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Taxability of Life Insurance Maturity Receipts

Section 10(10)D of the Income Tax Act, 1961:As per Section 10(10D) of the Income Tax Act, 1961- the amount of sum assured plus any amount received as policy proceeds on maturity or surrender of policy or on death of the insured are completely tax free for the receiver. But in the[...]

Transmission of Shares Under Companies Act 2013

Introduction:Transmission of Shares: The word 'transmission' means devolution of title of shares otherwise than by transfer, for example, devolution by death, succession, inheritance, bankruptcy, marriage etc. Transfer of title by operation of law. This type of situation arises w[...]

Deductions Under 80G

Donation is a noble task. In order to do favour for the Kind heart persons who donated for noble purpose, Income Tax department is providing Tax benefits to those persons.Contributions made to certain relief funds and charitable institutions can be claimed as deduction from tax u[...]

Section 55 (2) (ac) (Cost of Acquisition)

The section 55(2) (ac) is referred as Grand Fathering provision.Before going into the topic of Section 55(2) (ac), let’s have a sharp look into the provision of new section 112A which is applicable from FY 2018-19 in order to understand the current topic.Here we can notice[...]

Taxability of Dividend Income Received for Domestic and Foreign Company

Investing in share and mutual funds are new way of investing as these instruments provide higher rate of return in less time, however it involves high degree of risk but due to high benefit it is attracting various investors.In these transactions there are two ways of earning pro[...]

Taxability on Redemption of Mutual Funds and Shares

An investor in mutual funds usually makes profit by way of capital appreciation and dividend receipts on the capital invested. A capital gain is the difference between the sale value of investments and the initial purchase price.Holding Period for Mutual Funds:Taxability of Mutua[...]

Exemption under Section 54F of Income Tax Act on Sale of Any Long-Term Capital Asset Except Residential House

Who can Claim:This section is only applicable for Individual assessee Conditions to claim Exemption: a) Assessee should Purchase or construct a Residential house. b) The time limits for purchase or construction of Residential house: i) In case of Purchase:ii) [...]

Analysis of recent amendment in Section 54

Section 54 is applicable when an individual/HUF sells a residential property and buys another residential property, then he will be eligible for claiming Exemption u/s Section 54.ApplicabilityIf the newly purchased or constructed house is sold before 3 years from the date of capi[...]


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