Acquisition of an apartment under a builder-buyer agreement wherein the builder gets construction done in a phased manner and the payments are linked to construction is a case of purchase and not construction of a new asset. The Tribunal held that even in a case where construction of new asset commenced before the date of […]
EXEMPTION u/s 54EC/54/54F AVAILABLE IN RESPECT OF STCG u/s 50
According to section 50 of Income tax Act if an assessee has sold a capital asset forming part of block of assets (building, machinery etc) on which the depreciation has been allowed under Income Tax Act, the income arising from such capital asset is treated as short term capital gain. Section 50 modifies the provisions […]
SECTION 64 CLUBBING – WHETHER GROSS OR NET INCOME TO BE CLUBBED
Income-tax is a charge on every person’s income of the previous year to be levied and computed in accordance with the provisions of the Income-tax Act. Section 64 of the Act provides that income of individuals will also include income of spouse, minor child, etc in certain circumstances. A question that arises is whether at […]