WebNow benefit of reduced rate of tax (i.e., 15%) shall be available w.e.f. 1-4-2016 even in respect of income arising from transfer of units of a business trust which were acquired by assessee in lieu of shares of special purpose vehicle as referred to in section 47(xvii). 2. Long Term Capital Gains. a) Long-term capital gains are subject to tax ... WebProvision to Section 55(2)(ac) provides that where the capital assets are listed on any recognised stock exchange as on January 31, 2024, the highest price of the share quoted …

Govt may tweak rules forlong-term cap gains tax

Web– Substituted cost of acquisition when on receipt of such asset, tax is levied U/s. 17 (2) or 56 (2) – Substituted cost of acquisition as on 1.4.1981 [55(2)(b)] – Where cost of acquisition of previous owner cannot be ascertained [55(3)] – Deeming Fiction U/S. 50 C for land, building or both [Stamp duty Value or FMV] Web2. Prior to the omission, clause (a), as amended by the Taxation Laws (Amendment) Act, 1970, w. e. f. 1- 4- 1971, read as under:" (a)" adjusted", in relation to written down value or … ms state game time

Section 55 Income Tax Act Acquisition & Improvement Cost - TaxGuru

Websection 55(2)(ac)of the Act and the corresponding Rules. The learned Senior Counsel submitted, since in respect of redemption of GDRs and release of underlying shares, the Legislature did not provide for adoption of weighted average as the cost of acquisition or the fair market value (FMV), such WebSubsection 55 (2) is intended to capture tax-avoidant taxpayers, accordingly amounts which have already been taxed are exempted from ss. 55 (2). This exemption, found in … WebSection 115AD of the Income Tax Act, 1961, deals with the Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer. The … ms state football this weekend