soooe s i s hn i t r t d t u e a r ,l ne s a o t dp us sr hi arf Td poo ” ey. hbd T e v “rl too y a s hrs a t i t d sn e e ub dl i oy v ova rrm pe hp 8t u 0i d 0e 2en ,b u t o c Ayw a pmo i s h , pp si i r hh e ss nr r t ee r n n a t t Pr r yaa p t p i l y y i t t b i i l l ai i i b b L ai a i dl l ed d t e i et mti iim m L i il el d han t fa fo l o a 3pn 6uu b ngi onr i i d T tn c e eih Swt . v

6 8 ] 6 9 9 1 [

[ d n e n a o t p i h . sv r e n t r ; a ) pC eS h( t 7 sn g . a) ] nm i P r xM ba ( nT6 o97 i t ]3 u 2 l 8n o 9a s1 m s [x i d .a A T

: t a h t d l e h n e e b s a h t I

.a ,ev lI l fi l mt i gd .w rp ee i s l f e erB pd i he9 g h n sd tgo e f i r f i v o r e t l t c no sse t s i y r s s aB, i a s pd p9 d ee n hb mnu t o[rof i i f t ef gts l c ndi a Ie e i [ n t .so mw] u n ) t s erC e i er t eh e s Shp t ndt( ,s oso r i cis3e 7 y 8nh sma r t r s i m Rr e f o nehCar p c t h S i r f t h d a , f 1e f pm w )s o oee0 as 1e s0 hu wt cy tf a2ea yo ( p l d l c n r e f . e ona o ] n d f st eoo e f r e r r o a e vae i p ehc t g t r n a g g a e i e tn r n het i t s d e t n i s e i nex e a b ehe r t t hn e pmo er en h r Wo t ) ( Mohd. Laiquiddin

Kamala Devi Misra

CIT Pigot Chapman & Omprakash Premchand & Co. CIT

Co

438 Para 6B.6

6B.6-1 Dissolution of firm

a

, ]tt t sri 33 pye ss i 4 ns r 1oueh n v u / e s 30loosaa n b . r l 2 e y t 2 v i s o [ l r r a e a e a h 1 wpeth e t k pt i i m Bea r p wa od o 9h tp t we[c o“c o n . e rl tumn shp oa y fi nrn i w b n o ti fa te eaa c pn r l c cr e i i oem s aeol h h s a n l x , pe sct p t s a e r py r oft i s sa e as h a e nho9 c kpoeu w t n] r o o1 sagtbi r a t n i n i 1 ov i pet i 0 hmn e mtr mnu2 t i l t f r oro[ niarlp I f e a s i ( m rp f s s e f i ..fe t ] o h e i r d v ) e t . h e s nrt b e g e nna i o o h r t n ssi s i r t t Tu nsr ya a n-l yreu pbw i oburd . are dd s tps x e e e r s fv h i t ddee e o i n A d ) a v toh c 1 i n nt )(a a( e e , .8 m B e b m c r h 3 sr i e mko r 9r 1gi a t i et Tmusf e nn r r i o . o i e e r e o t i r ht p mohn e s t c e t t c o r r . un dr fee nwr a e o p S osp Mnr p ( s . a pt d 7ae t r n m g e ue e s 9 e s r i gh s f e nsa 3xi i s t c eas Tar c a t t o ne hee s O2eo lo p l hn S Wt 3bta cs ) (

Namah Shivay Builders & Developers ITO Alta Inter Chem Industries

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x x x x x x

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d

) ( s u n i m ) ( = s n i a g l a t i p a c e l b a x a T ) (

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Particulars

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t de ns es pa eh dc eu bs lh l i c i wh x aw t r o of t d do ei gr r e a hp cd en ba d le l a r hr sf e ns i n a a gr lt . a tt y t e i i s p t asn cae l ha d cti e i up f sa i c hce cfp i o s h e weh r tut t a y a en b t a d el r he eth hns Toi

: r e d n u s a y l p p a l l i w s n o i s i v o r p e h T

)a 4 ( c 5 i l 4p np oa i to c n ee s v ya l h n ol l ,i y ew n) o ( m8 n4 i d sn e a uB d9 es r i n t o n i ec t se e s vf i e o cs en r o rs i e i nv t o r r a pP . gl y np i r p i a t . e l n r l i o fw i t I

-

iii

x x x x x x

) 4 ( 5 4 s / u e l b a x a t t n u o m A ) (

A O C d e x e d n I / n o i t i s i u q c a f o t s o C ) (

I O C d e x e d n I / t n e m e v o r p m i f o t s o C ) (

n o i t c e n n o c n i d e r r u c n i y l e v i s u l c x e d n a y l l o r he wf s sn e a s r nt eh pt xi Ew ) ( b

` ` r ie p n at cr a fp o rg e n f i s r i nt ae r r t o dt en me ev ei dg t ne s os na ol i a t t a i r p e a dc i s f no o cV fM o F e= u t l e a s Vs : s las l le u a L Ft ) (

l r lle u a f fc s n oa nt i r tt mr s n rf i i o f d r ae e i l n mp t r opa ra f p e yb g l n n dr i l ou i t to e e hr s so s a )t 4 l( g a 5i n t i 4u p nr ao c ci c ta ac es ss n e ,a i vs i eg e cul eda r t s i i rh p e a nl lc t a e r fb l a poa tx gn a net i m r e i t et l e a t r l t u e fs c I

u

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h t i w n o i t c ) e” nt y ni t on ce nd i e i f i c e p s h c u s f o n o i t u t i t s hn t o o bc e rr or eo dn ao r i t t u n i l o k s ci s od t s e rh ot

r, p tni .e g c oh ntAis ap tr u Basl e e h o (C i n st n 3r s r ai 5e a pd p Ddmoe Tnonh IuC st i 3y e r 0nfr e 1aoe d ]pXhn I 6 0mtTu “ r 0ort . e ” a 2cP a t t [ c o hs i t rtg A n e de i s i l re l mreon i h a t re a Tr i (A f p e f3T hm 1 o t Ii 0e o n2 eC h o, ee i t T r s c h r .e ” A t e vsmwr e o ne r i hd oif cnf n wu a o tp s a n d n hmo e o t oi r s dCtr e u l t e l e fo s pi hos g see .Tsi v ndhr A T o“ Ti .w tm Is o o i ev ni rn os hr e t ifr )p)ea .

6 h I b t 5t i X9 c r fA nT X1 o I

u

f

a

g

e

d

c

b

f

Unity Care and Health Services Asstt. CIT

Para 6B.7 439

from a specified entity

6B.6-2 Conversion of firm/LLP into company under Chapter XXI provisions of Companies Act, 2013 (earlier Part IX of Companies Act, 1956) is not “dissolution of firm/LLP”

6B.6-3 Computation of capital gains under section 9B of the Act on dissolution/ reconstitution of the specified entity

6B.7 IN CASE OF RECONSTITUTION OF FIRM/LLP/AOP/BOI, WHICH PROVISION WILL APPLY WHEN AND HOW?

-

Taxation of Capital Gains AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO NO. OF PAGES BINDING TYPE

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S. KRISHNAN TAXMANN APRIL 2022 11TH EDITION 9789356221154 1138 PAPERBACK

Rs. : 2295 | USD : 69

Description This book provides an in-depth & thorough analysis of each aspect of capital gains, with the help of ‘relevant’ judicial pronouncements, Circulars & Notifications, illustrations, etc. The book aims to enable the professionals for the following: u

Understand various concepts/issues on capital gain

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Guidance on following the proper procedure in reporting the correct income

The Present Publication is the 11 th Edition, authored by CA S. Krishnan. This book is amended by the Finance Act, 2022, with the following noteworthy features: u

[Exhaustive Analysis within the Four Corners of the Law] on the family settlement and arrangement

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[Pros & Cons of Exemption Claims made u/s 54, 54B and 54F] for the investment made in the name of relatives from funds emanating out of transfer of capital asset

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[Covering Taxability in case of Dissolution or Reconstitution of Firm] post-2021 amendments to section 45 and other related sections with well-laid examples

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[Transfer of Capital Assets w.r.t. NRIs] It explains the procedure to be adopted in such cases with the help of case laws

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[RFCTLARR Act 2013] It also analyses the various provisions of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act 2013

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[Taxability of Interest received on Compensation on Acquisition of Agricultural Land] has been discussed with the help of various judicial decisions

The structure of the book is as follows: u

[Exhaustive Coverage] This book contains 36 Chapters, and each Chapter covers one section/topic exclusively. All the sections of Chapter IV-E dealing with Capital Gains under the heading ‘Computation of Total Income’ have been covered comprehensively

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[Cross Referenced Contents] Each Chapter in this book is unique, and whenever and wherever there are overlapping provisions, adequate care has been taken to give crossreferences

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[Specific Focus on Tax Planning] The tax planning has to be legal, and this important and ethical aspect has been stressed throughout the book

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[Examples/Illustrations] covering every possible situation

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[Case Laws] Whenever and wherever there is no uniformity in the thinking of various judicial authorities, they have been brought out and highlighted. In appropriate cases, the later decisions have been explained in tune with the ratio decidendi of earlier decisions by highlighting the common issues between these decisions and/or bringing out the distinction between the earlier decision(s) and the later one(s)

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