Daily Archives: September 17, 2015

Capital Gain and Income Tax Provisions

 Income Tax Provisions for Capital Gain ​What incomes are charged to tax under the head “Capital Gains”? Any profit or gain arising from transfer of a capital asset during the year is charged to tax under the head “Capital Gains”.​ ​What is the meaning of capital asset? Capital asset is defined to include: a) Any kind… Read More »

Gift and Income Tax Provisions

Provisions of Income Tax on GIFT Are monetary gifts received by an individual or Hindu Undivided Family (HUF) taxable? If the following conditions are satisfied then any sum of money received (i.e, monetary gift may be received in cash, cheque, draft, etc.) by an individual/ HUF will be charged to tax (*): Sum of money… Read More »